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Raghuram Rajan, a prominent economist and former Governor of the Reserve Bank of India, has highlighted India's significant progress in infrastructure development while emphasizing the need for sustained focus on boosting the manufacturing sector to fuel further economic growth. Rajan's remarks underscore the ongoing efforts by the Indian government to create a more robust and competitive economy. India's infrastructure landscape has undergone a remarkable transformation in recent years. This progress has been driven by increased public and private investment, coupled with a focus on modernizing transportation, energy, and digital networks. The expansion of the national highway network, the construction of new airports and seaports, and the implementation of ambitious renewable energy projects are testament to the country's commitment to building a world-class infrastructure foundation.
Despite these advancements, Rajan has stressed that the manufacturing sector remains a critical area for attention. While India has made progress in manufacturing, it faces challenges in attracting investments, creating jobs, and fostering innovation. The manufacturing sector has historically been a major driver of economic growth, and its revitalization is crucial for India to achieve its full economic potential. Rajan's call to action echoes the concerns of many industry leaders who believe that India's manufacturing sector needs a comprehensive strategy that addresses issues such as land acquisition, regulatory hurdles, and access to financing. The government has implemented several initiatives aimed at boosting manufacturing, including the 'Make in India' program and the establishment of special economic zones. However, there is a need for sustained efforts to create a conducive environment for manufacturing to flourish.
Rajan's emphasis on economic growth is rooted in the understanding that sustained economic prosperity is essential for improving living standards, creating opportunities for its citizens, and securing India's position as a leading global player. While India's infrastructure development is a significant achievement, the focus on manufacturing is equally crucial. The successful revitalization of the manufacturing sector will require a multi-pronged approach involving government policies, private sector investment, and skilled workforce development. By addressing these priorities, India can unlock its full economic potential and secure a more prosperous future for its citizens.
Source: India doing well in infra; needs to do more to boost manufacturing, says Raghuram Rajan