Podcast appearances and mentions of Arvind Panagariya

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, February 3, 2025. This is Nelson John, let's get started. US President Donald Trump has implemented tariffs on imports from Canada, Mexico, and China, citing a national emergency related to drug trafficking. Starting February 4, imports from Canada and Mexico will face a 25% tariff, except for Canadian oil which will see a 10% duty. Chinese imports will incur an additional 10% tariff. These tariffs are expected to increase prices in the US, potentially driving up inflation and slowing economic growth globally. In response, Canada has already slapped a 25% tariff on US imports worth Canadian $155 billion. Mexico and China have also promised retaliatory measures. The move has sparked concerns of a potential trade war, with Trump suggesting he might extend tariffs to other countries, including India. This could fundamentally alter global trade dynamics. Read N Madhavan's primer on Trump's latest decision to impose the tariffs and how it could affect India.  Naveen Jindal, chairman of Jindal Steel and Power Ltd, is expanding his steel empire globally, setting up a network of mines and steel plants across Europe, the Middle East, and Africa. He's a contender to acquire Italy's largest steel plant, Acciaierie d'Italia, potentially adding significant capacity to his operations. His privately-owned ventures, distinct from the publicly-listed JSPL, could match the scale of his Indian operations by 2028. Jindal's strategy includes developing end-to-end operations from mining in Mozambique and Cameroon to steel production in Oman and processing in the Czech Republic. This expansion has raised corporate governance concerns regarding potential conflicts of interest with JSPL. However, Jindal has taken steps to mitigate these concerns, such as resigning from an executive role and ensuring his private companies do not transact with JSPL, Nehal Chaliawala writes. Critics still question why these expansions are not under JSPL's umbrella, suggesting that it could protect the listed company from potential risks associated with international ventures.Foreign portfolio investors were notably absent from India's markets during the special budget session, setting the stage for what analysts anticipate could be a negative reaction in the markets. This comes amid concerns about a global trade war and ahead of a critical monetary policy announcement. Analysts Ram Sahgal spoke to, suggest that the government's focus on boosting consumption over capital expenditure and fears of an expanding global trade war might have spurred FPIs to adopt a cautious approach. FPIs have been net sellers in the Indian cash market since October, offloading shares worth ₹2.38 trillion through the end of January. They have also increased their bearish bets by shorting index futures and selling index call options—moves that reflect a heightened sense of caution and concern over India's corporate profitability and economic growth prospects amid global uncertainties. On the eve of the budget, FPIs significantly increased their short positions in Nifty and Bank Nifty call options, indicating a strong bearish stance. Recruiters are sceptical about the Union budget's plan to reduce migration by boosting job opportunities in rural areas and tier-II and -III cities. Devina Sengupta spoke to recruiters who argue that unless there's significant development in these areas, the pull towards India's 30 biggest cities will continue due to better employment opportunities and higher wages. Finance Minister Nirmala Sitharaman emphasized in her budget speech that the aim is to create enough jobs in rural areas to make migration unnecessary. However, recruiters like Aditya Narayan Mishra of CIEL HR Services point out that economic growth remains uneven across the country, with specific industries concentrated in certain states like Gujarat, Tamil Nadu, and Karnataka. This makes migration inevitable as job seekers move towards these hubs for better prospects. While the government plans to develop Global Capability Centres in smaller cities to ease the strain on major urban areas, recruiters call for more concrete plans on how these and other job creation initiatives will be implemented. Robust personal income tax revenue, showing strong buoyancy, facilitated substantial tax relief in the FY26 budget, Finance Secretary Tuhin Kanta Pandey highlighted. In a post-budget interview with Rhik Kundu and Gireesh Chandra Prasad, he explained that this would help counterbalance the effects of the recent tax cuts. The government is also pushing for mandatory deregulation reforms. These are required for states to access part of the Centre's 50-year interest-free loans for capital expenditure. Additionally, the 16th Finance Commission, led by Arvind Panagariya, is set to guide state governments on reducing their debt, aiming to lower the central government's debt-GDP ratio to 50% by 2031 from the current 57.1%.

