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West feels competitive pressures from India, China: R Rajan
Mumbai, Sept 07: Indicating that India has reached the take off stage to face global competition, International Monetary Fund (IMF) chief economist designate Raghuram Rajan has said the growth of India and China has put competitive pressures on the west.
Doctors and other skilled professionals, including those in software sector, from India are capable of working in the west and have made their mark and this could lead to the West turning around, he said.
The recent instance being the plan of five US states to ban outsourcing of work, Rajan added.
On India's growth, he said the country is at a stage of take off. "There is confidence in the industry, lead by IT and some murmuring heard from the manufacturing sector, that it can compete internationally".
Discussing his book "Saving Capitalism from the Capitalists", Rajan said `licence raj' could not have existed without the connivance of the businessmen.
The powerful and inefficient, both together, campaign against any change in rules, which protect them, he added.
Bureau Report