Raghuram Rajan, governor of the Reserve Bank of India (RBI), sounded a clarion call for change in how India approaches growth and development.
Addressing the 'Young Changemakers' conclave presented by dna under the aegis of the United Nations Information Centre for India and Bhutan and the US consulate on Saturday, Rajan said India needs an easier environment to do business.
Donning the role of an intellectual and a thinker, Rajan punned on 'environment' saying the nation should not hesitate in making a sensible trade-off between growth and environment.
"It's extremely important that we respect the environment, that we do ecologically sound development. It is equally important that we respect the rights of the underprivileged sections of the society, including tribals who are the most deprived part of the society. But in doing this, in respecting the natural habitat of tribals or rainforests that we have, we also must see that there is a trade-off between growth and environment.
"Trade-off should not go one way, nor should it go the other way. You will on occasion run a pipeline or a road through the forest. We've to make sure we protect environment in the best way we can, without holding up development," Rajan said. "On this front, we have not done as well as we should have over the last few years."
Amid frequent applause from the audience comprising youngsters and the intelligentsia, Rajan said a new India can materialise only if there is better finance that can reach everyone. Without specifying details, Rajan said the RBI is on the verge of licencing "innovative payment proposals", which could lead to new services at ATMs very soon. He exhorted youth to look beyond glamorous careers like banking and advertising and think of becoming economists because that is what the nation needs.
"There was a time when India's youth could look forward to becoming either a doctor or an engineer. Now, choices abound. India really needs good economists. I'll be happy if young people go and do a master's or a PhD in economics, come back and work for the RBI. I can promise you an exciting career," Rajan said.
He urged universities to move away from promising careers to young people and instead focus on helping them to make a difference to the society.
Guv turns visionary
Sounds clarion call for change in approach to growth
Urges environment-development trade-off
Promises innovative payment options at ATMs very soon
Underlines finance for everyone
Asks universities to stop promising careers
via Business - Google News http://ift.tt/1j0jP5H
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