“We’re Assembling Not Making Mobiles - Is the PLI Scheme a Failure?”: Raghuram Rajan | Karan Thapar

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In a live interview the former Governor of the Reserve Bank and now Professor of Finance at the University of Chicago raises serious questions about the government’s claim that India has become a major manufacturer of mobile phones. Mr. Rajan says: “It turns out that very little apart from assembly is done in India”. In fact, he adds: “It is entirely possible that we have become more dependent on imports”. In turn, this raises serious questions about the PLI Scheme. Does the 6% subsidy, coupled with state subsidies, outweigh the value added in India? If the answer is yes: “Is the PLI Scheme a failure in the making?” And are we making a mistake extending it to the Micron plant to manufacture chips in Gujarat? Mr. Rajan also responds to the criticisms of his critique made by the Minister of State for Electronics, Rajeev Chandrasekhar. If you really want to know the truth about India’s ‘manufacture’ of mobile phones as well as the truth about the PLI Scheme, this is an interview you must watch. It will be live at 6.00 p.m. Indian time on Friday the 11th (7.30 a.m. in Chicago).

[@ajsujit]

16:39. Yes. Data not available is key characteristic of this government. It allows them to escape accountability.

[@hitesh11111]

So many talented people in India....still we sre suffering because of criminals in politics

[@reach2prasanna]

What a joke. Mr Rajan called for the world to not allow India to become a manufacturing hub like China.

[@Truthalonewins7]

This is the sort of criticism and discussion that needs to happen in the parliament

[@CharleDavison]

In parliament its all about shouting down ,giving very less time for an opposition member to express and then thumping of table with modi modi...

[@arunsar7893]

What difference would that make?

[@arunat1986]

He advised American banks and insurance cos. to keep a check on their subprime lending and warned them well ahead. Not his fault if they didn't take his advice. He was influencial in cleaning our banks with declaring NPAs. Yeah sure those dumbasses in the parliament (with the exception on Manmohan Singh) have more or equal knowledge than him in economics

[@elliotalderson2007]

He is a true son of INDIA. He is concerned about jobs more than the government. MODI ji should take his advise and first correct the disadvantages of producing in india.

[@saurabhshinde3540]

He isn't concerned about jobs...infact he is against providing employment that doesn't add up any real value to the GDP

[@antiracistbaby1085]

Modi will not take his advise because he is not bothered abour helping India. Modi only wants to look good on camera and help his rich friends get richer

[@prnathan633]

By following his ideas, we will give out opportunities to china😂😂😂

[@itchyballs3129]

Indian youths dream is to be civil seravant. Upsc , SPSC , SSC etc. Cant think beyond that .

[@basusri1120]

The reason being lifetime job security and benefits even after retirement. Not to forget the enormous influence and power that these individuals wield.

[@prithwirajjadhav1611]

Very important topic!

[@rahulshine3317]

@itchyballs:- can a SC n ST be part of corporate or premiere jobs in private sector? In india problem is castesim. Where premier business and jobs are meant for caste Hindus alone.

[@d.dcosta8771]

​@@rahulshine3317 yes true It's a harsh reality

[@rahulshine3317]

@@d.dcosta8771 when caste Hindus develop merit of some kind after many trial n error it's only than they will allow ST n ST in some 3 tier job. Raghuram rajan is Tamil Brahmin and being a TN Brahmin he will never speak out the truth.

[@alwaysquesting8613]

Wow two Giant who played crucial role in their respective fields ❤.

[@finegentleman7820]

Like Feku is the biggest Pappu of politics

[@Pennywise.18]

​@@finegentleman7820lmao that guy never lost a election cope 🤡

[@bolasingh4383]

Bjp is destroying India .

[@motilalmarak8556]

@@nitiny7149 Younger brother of Baba Atomic???

[@sidd62]

Thank God Modi ji threw him out of India otherwise this western nation mafia stooge would have destroyed India's economy. During COVID time he and his political master pappu Gandhi were very vocal of western economies giving free money to people and businesses. They tried to build lots of pressure through media to follw western economies. You can see the condition of Western countries, all are fighting sever inflation and in recession. Whereas India is strifing in flying colors. He is sent by sharks of IMF and world bank to get the control of indian economy.

[@ravikumargovindarajan7074]

Excellent interview! Enlightening the masses is great job ! Thanks both Karan& Raghuram!

[@ganeshshiva1240]

Reality in front of your face India . The best sane view about iIndias future.

[@joydutta4132]

Thank Karan sir🙏🙏🙏 So valuable scholar we indians have lost due to our political loggerheads .

[@rutvikrs]

Valuable scholar😂😂

[@snowwolf6469]

Wannabe Scholar who does not move his lips to give a fake accent 😂

[@himanshusingh5214]

He helped bring down the NPAs from 3% to 11%. Truly out of league of any other country.

[@tangpasmemoir]

Every word of Dr Rajan is so logical, Gem!!!

[@rutvikrs]

Then why has he not retracted his white paper "Make on India, largely for India"?

[@girishkumar936]

This guy named Rajan perfected the downfall of india and now he is eating crows

[@alcinnovations]

😂He has been wrong consistently in past 5 years and has not apologised or corrected himself even once. He is like the katrina kaif of economics - comes to do item number and gets claps from audience, but after he leaves, other people have to do the actual work.

