HomeEconomyBUDGET 2022: Raghuram Rajan suggests policy changes necessary for economic growth

BUDGET 2022: Raghuram Rajan suggests policy changes necessary for economic growth


It appears that the new Omicron variant of Kovid-19 is continuing, and this time too, the general budget of the country will be presented under the shadow of Corona. Union Finance Minister Nirmala Sitharaman will present the budget on 1 February 2022. Former Reserve Bank of India (RBI) Governor Raghuram Rajan donned it as he gave essential suggestions for economic growth to the Finance Minister. Rajan suggested changing the growth policy.

Bitter medicine is necessary to improve the economy.

As a result of the Corona epidemic, Raghuram Rajan said that bitter medicine is necessary to recover the economy. He discussed the state of the economy and its direction in an interview. According to him, the incremental budgetary policy must be put to an end soon. Instead, the Union Budget must include proposals for different sectors every year. In addition, he said we need to change the mindset that only focuses on industries like manufacturing and agriculture.

Find a way to meet the challenge.

According to Rajan, the Indian economy does not need to be either too optimistic or pessimistic, given its current state. At this point, the most important thing is to maintain the public’s confidence and the market. During the past two years, the shadow of the Corona epidemic has loomed over the economy, and it is in such a situation that the biggest challenge is to bring the country’s economic growth back on track. In addition to spending more, he said, finding the right approach is also very important to overcoming this challenge.

Promotion of poor performing schemes

A former RBI Governor emphasized the need to increase funding for MNREGA, saying that for economic growth, we must pay special attention to weak sectors like MNREGA. Telemedicine, tele-layering, and edutech are new areas that need to be explored. As well as funding, they need better data protection rules, which should meet global standards. He said that instead of focusing on manufacturing and agriculture only, we should focus on increasing demand right now.

Benefit from small employment opportunities

Both the federal and state governments can make infrastructure a priority. However, it is essential to make sure that the states participate. By doing so, small employment opportunities will be created, which the current times require the most. In addition to this, it is also essential to raise the demand for things like steel, copper, and cement. In doing so, the country will be able to grow economically.


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