'A Job For Next 30 Years': Raghuram Rajan Weighs In On India's Superpower Dream

Former Reserve Bank of India Governor Raghuram Rajan recommended holding off against naming India a "superpower" as there is still work that needs to be done across key metrics of the economy.

These metrics that require attention and consolidation include employment, skill development, education and institutions, he said, during a podcast with internet personality Kushal Lodha.

“This is the problem I see when we constantly think that we are already a superpower. We're not. We can get there. We will probably get there if we do the right things, but we're still a long way from there,” Rajan said.

The RBI ex-governor believes that prematurely labelling India a superpower would draw attention away from decades of progress that is required to get there.

Rajan cautioned against mixing up ambitions with achievements and stressed on the importance of doing the research and executing the ground work to realise goals.

“We should have ambition, we should dream of the world, but we should have a possibility of reaching them, and for that we have to do the homework. You can't dream and say we are there because we're not,” Rajan said.

The former RBI governor stated that India should prioritise consistent efforts for the betterment of the country and society, and not slogans and timelines for the achievement of development goals.

"That means working every day, wherever you are, whether you're in the armed forces, whether you're in the civilian population, whether you're in academia, whether you are a doctor. Building India is a job that we have to continue doing for the next 30 years before we can relax a little bit,” he said.

Rajan acknowledged the nation's progress in macroeconomic stability, infrastrucuture construction and inflation control but pointed towards the issues of job creation, skill development and good quality education, as well as productivity for India's youth population.

He argued that India's current growth should not lull its constituents into a sense of complacency.

Rajan stated that the biggest risk factor affecting India's growth is conflating headline growth numbers and international recognition with economic strength.

He equated progress with investment in human capital, the ease of doing business, high quality job creation and making sure that institutions function with credibility and independence.

Rajan also reiterated that declaring aspiration should not lead to self congratulation and instead consistent reform and capacity-building should be the focus.

He identified self congratulation as a roadblock to reaching India's goal as a superpower.

Ambition must be paired with honesty about where the country stands today and what remains to be done before it can truly claim superpower status, Rajan stated.