image sourced from original article at Former Reserve Bank of India governor Raghuram Rajan has urged the government to anchor the upcoming Union Budget in a long-term vision that strengthens resilience and sustains economic growth. In a recent interview, Rajan highlighted the need for India to move beyond annual fiscal planning and align its budget with broader strategic goals, especially as the world faces heightened risks and opportunities from emerging technologies like artificial intelligence.
Rajan emphasized that India must diversify its economic partnerships and reduce dependence on a narrow set of external partners, warning that the country lacks a wealthy natural market nearby. He called for reforms that could boost India's growth rate and suggested that the current global uncertainty presents an opportunity for India to integrate more deeply into global supply chains.
He also cautioned against unsustainable, rapid growth and stressed the importance of investing in infrastructure and housing that can be effectively utilized. Rajan concluded that sustainable, well-planned growth should be prioritized over short-term momentum.
