"Raghuram Rajan Highlights Brain Drain: Indian Innovators Flock Abroad for Business Ventures"

Raghuram Rajan, the former RBI governor, remarked on the trend of many Indian innovators choosing to establish their businesses in Singapore or Silicon Valley instead of India. He questioned why these entrepreneurs feel compelled to go abroad for easier access to global markets rather than remaining in India. Despite this, he found encouragement in their aspiration to make a global impact, noting that many are driven by a desire to change the world and expand globally, akin to the mentality of a prominent Indian cricketer, Virat Kohli.

Rajan also expressed concern over India not fully harnessing its demographic dividend, citing the country's 6 percent growth rate as insufficient considering its demographic potential. He highlighted the importance of creating more jobs to capitalize on this demographic advantage, emphasizing the need to enhance the skills of the workforce and adapt the nature of available jobs accordingly. Furthermore, Rajan criticized India's heavy investment in chip manufacturing while neglecting other job-intensive sectors such as the leather industry. He suggested that instead of solely focusing on high-tech sectors, attention should be paid to revitalizing traditional industries facing decline, like leather, to address the ongoing job crisis in the country.

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