[@subbaraotanguturu9271]

Who don't know these. A lot of investment needed to chip manufacturing. Being poor country we have many limitations, the chip makers simply give tecnology unless they have no other alternative. Some thing is better than nothing as far as we are considered. They simply don't give technology as we ask.

[@AKumar-co7oe]

seriously. a high tech ecosystem doesnt't come up overnight. it takes decades of work. we are investing both in low skill assembly and high skill fabrication. we are paying in rupees to save in dollars. Has rajan ever criticized Americans chips act? He's acting like we are paying a lot but pli schemes are mostly tax rebates!

[@joythink]

The biggest laugh is when govt tenders ask for "made in India" .

[@adityabanerjee7145]

It is better than non-existent, "nothing is made in India" initiatives...Congress practiced for 60 years

[@anuragdas9400]

@@Sangita_hotty abe gadhe, daurne se pehle Chalna sikh lo, Jai Hind

[@harshitatrikha4198]

This fulfils my dream of attending Dr. Rajan's MBA class. He is articulate and well-substantiated in his argument with all the facts and numbers. It is shocking to know that the government is spending 16,000 cr on this Scheme, which will generate only 5000 jobs, this amount is 1/3rd of the country's education budget. These two metrics are enough to judge the viability of this scheme. Thank you, Dr Rajan, for highlighting these issues in such a manner that everyone can analyse the scheme easily.

[@RavishankarSubramanian1962]

You are lucky for two counts. An intelligent professor and a true Indian.

[@_AmanAalam]

QUALITY INTERVIEW. That's what you'd expect in this day and age, but sadly the audience to consume such insightful content is shrinking day by day in India.

[@srinivasrao369]

We lost a good Advisor to the Government After him we hv had 5 people heading Finance Advisor role

[@zenith808]

Agree - but at least HE is not in the middle of anpads

[@subramaniamkaruppiah5773]

I used to work in Mobile industry in Malaysia for around 8 years, when we started we did only Assembly, gradually the supporting industry started to make plastic component, around 4 to 5 years later we started to make electronic component, and supporting tester, Basically you need to start the business, then the supporting industry will start to grow based on assembly company.....things does not happen in a year, it will take 10-20 years for the ecosystem to develop.....the Indian Semiconductor industry will take at least 20 years, but you need to start somewhere, it is a slow process, don't expect things to happen within 1 to 3 years....Talk to the people in the industry.....not financial institution or bankers.

[@mg.f.9023]

Wish PM Modi would have talked to financial/banking experts before declaring demonetization!

[@SheshankReddyS]

I think Rajan has adequately answered that point. He said that in 2023, with this industry there seems to be little guarantee of upstream manufacturing growth if you incentivise assembly. Unlike garments or agri-produce, the value density in a mobile phone is very high. With improved global supply chains, there is very little reason for anyone to build an LCD factory in India because assembly is something here. They can import at a very small cost from Taiwan or Korea.

[@ravikuckian3685]

India is not new to Assembly . We have been assembling . Now maybe we aim to become large assemblers. The other competing countries like Taiwan, Indonesia, Vietnam, Thailand and Chins ofcourse are way ahead in skill sets in technology and that's where the future lies. What happened in some country years back is not relevant unless the government still fancies comparing with pakistan .

[@bikramsingh7768]

@@shripadnair-wi8cn Wrong.

[@travellover820]

​@@mg.f.9023 you address core issue Modi believes enforcement of his ideas not listening is not harming him but to tax payers

[@santoshs1332]

When I hear these people, always remember P Chidambaram speech in parliament about use of credit card in roadside shop. Highlight problems than solution. To get somewhere need to start.

[@TheStringBreaker]

*Inspiring to see how passionate Raghuram Rajan is about this!*

[@UpendraVishwas]

About what ? He is the one who said India could never be a manufacturing hub.npa was skyrocketed during his period

[@prabhatism]

@@Lokesh_C-dl3gt are you talking demonetization by modi? I agree he should be ashamed. Hundreds died standing in queue.

[@nachiketparulekar-jf8mj]

Please conduct more interviews on economics and Indian economic condition. Invite Kanthaswamy Balasubramanium. He writes on Quora vociferously and he was in the RBI. Would be a great interview

[@mg.f.9023]

“The products we do require really advanced tooling, and the precision that you have to have, the tooling and working with the materials that we do are state of the art. And the tooling skill is very deep here. In the U.S., you could have a meeting of tooling engineers and I'm not sure we could fill the room. In China, you could fill multiple football fields.” - Tim Cook, Apple inc. CEO comments on his visit to China Dec 2017.

