New Delhi: Raghuram Rajan, former central bank Governor of India, has cautioned against the prevailing "hype" surrounding the nation's robust economic growth, emphasizing the existence of significant structural challenges hindering its full potential.

In a recent interview, Rajan highlighted the paramount importance of addressing the education and skills gap within the workforce, citing it as the primary challenge for any incoming government post-elections. He stressed that without substantial improvements in this area, India would struggle to capitalize on its youthful demographic advantage, with over half of its 1.4 billion population being under the age of 30.

Rajan underscored the peril of succumbing to premature complacency, cautioning against embracing the notion of having already achieved economic success. He urged for sustained efforts to substantiate the current hype surrounding India's economic growth.

Dismissing Prime Minister Narendra Modi's aspiration of transforming India into a developed economy by 2047, Rajan criticized the ambition as impractical, particularly in light of persisting educational deficiencies and high dropout rates.

Rajan emphasized the imperative of enhancing workforce employability and job creation to fully leverage India's demographic dividend. He highlighted concerning statistics indicating a decline in learning abilities among Indian schoolchildren, exacerbated by the COVID-19 pandemic, and alarmingly low literacy rates compared to regional counterparts like Vietnam.

Furthermore, Rajan tempered recent economic optimism by suggesting that India still has a considerable journey ahead to achieve sustainable 8% growth. He criticized government policy choices, particularly the prioritization of subsidies for chip manufacturing over investments in higher education, which he deemed misguided.

Despite the government's optimistic growth projections, Rajan cautioned that India must address its structural deficiencies comprehensively to realize its economic potential and secure long-term prosperity.

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