Raghuram Rajan, former Governor of the Reserve Bank of India, stated on Wednesday.
That a large number of young Indians are going abroad to set up their businesses because they are not happy in India. He noted that the young Indians have a “Virat Kohli mentality” and they move to places where they find access to the final markets much easier.
“They want to actually expand more globally. I think there is a young India that has a Virat Kohli mentality. I’m second to none in the world,” Rajan noted when asked about a lot of Indian innovators are now going to Singapore or to Silicon Valley.
The economist noted that there is need to focus on improving the human capital and enhancing their skill sets.
“We need to ask what is it that forces them to go outside of India to set up rather than stay inside India? But what is really heartwarming is talking to some of these entrepreneurs and seeing their desire to change the world and increasingly many of them are not happy staying in India,” Rajan said in Washington.
Speaking at a conference on ‘Making India an Advanced Economy by 2047: What Will it Take’ at the George Washington University, Rajan said “I think we are in the midst of it (democratic dividend), but the problem is we are not reaping the benefits”.
“That’s why I said 6 per cent growth. If you think that’s about what we are right now, take away the fluff in the GDP numbers. That 6 per cent is in the midst of a demographic dividend. It is much below where China and Korea were when they reaped their demographic dividend. And that’s why I’m saying we are being overly complicit when we say this is great. This is not because we are losing the demographic dividend, because we are not giving those guys jobs,” the former RBI governor was quoted by news agency PTI.