[@rohannair5191]

Tim cooks way of justifying cheap child labour . Nice one

[@Mike-rw1jw]

@@rohannair5191 useless nair, mere trash talking would get you a job in bjp IT cell but not the ability to show the proverbial "laal aankh" to china

[@kaydee3407]

​@@rohannair5191 There is no child labour in apple factories ... Get ur head checked ... @9:50... Or govt is paying 6 percent of the value of the phone to apple and mobile phone companies for the privilege of printing on paper that we are manufacturing in india when we are just a assembling 4 per cent of the value of the phone... Its called government gangrape of the tax payers through the backdoor..and in the dark At least they shouldnbe given points for trying to hide it as opposed to video taping their gangrape culture Balaatkar : made india , for indians by balaatkar jai.ho party.. I think every bjp member deserves ladoos and garlands all round.. Dont u think india

[@rohannair5191]

@@shripadnair-wi8cn yeah so did our per capita nation debt . Quadrupled and more . Manmohan singh saved us from a recession . And yeah Rajan is a expert in his field much better than the uneducated ministers in the bjp cabinet. Nirmala is a joke . Also he does not advice the us govt lol he’s a professor

[@rutvikrs]

​@@rohannair5191Manmohan Singh was a great man. He saved us twice. By copy pasting the Washington consensus under strict "guidance" of the IMF. The second time was truly revolutionary, by inflating rural wages by printing money thrice. Truly a great man. 😂😂

[@Visht123]

Let’s talk about where I’m agree that in Modi government data availability is so low and not even trust worthy. And he is polite in reply to minister which government should learn during debate.

[@irenelopez3235]

It's not that the data availability is low. The data is being suppressed.

[@rutvikrs]

​@@irenelopez3235The spirit of econometrics is under attack 😂

[@mohammadzafarali5224]

Excellent presentation.

[@sureshkanniah3869]

Insightful and enlightening. We have not only missed the manufacturing bus but also utilising intellectuals like Dr.Raghuram Rajan.

[@rutvikrs]

Really? 😂

[@SumitKumar-gk7if]

Where was his suggestion to UPA government when he worked as RBI governor, although he is Rahul's ally. He also accepted that we missed the bus 40 yrs back. Why do you want to bring this vision less fellow.

[@jagdishmalkani4389]

​@@SumitKumar-gk7if😊

[@anjaligrover4648]

I am so happy to see Dr. Rajan speak with increased conviction and courage about the truth of our lack luster manufacturing sector and exports. We need to stop this marketing machine of the modi government spewing falsehoods and creating a sense of unfounded euphoria!

[@motilalmarak8556]

Our honourable PM Calls it MAKE IN INDIA"!!!!! ITS'NT IT MIIND BLOWING????

[@ramananvenkataraman4594]

You cannot straight away start making components. You killed manufacturing during the first 60 years and what else you can expect the current govt to do. So long as the outgo by govt is less than GVA ,itisokay.

[@anjaligrover4648]

@@ramananvenkataraman4594 how was manufacturing killed? I am curious.

[@poonamkakkar3896]

Exactly immediately after independence we had huge cos set up like escorts abd Altas in probate sector and huge cos in public sector Bhel bel ongc etc etc it’s a long list

[@wigglyk2796]

@@anjaligrover4648 Have you heard about license raj? It was instituted by your dear “freedom fighter “ Nehru chacha.

[@CP-bu1hc]

Always proud of internationally respected Prof. R.Rajan.

[@escape4682]

What about internationally recognised Modi 😂😂😂... double standards 😅😅😅🤣🤣🤣

[@gurindersingh8109]

Raghuram is just an economics professor not an industry and commerce expert. He has no defined model of industrialization of India

[@ajayivan4936]

​@@escape4682being recognised and being respected are two very different things

[@presidentxijinping5644]

Ragughram as a rbi governor was diastereous.he even recommended printing money during covid to give stimulus.but modi didn't budge.if country had printed money, inflation would have been sky rocketed as it has happening in European countries

[@abinashpatra6791]

@@ajayivan4936 Ragu with recognition got 11 % inflation and low GDP growth and high NPA. Thank god we got rid of him.

[@varunsoni921]

That's the kind of media and insightful interviews India wants to watch. Good Job. Hopefully, the assembling bring other related industries along with it. But good to know the informative discussions.

[@Klickerman]

Thank Karan for this very informative interview. And thanks to dr Rajan accepting and providing in simple terms the real state of affairs. Very enlightening. I hope this interview gets seen by as many Indians as possible.

[@Mike-rw1jw]

chichora modi mentioned Dr. Rajan in the no confidence speech without taking his name

[@motilalmarak8556]

@@Mike-rw1jw All the dos, doings, dids and dones will be sprouted eventually!!! wait and watch.. 🙏🙏🙏

[@harishankarmedipally6523]

Absolutely not appreciable stand by so called elite, appreciate efforts and wait for more to come, be impartial else join party u like and come with your plans to electroate

[@ananthasraj]

@@shripadnair-wi8cn what is your level of education and which university are you from?

[@NoVideo2024]

@@ananthasraj everybody knows Rajan and his idiotic solutions

[@vijaykumar6539]

Political wisdom is deaf and domb for economic wisdom, particularly when there is a Nero-like king on the throne. Modiji is the most illiterate and inefficient and anti constitutional person who unfortunately happens to be PM of this great country.