On today's episode, financial journalist Govindraj Ethiraj talks to economic writer, veteran journalist and author Shankkar Aiyyar and we also feature an excerpt from a past Core Report Weekend Edition featuring the recently appointed Chairman of the new Finance Commission Arvind Panagariya.SHOW NOTES(00:00) Stories Of The Day(01:10) Optimism with caution, the 2024 business and markets outlook.(07:10) How will the rupee move in 2024. Hint, not much. (11:29) How the White House is the world's largest oil trader.(12:46) Free market liberal Arvind Panagariya takes over as Chairman of Finance CommissionFor more of our coverage check out thecore.in--Support the Core Report--Head to www.indiaenergyweek.comJoin and Interact anonymously on our whatsapp channelSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube

India Policy Watch #1: Like a Kid in a Candy StoreInsights on current policy issues in India— Pranay KotasthaneIn the previous edition, I asked you to name your favourite sports policy to date. I don't have a great answer myself. Nevertheless, my candidate would be liberalising FDI in retail.When posed with such questions, we often get anchored to the way governments are organised. The best sports policy can only be made by the sports ministry; the best education policy can only be made by the education ministry, and so on. These answers assume that the public policy system is a linear, deterministic system with a small number of variables and negligible overlap across ministries.But as we discussed in edition #213, it is useful to characterise public policy as a complex system. Such a system is greater than the sum of its parts and these parts interact and share information with each other. Complex systems display non-linear behaviour as small actions can have large effects while large actions can have small effects. As a result, decomposing the system into its constituent parts, and analysing them separately often results in inaccurate analysis.Deploying the complexity lens makes us think beyond narrow sectoral policies. In the case of sports, it means we can think beyond the obvious candidates such as Target Olympic Podium Scheme (TOPS), Fit India, or Khelo India. As an amateur sports enthusiast, I contend that liberalising FDI in retail had a disproportionately positive impact on sports in India because that policy led to the world's largest sporting retailer setting up shop in India.Until fifteen years ago, buying sports equipment was not very different from purchasing soap at a kirana store. The options were limited and the buying experience was consistently disappointing. Moreover, equipment of only the most popular sports found space in the retail storefront.All that changed with the entry of the French sports retailer, Decathlon; first in the cash-and-carry segment starting in 2009 and as a single-brand retailer in 2013 after the FDI policy allowed 100% FDI in single-brand retail. Decathlon has given the Indian sports enthusiast a choice and a range of sporting equipment that my 20-year-old self would find unimaginable. Allowing FDI in e-commerce was the next step jump, making these sports equipment accessible to people outside Tier-I cities.I wish we had a real study of the consumer surplus generated by FDI liberalisation. Nevertheless, this example shows how sector-agnostic liberalisation can have a major impact. Ten years after the entry of Decathlon, further liberalisation of multi-brand retail is needed to bring more competitors into the sector, benefiting Indians at large.Of course, no one policy can solve all problems. All success is multi-causal, especially in a complex system like public policy. But my aim here was to make you think beyond ministry turfs when approaching questions of this nature.India Policy Watch #2: Holiday ReadingInsights on current policy issues in India— Pranay KotasthaneThe year-end holidays are approaching. So what's the best way to spend the holidays? Reading, of course. This time around, I want to recommend some classic reports that tried to diagnose India's condition. Initial conditions matter a lot in a complex system, hence I've picked out reports that give a fair account of the problems that India inherited in various domains around the time of independence.* Economy: Milton Friedman visited India twice in the 1950s and wrote two stunning articles on “Indian Economic Planning” and “A Memorandum to the Government of India 1955”. His diagnosis rings true even today. Centre for Civil Society has compiled the essays into a book.* Public Policy and Administration: Paul Appleby's Public Administration in India-Report of a Survey was an important report where the American consultant tries to diagnose problems with India's public administration. The report is available on the Internet Archive.* Science Policy: AV Hill was called by the British government in 1943 to advise on the organisation of scientific and industrial research in India. Some of our over-centralised scientific establishment cut off from the university ecosystem can be traced back to this influential report.* Politics: It's amazing how Ambedkar's diagnosis is accurate in so many areas simultaneously. In Thoughts on Linguistic States, he identifies “one language, one state” and “one state, one language” as the two different approaches for state creation. His election manifesto for the Scheduled Castes Federation from 1951 identifies problems with India's economy, foreign policy, and society. On the emotional issue of partition, he displays an amazing clarity of thought and analysis. With the benefit of hindsight, we can say that his analysis foresaw events and phenomena other leaders of his generation couldn't.Enjoy reading! And share your thoughts on these reports with us.HomeWorkReading and listening recommendations on public policy matters* [Paper] The 2023 RBI CD Deshmukh Memorial Lecture (there's also an equally excellent NCAER CD Deshmukh Memorial Lecture Series) by Arvind Panagariya argues that India could become the second-largest economy, surpassing the US, 50 years from now. You might well disagree with the conclusion, as do I, but the paper's worth a read.* [Article] It takes earth-moving prowess to enjoy a monopoly and yet run into a loss. No surprise that only governments are capable of such feats. Shekhar Gupta masterfully narrates how the Delhi Development Authority has an unsold inventory exceeding ₹18000 crore in value, despite the monopoly power it has enjoyed since 1957.* [Podcast] The always wonderful Rest is History podcast has a seven-part series on the JFK assassination that you mustn't miss. I was hooked.* [News] The union government has banned onion exports now. Controls on exports of non-basmati rice and wheat are already in place. Expect more controls until the 2024 elections. With interventions like these, there's little hope for agriculture to become a normal area of economic activity. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

