Instead of the double-digit economic growth that many dreamed of a decade ago, India has a double-digit decline, with official figures showing that GDP in the April-June quarter shrunk nearly 24 percent from the same period a year ago. If India is to generate jobs for its expanding youth population and pull more people out of poverty, it has to get the economy back on a path to rapid growth. How did things go wrong? How can we avoid the pitfall of jobless growth? How do we create a robust safety net, the lack of which left thousands of people destitute during the lockdown? Will the recent agriculture laws help or hinder the sector? Top economists of different persuasions debate these crucial questions.
Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School. He was the Governor of the Reserve Bank of India between 2013 and 2016.