[@hardikkumar1737]

That's why our country is the fastest growing major economy projected to overtake Japan and Germany by 2027 in terms of nominal terms and got promoted to 5 th largest economy from 11th one in 2014 in the nominal terms

[@vijaykumar6539]

@@hardikkumar1737 please come out of hallucinations and face the harsh realities of our country even in economic terms. The economic health of the economy of any country is judged on the basis of per capita income ( of individual citizens) not on the size of the economy which doesn't speak the truth about economic health of it's citizens. A country with a large economy may still be poorer than those with a smaller economy. I mean the size of the economy alone doesn't matter to assess the financial health of its citizens. Important is per capita income of citizens.

[@abinashpatra6791]

@@vijaykumar6539 Yes in Manmohan and raghu in power we were in number 1 in per capita basis. Modi came and destroyed. How dare Modi to reduce inflation 13% to 4%. Stupid modi reduced bank NPAs too. Modi bad Raghu good.

[@vijaykumar6539]

​@@abinashpatra6791 No sarcasm🙃 can justify blunders as you are trying to. Indoctrinated modimaniacs often try to hide behind the falsehood. NPA could be reduced because the stupid PM sold family silver worth more than Rs. 10 lac cr. Inflation is a cooked story. Don't you know petro products, wine, and tobacco products are still beyond GST. People are charged unduly high prices for petro - products despite lower international prices. Modi is not bad but worse while Raghu is not good only but excellent even legendary in his field.

[@karthik7486]

@@vijaykumar6539 were you expecting a jump from $2k to straight up $10k ? We have to pass this stage in order to become a middle income country. No one is saying we have become the richest country in the world, but becoming the 5th largest or the 3rd largest in the future, these are small achievements and victories and there is nothing wrong in celebrating them. It just boosts your morale. Focus on the trajectory, even the interview is all abt the trajectory and not a critique about today’s financials.

[@sharathahuja8261]

The late Prof A R Vasudeva Murthy, Inorganic & Physical Chemistry Department, IISc, Bangalore, helped setup METKEM in Mettur, Tamil Nadu, from where the first Silicon Wafer was made.

[@allwynmendonca9300]

No one is currently of his stature at this time in india😊

[@vanjyrwa9760]

Thanks to the professor for letting us know about the game which the present government of Mr Modi is really playing with our country’s economy. Thank you for the enlightenment

[@motilalmarak8556]

Mumkinka badle Bakhwasssss!!!!!

[@amit9023]

He said about Indian economy too😂😂😂😂.. Forgot?

[@gomathakamadhenu1607]

The so called Harvard educated, MIT graduates, Caltech professors , Oxford educated ... all these are fancy terms and it helps those who fancy these terms.....and who believe that these will have impact on the society.... There are hundreds of cases where these people have destroyed the society collectively in whatever field they are popular....Indian Society on the other hand still holds these people in high esteem and look up to the west as their ultimate recourse... This is exactly what BJP is trying to demolish and i support them fully ... The students these days are full of idiotic western imposed thoughts which need to be cleansed......

[@Nowbugh]

Fraud 😂called RR

[@himanshusingh5214]

Indian elites who ram the country were also Oxford, Cambridge, Harvard, etc educated. The people who ruled USA after independence were farmers and Industrialists. The people who ruled China, South Korea, Taiwan, Japan and Singapore after WWII were all Military Generals with none of them having any western degrees. Let's see who is more developed.

[@thomaseaso9262]

What an Interview...... The most knowledgeable person that we unfortunately aren't using.

[@aruyaniupadhyay836]

I recently saw inside job ; a documentary based on 2008 economic crisis . Raghuram Ranjan was head economist at the IMF ; and spoke about how high returns constitute for high risk and not low risk including several other parameters in his paper; however people like summers and greenspan did not agree with him as they thought he was talking about financial regulation in someway. The U.S. economy failed miserably in 2008. And people like summers and greenspan were to blame. While I will not say Ranjan predicted the world worst economic crisis but he did raised very very good points and the problems he pointed out were in fact, played part in the crisis. He is clearly a very accomplished and knowledgeable person and thank you Mr. Thapar for conducting this interview.

[@spmuday]

Highly insightful interview i watched in the recent times. Are we not debating these issues before finalising schemes especially on Employment generation and real value addition with so many diverse Technocrats , Bureaucrats and Scientists ? A lot lesson to be learned from this interview

[@Akbarkhan-ly2oc]

The current government doesn't DISCUSSES or DEBATES it only DECREES 😂😂😂

[@reach2prasanna]

@@Akbarkhan-ly2oc Perhaps PM Modi doesn't, but all their ministers do. They attend multiple conferences, panels with opposition leaders etc. Don't be biased.

[@shivam_nagar69]

i don't think people on this channel r educated enough, whenever i visited here they always make some bullshit commets the print is better@@reach2prasanna

[@Neclion]

Brilliant as always ❤

[@SuryaPrakashBheri]

"Failure of Economic Thinking" Golden Words ! Much Thanks Gentlemen.

[@yaha526]

Thanks for this wonderful interview ❤️

[@manlunching5925]

What an insightful full interview. We need intellectuals to speak up the truth like this. We all Indians are fools by bad politics and lies! Wake up people!

[@reach2prasanna]

This intellectual called for the world to not allow India to become a manufacturing hub like China.

[@pramodthatte3727]

have guts to disclose your true name.

