What is Better? Efficiency or Fancy Degrees?

In 2013, the global rating agency S&P started discussing and threatening to put India in the junk category. However, today after just 10 years, the same S&P is declaring India as the fastest-growing economy in the world. What has happened in just 10 years that S&P has changed its mind and is the most optimistic about India? Is it magic or has this change just happened?

No. Surely, not. This did not happen just like that. For this, the Government of India has put in a lot of effort in the last 9 years and the fruits of those efforts are now visible in every aspect of life in India. It is a well-known fact that the effect of any structural reform is visible in any economy with a lag.

Even after such a big change on every front from economy to diplomacy to development, there are a lot of people who raise questions about the education, ability and economic understanding of Indian Prime Minister Shri Narendra Modi and Finance Minister Smt. Nirmala Sitharaman. While in 2013 and before 2013 since 2004, a very reputed and well-known economist Dr Manmohan Singh was the Prime Minister and a very reputed lawyer and an MBA from Harvard Business School Shri P. Chidambaram was the Finance Minister, still S&P was thinking about putting Indian economy in the junk category!

A few years ago when the present RBI Governor Shri Shaktikanta Das took over, such discussion was abuzz when Shri Urjit Patel left the RBI without completing his term but Shri Shaktikanta Das also has proved that he is better than many trained economists through decisions and way he navigated during the Coronavirus pandemic.

Looking at the performance, is it not better to have so-called less educated but efficient people as our leaders than those with fancy degrees from reputed institutions?

Rajeev K. Upadhyay

No comments:

Post a Comment