‘Where is Indian TikTok, ChatGPT?’: Raghuram Rajan warns country can’t grow rich imitating

India may be on the threshold of crossing Japan and Germany to become the third largest economy in the world, but this landmark wanders without leading global innovation, former Rghuram Rajan ruler argues.

In a column of the Times of India newspaper, a professor of Chicago University has a flagrant failure in the country to create international products icons, despite the massive local support and state support.

“We do not have a single company known all over the world for its products,” Rajan writes. “There is no Nintendo, Sony or Toyota. No Mercedes, Porsche or SAP.” Even with the presence of a vast protected car market through a high customs tariff, “no single model of Indian cars has been sold in large quantities in the developed world,” as noted.

Instead, auto exports in India are limited to specialized marketing markets.

Rajan says that the local heroes in India – the Janea at home, and the Mino outside – are trapped in what he calls “non -risk capitalism”, protected from competition and innovation by protecting the state. “Put a tariff on them,” he writes about foreign competitors, “regardless of the number of Indian companies that use imports as inputs.” If direct foreign investors such as Walmart are a threat, “place regulatory restrictions on them” or start monopoly procedures to weaken their ability to compete.

Rajan argues that “internal focus” is one of the symptoms and mass. “With the growth of the local market larger, the problem gets worse,” warns. Why does he create or go globally, “When the fixed tradition is sufficient to keep local consumers satisfied?”

Rajan notes that Indian pharmaceutical companies, despite their global presence, have failed to move from limestone to original preparations. Likewise, the software sector that was expanded through Y2K has not yet provided a dominant product in the world.

“Where is the Indian tiktok, Deepseek, Chatgpt, or even Fortnite?” He asks. “We have local publications for some of these versions, but they do not have a global imprint because they are largely imitated.”

He sees weak university research and weak marketing pipelines. Although he recognizes the Anusandhan National Research Foundation as a step forward, Rajan says that her resources “need to double the horror.”

Rajan does not float words on the risks. “If we want to grow rich as a nation before we get older, we must increase the growth of GDP by creating more.” He says innovation is crucial to national defense. As Ukraine explains … we will need better and smarter equipment and tactics. “

His conclusion is explicit: “We cannot be satisfied with becoming the third largest economy in the world. We must become one of the most innovative countries … as a guarantee benefit, our companies will become family names in the world.”