India has an opportunity in shaping the dialogue in global economy, post pandemic, says former RBI Governor Raghuram Rajan.
In first of the video series started by former Congress president Rahul Gandhi, former RBI governor Raghuram Rajan said that India has an opportunity in shaping the dialogue in global economy, post pandemic.
"There is opportunity for India, it is in shaping that dialogue. Being more of a leader in that dialogue because it is not one of the two big warring parties. But it is a big enough country to have its voice heard in the global economy," said Rajan.
He said India can find opportunities for its industries, for its supply chains. But most importantly, we can try and mould the dialogue towards one which has greater place for more countries in the global order, a multi-polar global order rather than a single or a bipolar global order," added Rajan.
Howver, Rajan cautioned when Rahul Gandhi asked him if India can take advantage of the situation due to pandemic. Rajan said, "These kinds of incidents rarely have positive effects for any country, in general. There are ways countries can take advantage of. What I think we can say is that there will have to be a rethinking of everything in the global economy once we are out of this."
When Rahul Gandhi asked, "is there crisis of centralisation of power taking place," Rajan replied, "I do believe that decentralisation is important -- both for bringing more local information to work but also about giving empowerment to the people. What you see across the world is a great sense of disempowerment."
"Decisions are being made elsewhere, but not by me. I have a vote but that elects somebody in a far-off place. My local panchayat, State government has less power. They don't feel they can have a voice in anything. So they become prey to different set of forces," Rajan said.
"Social harmony is a public good. Having everyone believe that they are a part of this system, an equal part of the system is essential. We cannot afford to be a house divided. Especially in these times when our challenges are so big." Rajan added.
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