[@reach2prasanna]

@@pramodthatte3727 Why should I prove whether I've guts or not to you, a stranger?

[@saurabhjadhav6496]

The thing is Government's intention for bringing PLI was not to to actually improve manufacturing but to create only the perception among people of increase in manufacturing. And Whether the actual business of manufacturing makes financial sense is completely different thing.

[@arthurvandeman]

ubetcha

[@narenderreddy9425]

if i was the PM, i would have made him to work for INDIA, Such a scholar why do we ignore him ? why why why ????? cant ignore, best interview, Thxs Thapar Sir......

[@auir3213]

Raghuram Rajan went to the nub of the issue. We need to have some manufacturing but design is the most important as they change world. Computing, mobile revolution, potential AI all came/come down to generational designs.

[@harbari]

​@@shripadnair-wi8cnyou are clearly not at a level that should be commentating here and explaining to you would clearly be a waste of time especially when you claim the sanctioned Vajpayee government raised the econmy above the MMS government indicating your clueless on fact and understanding that results are not an overnight reflection!

[@ParthaRoyChowdhury]

Being the ex RBI Governor, his understanding, analysis and comments on the Indian government policy, is very accurate, balanced & more corrective, then mere criticism... A great teacher and friend of my beloved India indeed ❤

[@sidd62]

Thank God Modi ji threw him out of India otherwise this western nation mafia stooge would have destroyed India's economy. During COVID time he and his political master pappu Gandhi were very vocal of western economies giving free money to people and businesses. They tried to build lots of pressure through media to follw western economies. You can see the condition of Western countries, all are fighting sever inflation and in recession. Whereas India is strifing in flying colors. He is sent by sharks of IMF and world bank to get the control of indian economy.

[@valsalankanara]

Excellent interview, questions & answers were clear and factual. Thanks for Karan & Rajan ❤👏

[@rutvikrs]

😂😂

[@Drsashisekhardubey]

This was the very economist who advised to print currency during COVID 😂😂

[@rutvikrs]

And became a famous -economist- author for proposing not to print.

[@abhijitvk]

He is not the only engineer who completed an MBA and went to the US for green pastures. Neither a good engineer and certainly not an economist. Some people are born great … some achieve greatness and then there are those on whom greatness is thrust upon. RR falls squarely in the third category.

[@shajulouis2564]

💯 % in agreement with what Rajan has presented . PLI scheme is basically bribing the manufacturers which inturn will also necessitate reverse bribing to be selected, a win-win. The government has absolutely no any vision.. very unfortunate… perception management slowly falling apart

[@Mike-rw1jw]

slow poison is more dangerous because by the time it is detected, it would have progressed to a point of no return. 2024 is the last opportunity to administer the anti dote

[@dvk4746]

IF we continue with the current trajectory Do remember this exchange, India will gain a lot in manufacturing. Believe anyone but Raghuram Rajan. Economists are worse, Raghuram Rajan is the worst of the worse.

[@arunsar7893]

Perception management is exactly what RR is doing. Making fools out of people who already hate the current political dispensation. There is nothing unfortunate about the decision that govt. has taken.

[@zenith808]

Not so sure that the government has no vision - their vision is skewed enough so they can spew their lies in Parliament

[@krishvenkat8518]

what about missionary bribing? you are one good example.....

[@mayersonlineacademy2307]

Rajan sir is a torch bearer for India on economic front

[@rutvikrs]

Oh god😂😂

[@vmdoon]

"We need to train minds." This cannot be emphasized enough. That is critical to skilling our young, potential workforce and getting them future ready. And services is where it's at. Thanks Raghu for continuing to hammer on that.

[@rutvikrs]

Education minus industrial base equals migration. The services economy is the result of the second and third order questions posed by manufacturing. We solve problems from abroad and call it the service sector when we have not produced a single business model or even a software IP of our own. Yet we have people who wish for more education and service economy.

[@himanshusingh5214]

Service sector exists because of Industrial sector and Industrial sector exists because of agriculture. If you don't have agriculture, then you will be importing food from somewhere else and exporting Industrial good ls and services. If you don't have an Industrial sector, then you will be importing stuff and exporting services. The bottom line is that you can't import without exporting. And the Size of Services sector depends on the size of Industrial sector.

[@RavishankarSubramanian1962]

Raghuram, another Proud Indian. Forgot the topic. We need hundreds like him to make Indians proud about India. Thanks Karan for getting him in your show

[@anilkumarvk2106]

It is interesting and enlighening to hear Raghram Rajan to understanding the economic in the simplest and understaning way

[@PriyaKumari-ty7tv]

Very informative interview. Thank you so much Karan and Dr. Rajan.

[@nandlalchogal7508]

Thanks Karan for another very special interview.

[@bhavtosh5328]

Rajan Sir,with due respect I have a question which is being raised by people that you said during COVID India should give direct cash to the vulnerable classes but that led to high inflation in Western world vis-a-vis India. What is the explanation for that?

[@rutvikrs]

He wanted BJP to succumb to a mistake that he could have capitalised on in 24. But these fascists did not comply. 😢

[@sdineshkumar1987]

Does Western world collapsed? Giving cash increases increases in demand, it could have a positive impact of handled properly.

