Monday, December 23, 2024
Home Business Raghuram Rajan on wealth distribution: ‘Elevate, rather than bringing the successful down’

Raghuram Rajan on wealth distribution: ‘Elevate, rather than bringing the successful down’

by
0 comment

Apr 29, 2024 08:57 AM IST

Sam Pitroda earlier said that the inheritance tax in the US is an idea that could be debated and discussed in India as well.

Raghuram Rajan, former Reserve Bank of India (RBI) governor said that having inclusive growth will increase the pace of growth but taxing the rich is not the way to do that. Speaking at an event at the Kellogg School of Management – Northwestern University, he said, “We need to try and elevate rather than bringing the successful down.”

Former Governor of Reserve Bank Of India (RBI) Raghuram Rajan shared his views on wealth distribution.
Former Governor of Reserve Bank Of India (RBI) Raghuram Rajan shared his views on wealth distribution.

The remarks come after Indian Overseas Congress chairman Sam Pitroda earlier said that the inheritance tax in the US is an idea that could be debated and discussed in India as well.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

Read more: Sundar Pichai’s ‘exceptionally well-managed’ Google hits this new milestone

Raghuram Rajan on wealth distribution idea

Raghuram Rajan said, “I’m not the opposition. I like to emphasise that and I’m an academic, and academics have a duty to criticise what? They don’t see us working well, both sides, right? So that’s what I do. Uh, look, I think we need to figure out how we get the people who are not doing well to actually do better and that will increase growth. Having inclusive growth will actually increase the pace of growth. And I’m not saying we should, you know, tax the wealthy to a huge extent or anything of that sort.”

Raghuram Rajan on Indian economy

Read more: Warren Buffett’s real-estate firm to spend $250 million on this legal battle

He also asserted that there needs to be a thorough examination of the parts of the economy that have not benefitted or have suffered a K-shaped recovery.

He said, “But I think we need to examine how we can get the part of the economy, which is not benefitting right now, which has suffered a K-shaped recovery. You can’t deny that when you look at the numbers since the pandemic, how do we get them flourishing? Because the cost of not doing that is first wasted resources. We have so many mines which are not contributing to India’s growth, but more important is it could lead to more social conflict.”

Read more: Satya Nadella to Sundar Pichai: These top CEOs are joining US board on AI risks

Talking about jobs and reservations, the former RBI governor said, “It’s also a fight for jobs for reservations because one community is seen as getting more of that than the other. If we have joblessness of the kind we’ve seen, we lose that population, that demographic dividend we’ve been talking about. But it becomes a demographic curse, much more fighting about the pie rather than growing the pie. So, we absolutely need to work on that. And I would say let’s try and elevate rather than bring the successful down.”

Discover the pivotal moments that shaped India’s electoral journey on the Eras section of our exclusive Elections product. Access all content absolutely free on the HT App. Download now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.

You may also like

Leave a Comment

About Us

Welcome to Janashakti.News, your trusted source for breaking news, insightful analysis, and captivating stories from around the globe. Whether you’re seeking updates on politics, technology, sports, entertainment, or beyond, we deliver timely and reliable coverage to keep you informed and engaged.

@2024 – All Right Reserved – Janashakti.news