As the first rays of 2024 paint the Indian horizon with hues of anticipation, the economic canvas reveals a blend of promise and complexity. Recent growth figures, showcasing a robust 7.6 per cent surge in the third quarter of 2023, cast a radiant glow akin to the dawn of a new year. Yet, within the celebratory dance of numbers, a nuanced narrative unfolds ~ a tale that resonates with the insights of economists Raghuram Rajan and Rohit Lamba outlined in a book they’ve co-authored. In the symphony of economic metrics, a distinctive melody emerges ~ a call to reconsider the well-trodden path of manufacturing. Rajan and Lamba, crafting their economic composition, advocate for a departure from the traditional allure of factories and assembly lines.
Once seen as the beacon of prosperity in East Asia, manufacturing now faces challenges of diminishing returns…
