India is expected to continue on its economic policy path irrespective of whether Prime Minister Narendra Modi gets elected for a third term in office or not, former Reserve Bank of India (RBI) Governor, Raghuram Rajan, said during an interview recently.
The economist on Tuesday said that the country will most likely maintain its economic policy direction. “There is a lot of continuity built into Indian policy. Whatever government comes in will take a lot of the good stuff that has been done and continue it,” Rajan shared during an interview with Bloomberg TV’s David Ingles.
The economist is currently working as a professor of finance at the University of Chicago Booth School of Business and shared his insights on the sidelines of the UBS Asian Investment Conference in Hong Kong, reported Bloomberg.
Rajan pointed out that the new government is expected to announce a budget after coming into power soon, and the financial document is anticipated to focus on ‘all the good stuff that is happening while trying to see what other changes have to be made’.
He also said that the infrastructure spending by the Modi government was needed to manage the huge deficiencies in the country. However, he added, that going forward, India needs to shift the focus towards maintaining the quality of the infrastructure and ensure that this investment doesn’t just give benefits to the big industrial companies.
Notably, currently, the Lok Sabha elections are going on in the country and are scheduled to end on June 1, 2024. The results for the same shall be announced on June 4.
The general sentiment around the Bharatiya Janata Party and Narendra Modi’s return to office is quite optimistic, however, question remains regarding the extent of majority the party is able to achieve.
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