[@sdineshkumar1987]

Western world didn't expect the Ukraine war, that's the main reason for inflation problem

[@MrVachanala]

Bro even China started with assembly and slowly grew to full industry. It will happen over time when companies see value in manufacturing chips and other parts locally

[@naf_k5126]

He says: We are assembler of mobile phones, not manufacturer. And, because of high import component, our export may be a negative figure.

[@prasantadatta5151]

What a beautiful and intellectual insight into the economics of India,but the government is busy in the mudsling of an economist rather than his valuable dissection of the problem.Thanks Thapar for bringing such a wonderful discussion.

[@1955knv]

If you go by what Rajan says you can create only high profile white collar jobs. Do you know the kind of investments required for innovation & R&D. Do you know what all we import in making cars. Gear box, Engine of higher capacity, semiconductor ,..... Should we stop making cars then. Rajan is unable to swallow the good work done by this govt.

[@1955knv]

Do you know how much US subsidises for electronics industry. Huge. But Rajans wouldn't talk about it

[@arzamam3511]

Wake up India wake up

[@1955knv]

@@arzamam3511 India's advantages will win in investments in semiconductors but patient says Chris Millar author of Chip war. If you know who is Chris Millar you guys will not fall flat to Rajan's story

[@subbaraotanguturu9271]

​​@@1955knvYes. Billions to be invested if chips are to be made and even training etc if so where is the investments as ours is poor country, not now but since decades, to blame Modi. Services also should be offered cheaply make manufacturing viable or government should subsidise it for which also where is the money!? All can't happen instantly unfortunately. That's the crux of the problem.

[@VikramAditya-sx2nv]

Very good insights into the PLI and manufacturing sector in India... Raghuram sir has covered many aspects of nature of manufacturing needed in the country... Thanks

[@kvishnup]

What an enlightening interview! It was like a class in journalism and economics at the same time. Thanks to Dr. Rajan for this detailed explanation and Thanks to Karan Thapar for asking these important questions. This is what real journalism looks like.

[@rutvikrs]

It felt like an echo chamber.

[@kvishnup]

​@@rutvikrsit probably seems like an echo chamber to you because we got used to seeing news channels present their glossy one-sided view (which is mostly of the govt) everyday. The owners of the TV news channels have sold their souls to the devil. Tell me, is there any place where a decent debate can be conducted? We all know who is responsible for killing debates whether it is in the media or in the parliament. BJP under Modi has killed all kinds of debate everywhere so that they can sell their lies to the people. There are journalists like Karan who will be excited to bring us debates with views of both sides. But do you think any BJP ministers or Modi will come to Karan Thapar or other "real journalists" to face "real questions"? As a citizen I don't care if Modi sleeps only for 4 hrs, I care about what due process he is following in the design and implementation of each of his and his ministers' policies. The govt has to face "real questions" and is answerable to "real journalists" because they represent all the citizens. PM doesn't even give press conferences and he thinks he is above all this. Isn't it the duty of a PM to attend a press conference and take questions from all journalists? Modi govt has reduced this country itself to an eco chamber where debate is not possible, asking relevant questions is not possible, dissent is not possible, voicing out offline or online is not possible. If someone tries to voice out then their credibility is attacked, like Rajeev Chandrasekhar has done in this case. Let's understand that we all will be equally responsible in reducing this great country to a huge eco chamber if we continue to support unprofessional journalism promoted by Modi's crony capitalists.

[@iqbalfazli371]

Very nice discussion.. ❤

[@ayushmanbisht1598]

This man must be our next finance minister

[@Real982ax]

Iske time Mai hi sabse jada bank doobe hai . 😂😂😂😂😂

[@ujjwalchoudhary7091]

​@@Real982axBhai yeh INTELLECTUAL ki jamaat sirf bakwaas hi Kar sakti hai. Enjoy their venomous discussion

[@antiracistbaby1085]

​@@ujjwalchoudhary7091Bakwaas is what North Indians middle class voters believe in. No productive talk only Hindu Muslim deep insecurity and an unnatural sense of ego despite India flopping on so many areas Under Modi

[@aanariAntabri]

Afterall, we born loosers also need some space to release our venom 😢

[@Mohammed_Javed]

Logical conversation, thank you Dr Rajan

[@MahendraKumar-sn5ki]

Keep doing such Great Interview! WE NEED MORE AND MORE THESE TYPE DISCCSSION Thank you

[@MeMe-sy5xp]

Dr. Raghuram Rajan is very clear about what is happening in India.

[@debaratighosh3867]

Extremely insightful. Thank you for this one.

[@ken-bc3gs]

New India, Modinomics, always a pleasure to watch Karan's interviews most heartening is over time the viewership has increased exponentially.

[@vaibhavkulkarni2462]

Illuminating words in the era of intellectual darkness. ❤

[@manojjha3573]

Hi Karan - Keep doing such Great Interview! Thank you for your support to The Interview with Karan Thapar and to independent journalism. You will receive an invoice for the same in the email provided.

[@mg.f.9023]

NEW DELHI, Aug 11, 2023 (Reuters) - Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into.