On this rebroadcast of the Core Report Weekend Edition, financial journalist Govindraj Ethiraj talks to Economist Arvind Panagariya. He is the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University and is also the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City. He served as first vice-chairman of the government of India think-tank NITI Aayog between January 2015 and August 2017.Professor Panagariya is a former Chief Economist of the Asian Development Bank and was on the faculty of the Department of Economics at the University of Maryland at College Park from 1978 to 2003. During these years, he also worked with the World Bank, IMF and UNCTAD in various capacities. Professor Panagariya has authored more than fifteen books. His book India: The Emerging Giant (2008, OUP, New York) was listed as a top pick of 2008 by The Economist and described as the “definitive book on the Indian economy” by Fareed Zakaria of the CNN. The Economist has described his book, Why Growth Matters, (with Jagdish Bhagwati) as “a manifesto for policymakers and analysts.”In this conversation you will learn about the significance of exports in global trade, how exports influence economic growth, how Indian real estate laws restrict growth, who Harish Ahuja is, why businesses should focus more on non-tech related sectors and more.Connecting the Dots with Professor Arvind Panagariya on YoutubeFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube | Telegram

On this episode, financial journalist Govindraj Ethiraj talks to Economist Arvind Panagariya. He is the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University and is also the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City. He served as first vice-chairman of the government of India think-tank NITI Aayog between January 2015 and August 2017. Professor Panagariya is a former Chief Economist of the Asian Development Bank and was on the faculty of the Department of Economics at the University of Maryland at College Park from 1978 to 2003. During these years, he also worked with the World Bank, IMF and UNCTAD in various capacities. Professor Panagariya has authored more than fifteen books. His book India: The Emerging Giant (2008, OUP, New York) was listed as a top pick of 2008 by The Economist and described as the “definitive book on the Indian economy” by Fareed Zakaria of the CNN. The Economist has described his book, Why Growth Matters, (with Jagdish Bhagwati) as “a manifesto for policymakers and analysts.”In this conversation you will learn about the significance of exports in global trade, how exports influence economic growth, how Indian real estate laws restrict growth, who Harish Ahuja is, why businesses should focus more on non-tech related sectors and more. Connecting the Dots with Professor Arvind Panagariya on YoutubeFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube | Telegram

On today's episode, financial journalist Govindraj Ethiraj talks to Pankaj Mohindroo, Chairman of the Indian Cellular and Electronics Association as well as Vinod Kaul, Executive Driector of Indian Rice Exporters Association.SHOW NOTES[01:09] Markets Have Fallen 1,200 points in two days but worry not, a spate of bullish India reports from global institutions could alleviate the pain if not turn things around.[02:24] Government places restrictions on imports of laptops, tablets and personal computers. What does it mean?[09:45] A ban on rice exports are now hurting countries everywhere. And it seems to be hurting India too.[19:21] A 3-week drought of bullish reports ends, another solidly bullish India report from a global investment bank, Morgan Stanley and S&P Global forecasts good times.[23:33] Construction could employ 100 million Indians in 7 years.[24:28] Arvind Panagariya, former NITI Ayog Vice Chairman Comes Out Strongly Against Those Questioning Role of Exports As A Growth Driver for IndiaFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube | Telegram

