Ruchir Sharma, Chief Global Strategist with Morgan Stanley talks about the impact of a weak global economic recovery on India, the need to increase manufacturing-led jobs to employ India’s semi-skilled workers and the importance of infrastructure spending to help boost a country’s economy.
Ruchir Sharma in his conversation with Govindraj Ethiraj, editor-in-chief, BOOM says Make-in-India should be re-imagined to focus on low-end manufacturing if the Indian economy has to grow strong fundamentally. He says that, “India has not been able to capture the low-end manufacturing space which China is increasingly vacating and countries like Bangladesh, Vietnam have already taken advantage off.”
He sites the example of Thailand which has been a very unstable country politically but a strong manufacturing-based economy has ensured sustained economic growth.
Sharma also talks of the global economic recovery post the 2008 financial crisis and calls it the weakest in the post-war era.