[@kanwalpreetkaur]

Mr Rajan just said, why can’t we just be like India. So impressed! Maybe the govt is just sure the education here is not worth trusting. Isn’t it so sad?

[@indiaupdated8221]

I never watch Media Interview, it's usually fixed or has a hidden agenda. Every journalist now seems to have a soft corner for some issues and that reflects as biases. The only two journalists that I think are truly a journalist is Karan Thapar and Shekhar Gupta. I have been following Karan Thapar since Modi's Interview and so far I am not able to figure out his ideology, that is truly exceptional. Kudos to your commitment to this profession!

[@kastor002]

😂😂😂😂😂 you can't figure out the ideology of the biggest leftist mediaperson in india? While he is working for THE WIRE which is a leftist organization based in the USA?? 😂😂😂😂😂

[@kaydee3407]

With manipur i believe rtt is showing itself as a brave channel.. The karan thapur interview.of the CM drig lords connection and coverup in manipur...is die to the rtt detailed interview.. Court records to prove CM , his wife connection to drig netwrok is too damning for bjp.. Including its ignriing of ntocies from the investogatinf officer to pm and HM .this is why u r seeing even the supreme court ...moving to form commitees to over see return to law and order... Not even opposotion is hauling up the HM and PM for the notices given to them by manipur groups aabout the manipur politicio narco network machinated from the CM office

[@mohammedzakaria2409]

Bitter Truths that we people always fail to understand or may be we have turned deaf.

[@saurabhshinde3540]

Atleast the govt's intent looks good here...to offer jobs to the not so educated...semi skilled pool of workers in the country....u r the same guys who keep ranting about the rising unemployment in the country otherwise...

[@mg.f.9023]

India faces a shortage of specialized skills, which is a critical aspect in manufacturing. This deficiency is evident in the quality and complexity of India’s top exported products. It also effects employers ability to easily fill job vacancies. Reflecting the challenges associated with finding skilled workers. This is the reason most manf prefer China.

[@arunsar7893]

What complete BS!

[@eliotanderson6554]

Serious talk But it was our own fault not focusing in manufacturing in the past from 1991 itself

[@prithwirajjadhav1611]

Valid point!

[@tamilulagam9012]

​@@prithwirajjadhav1611😁🤣 leave politics.. Look from 1991-how many years cong ruled vs noncong ruled

[@zubinDRK]

Just brilliant, not surprising considering the calibre of both in their respective fields .... Rajan shed such clarity on this otherwise highly opaque aspect of Indian industry

[@judithhalam]

Some respondent are dragging the name of Rahul Gandhi. Definitely this gentleman does not understand how economy operate. He should try to understand the discussion and make comment. DR. Rafhuram Rajan is outstanding economist teaching in USA. We must listen to his advise at least. Dr. Rajan is right when he said that subsidizing big Companies does not make sound economic policy. Govt may facilitate the infrastructure development with efficient transportation of the product, assured power supply, skill manpower availability, availability of land, free taxation regime and elimination of bureaucratic handle.etc, not bribery in the form of subsidy. We should not be emphasizing assembly alone but for manufacturing with innovation drive.

[@mahendratelang477]

18 crores for spectrophotometer to be used in college for kids learning chemistry. Did i hear it right?

[@sasmit.9846]

yes, bada sahab teaches in usa, we must be obliged to listen from saar. He is true india ka son staying in america :) /s

[@ravijain5996]

We humbly acknowledge your contribution ❤

[@radhakrishnadevaraju7327]

It's great to see Rajiv sir on screen. Discussion is more informative from Prof. Raghuram on Mr. Thapar's open questions. We are neither against Minister Rajiv Chandrashekar or any bureaucrats but to conclude did INDIA invented, produced something new or increased exports, increased job opportunities, supported MSMES in 9 years ? The answer is not satisfactorily achieved in industrial or service sector except assembling cell phones. Thanks for the discussions.

[@rutvikrs]

Well said sir. We need to focus on services. Canada, Australia and the US need our talent.

[@skanthaadsigns]

When Taiwan was first making iPhones, the first out of America devices, it was mere assembly of American parts too. Like a CKD vehicle.

[@rupybull]

Kudos to this channel propagating transparency in the andh bhakt age...

[@gsbedi]

Wo dekho cheetah.. Ek hi reh gaya!

[@goodold965]

If iPhone 14 Pro Max (128GB) - Silver Ind price is ₹ 127,999 ; same model in Singapore is SGD 1,664 (made in China) while the price equivalent would be SGD 2,087 ie much more costlier if purchased in India ( why would one buy from India if they have access to get it from another country?)

[@berserkhorimiya]

You think people are travelling shopping from abroad everyday ?

[@sanjaysakhalkar3813]

No need of Apple products for Common people. Android have far more applications, Samsung is making very good phones.

[@valerianpereira1259]

So how do we Bridge all these factors? 1/ Technical vocational schools..; TRAINING institutions 2/Quality; control Labs. 3/Engineering colleges. 4/Train; Empower women.. strict quality control

[@samuelmorris6828]

Excellent interview. We, Indians are truly blessed to have this channel even today, under the circumstances where the majority of the channels have blind, desperate and pro-right attitude. It's comforting to see the neutral stand taken by the WIRE and the quality interviews that's been given.

