ラジャンが先月インド財務省のchief economic adviserの地位に就いたという。こちらのインド版NYTブログでは、彼へのインタビューが掲載されている(H/T タイラー・コーエン)。そこで彼は、インドの当面の課題を2つ挙げている。

...I do want to participate in this process of doing what I can to put India back on the strong-growth path, and I think that’s something that can be done. That turnaround, whatever and whenever that happens, would be very, very satisfying for me.

On a more direct scale, two areas that I think we could do a lot more: one is improving our financial markets and financial institutions, which is my pet interest. And I think there is a lot that we can do that doesn’t need to be grand but small, small changes that can make an enormous difference.

And the second is, I think India’s medium-term future is moving people out of agriculture into industry and services. Services, you know, some extent we have a sort of a sense of what it takes. And India’s service sector is disproportionately large for a country of its income. Where we have had less success is industry, and the question is can we sort of find a way to free the path for small and medium industry, and not just keep them forever as small and medium industries but allow them to grow into large industries.

So in other words, let’s move away from small and medium-sized industry preferences, regulations that primarily target large industry, and move to more seamless regulation and also reduce the transaction costs of setting up these businesses and growing them. What buttons can be pressed to make it much more attractive to do business in India? What are the permissions that we can cut down?





In April, the economist Raghuram G Rajan gave a speech to a group of graduating Indian students in which he criticised the country’s policymakers for “repeating failed experiment after failed experiment,” rather than learning from the experiences of other countries.

A week later, he assailed the government again, this time in a speech attended by Prime Minister Manmohan Singh.

But instead of drawing a rebuke from India’s often thin-skinned leaders, he got a job offer. In August, Singh, who has frequently sought Rajan’s advice, called and asked him to take a leave from his job as a professor at the University of Chicago to return to India, where he was born, to help revive the country’s flagging economy. Within weeks, he was at work as the chief economic adviser in the Finance Ministry.

Analysts say the appointment of an outspoken academic like Rajan, along with the recent push by New Delhi to reduce energy subsidies and open up retailing, insurance and aviation to foreign investment, signal that India’s policymakers appear to be serious about tackling the nation’s economic problems.


...the underlying fundamentals over the medium term for a country like this are obvious to see. In terms of where will growth come from, it doesn’t need to come from fancy stuff like extraordinary innovation of one kind or another. Just getting people from agriculture into services and industry itself is growth.

*2:cf. ここで紹介したように、6月にはProject Syndicateでインドの政策を批判している。