During the 40th-anniversary Event of CUTS International, former RBI Governor Rangarajan delivered a keynote address emphasizing the pivotal role of technology and Free Trade Agreements (FTAs) in revitalizing India's economy. Rangarajan urged India to capitalize on the opportunities presented by FTAs with nations that possess transparent trading systems and robust business frameworks.
Addressing the theme 'Growth Prospects of the Indian Economy,' Rangarajan advocated for the integration of modern technology to stimulate employment growth, particularly in labor-intensive sectors. He stressed the importance of India's demographic dividend and emphasized the need for initiatives aimed at enhancing labor force participation through up-skilling programs.
In his remarks on poverty alleviation, Rangarajan emphasized the urgency of prioritizing efforts to eradicate poverty, suggesting a multidimensional approach to measuring poverty that encompasses both expenditure indicators and broader socioeconomic factors.
Furthermore, Rangarajan underscored the significance of investment strategies that prioritize creating demand rather than merely responding to it. He emphasized the importance of fostering a conducive investment environment to achieve this objective, highlighting the role of both economic and non-economic factors in ensuring long-term economic prosperity.
Rangarajan's address resonated with the audience, drawing attention to the potential of technology and FTAs to drive economic growth and development in India. His insights underscored the need for proactive policy measures and strategic initiatives to leverage emerging opportunities and overcome existing challenges in the Indian economy.
Overall, Rangarajan's remarks served as a call to action for policymakers, stakeholders, and industry leaders to embrace innovation, embrace globalization, and adopt forward-thinking strategies to propel India towards sustained economic progress and prosperity.