[@anumitaghosh7759]

Let's have more of these discussions please. Thanks for sharing ... I sincerely hope that the government could grow from this criticism rather than taking it personally ... that would be a true win!

[@rutvikrs]

The true win would be ignoring him. He doesn't talk about how the service sector boom was propelled by opening SEZs, Maruti was an assembler and how he plans to solve for income disparity with a missing middle(lack of manufacturing)

[@diamondbuggaboo]

one step at a time …these assembling industry after a time will be profitable enough to set up R&D and then finally into research and sofisticated manufacturing. So i think Govt. of India is in the right direction. Rome was not built in a day.

[@WatchTonight]

Exactly what they are saying dont do anything just keep importing.

[@faruqueakhtar2146]

Instead of saying 'Interviewed occasional Nobel Laureates' It should be Interviewed Nobel Laureates occasionally'

[@janami-dharmam]

it has a popular name: it is locally called "screwdriver technology" in which India is the world leader

[@nivia_2020]

Mr. Raghuram rajan - We respect you as a economist ,we expect advice from you but we are not expecting critisisim for every thing. You are expecting a new born baby to walk immediately. This is not possible in the next century also. We were nothing in Rocket/Satellite technology in 60's.we borrowed the rockets from others & started testing of rockets by moving in Bicycles but over a period of time we are able to build our own Launch Rockets/ Satellites within the country.We're launching satellites for others and trying to land in moon's south pole. If we follow your logic then we will be like Supraco of Pakistan only. Even though we are fifth largest economy we are a developing country only. When digital drive was initiated our Ex.F.M. P. Chidambaram (we beleived him as great economist) criticized & laughed in public. He laughed & told about the Literacy rate of Indians, knowledge level of Indians, availability of smart phone, tele connectivity, knowledge to handle digital data .What happened within 8 years?. Every Petty shop,street vendors, Rickshaws, Autos etc are having QR Code and connected through digital payment system.Even every Indian will have a QR code. Changes Will quickly happen in India because of the young population. Old generation is getting trained by young generation. His criticism is 100% wrong. As a politician will he accept his fault in public ?.

[@cakrishnan9622]

Mr Rajan and more than him Mr Thapar seem blinded by hate and give the impression of deliberately ignoring anything below the surface….

[@shomonakhanna]

Excellent interview. One major grouse. Please ensure that the ads are inserted either before or after a sentence is completed. Or repeat a few seconds of what was being said before the ad started. It makes it much easier to follow the discussion. Especially on a complex subject like economics.

[@kanwalpreetkaur]

Thanks so much Mr Rajan for the details on this and Karan for bringing this up for us otherwise laypersons like myself would easily get carried away by those big export number headlines.

[@cjayaram3472]

China as a global manufacturer is taking a dent slowly. As the major importers from China are looking elsewhere. For example India is gearing up for self reliant north America developing manufacturing in Mexico, which will give logistical advantage as well. Coupled with this, labour cost is no longer cheaper in China and huge strategic investments China made in other countries are not giving the desired results. Under the circumstances, China's ambition of making yuan a global currency replacing USD could be tuff..

[@dineshdubey2537]

We hope all decisions in India are taken after analytically addressing all issues. The SWOT Analysis is rarely done and even if done it is on superficial level. I have been associated with multiple TOT In India and I remember the R&D in these organisations was awarded for reducing the cost of packing which in turn with result in long term damage to products delivered to end customers.

[@ManishKumar-sr4nb]

Great insight that India is assembling mobiles... Before this interview we never knew of it!!

[@mitocin4]

We understand what is going on with the Indian Economy. In addition to this interview, I would say that R.rajan is an intellectual not economist. we knew what had happened during his tenure..so keep 😊

[@uddishbagri9055]

Dr. Rajan is correct when he says we need to invest more in top tier educational institutes in India but you cant ignore the irony that just below him its written Professor, Chicago ,Booth School , University of Chicago

[@codeadict]

Both Thapar and Rajan is right but the intention is not to have a sustainable solution but an event they can inaugurate to claim they have done their part. In that they will succeed.

[@shahidakram5119]

Great discussion ❤

[@anilp6699]

Very good interview in getting views from the expert who hav a global experience👏Karan:Can you get an expert from Govt of India on their perspective on PLI? Thanks 🙏

[@srinivasrao369]

Sir In India which Indian understands whether ur a assembler or a manufacturer of Mobile phones Thats where votes r got

[@ahmedmalek4758]

Extremely advanced thinking discussion on investment for Job by GOVERNMENT through the Scheme, Which seems to be not at all beneficial in terms of enhancing and developing skill and manufacturing the mobile and chips on our own.This is not far sighted steps for Economic growth or creating Employments but rather called it failure and utterly misguided. Thanks to both Gentlemen.

[@akaalkripal5724]

Karan Thapar can you do a separate show on defence and aerospace manufacturing where the claim is that what is being manufactured is indigenous? Please do a complete series on manufacturing.

[@Sharad.choudhary]

Good interview 👍

[@majormohommedalishahveteran]

Let's make the world 🌎 a better place to live in...Jai Hind !!!