Global Policy Watch: Much Ado About De-dollarisationReflections on global policy issues— RSJThis week, Donald Trump urged Republican lawmakers to let the U.S. default on its debt if the Democrats don't agree on massive budget cuts. Trump likened the people running the U.S. treasury to ‘drunken sailors', an epithet I can get behind. Default is not something Janet Yellen, the U.S. Treasury Secretary, can even begin to imagine. As CNBC reported, Yellen chose strong words to express her views if the debt ceiling was not raised by the House:“The notion of defaulting on our debt is something that would so badly undermine the U.S. and global economy that I think it should be regarded by everyone as unthinkable,” she told reporters. “America should never default.”When asked about steps the Biden administration could take in the wake of a default, Yellen emphasized that lawmakers must raise the debt ceiling.“There is no good alternative that will save us from catastrophe. I don't want to get into ranking which bad alternative is better than others, but the only reasonable thing is to raise the debt ceiling and to avoid the dreadful consequences that will come,” she told reporters, noting that defaulting on debt can be prevented.There is more than a grain of truth there in some of her apparent hyperbole. The U.S. hegemony in the global financial system runs on trust that they won't default on their debt. Take that trust out of the equation, and what have you got left? This is somewhat more salient in these times when there's a talk of de-dollarisation going around. Russia and China have been keen to trade in their own currencies between themselves and other partners who are amenable to this idea. And they have found some traction in this idea from other countries who aren't exactly bit players in the global economy. In March this year, the yuan overtook the dollar in being the predominant currency used for cross-border transactions in China. Here's a quick run-through of what different countries have been doing to reduce their dollar dependence. Russia and Saudi Arabia are using yuan to settle payments for gas and oil trade. Russia offloaded a lot of US dollars in its foreign reserves before the start of the war and replaced it with gold and yuan. It will possibly continue building yuan reserves in future. Brazil is already doing trade settlements in yuan and is also using the CIPS (China's response to US-dominated SWIFT) for international financial messaging services. Argentina and Thailand seem to be also doing more of their trade with China in yuan. And I'm not including the likes of Pakistan, Bangladesh and other smaller economies that have politically or economically tied themselves up with China and are following suit. And a few weeks back, the French President, Emmanuel Macron, also raised the issue of strategic autonomy of the EU after his visit to Beijing. As Politico reported:Macron also argued that Europe had increased its dependency on the U.S. for weapons and energy and must now focus on boosting European defense industries. He also suggested Europe should reduce its dependence on the “extraterritoriality of the U.S. dollar,” a key policy objective of both Moscow and Beijing. “If the tensions between the two superpowers heat up … we won't have the time nor the resources to finance our strategic autonomy and we will become vassals,” he said.You get the picture. This idea of de-dollarisation seems to be gaining traction. How real is this possibility? There are possibly three lenses to look at this issue, and we will cover them in this edition.Why the recent hate for the dollar?A useful area to start with is to understand where this desire to find alternatives to the dollar is emerging. I mean, it is obvious why Russia and China are doing it and the way the U.S. used its dominance over the financial system to shut out Russia. Companies were barred from trading with Russia, Russian banks couldn't access SWIFT and networks like Visa and Mastercard stopped their operations. Russia got the message but so did other large economies that didn't think of themselves firmly in the U.S. camp. ‘What if' questions began circulating among policymakers there. What if, in future, a somewhat unpredictable U.S. president decides to do this to us? And once you start building these scenarios, you soon realise the extent of dependence the global financial system has on not just the dollar but, beyond it, to the infrastructure and rules of the game developed by the U.S. corporations. There's been a measured retreat ever since. In India, a visible example of this has been the push toward Rupay by the regulator and the government in lieu of Visa and Mastercard. But merely looking at the U.S. response to Russia as the reason would be missing the longer-term trend. In his book ‘Bucking the Buck', Daniel McDowell shows data on the annual number of executive orders that instruct the US Treasury to enforce financial sanctions against specially designated nationals (SDNs). These were rarities in the 70s. By the early 2000s, such annual orders were in their low twenties and in the last few years, they have reached the three-figure mark. It is clear that the U.S. is using its enormous clout as the owner of the global reserve currency and financial infrastructure to punish those who fall out of line. This is war by other means. Interestingly, this ‘sanctions happy' behaviour in the last decade coincided with a wave of populist leaders coming into power in many countries who would not like to be seen as weak or held to ransom by the U.S. This has meant these states have used strategic autonomy as a plank to pursue their interests to go around the U.S. built system. I don't see this trend abating any time soon. The future U.S. administrations will continue to use financial coercion as a tool because it appears bloodless, and the larger economies will continue freeing themselves from this hegemony one system at a time. The tough and fortuitous road to becoming a reserve currencyBut does that mean we will eventually end up with de-dollarisation? Well, there are two things to appreciate here. How does a currency become a reserve currency? How did the dollar become one? And once it does, what keeps it there? If you go back a little over a hundred years, most countries in the world pegged their currencies to gold as a means of facilitating cross-border trade and stabilising currencies. But during World War 1, it became difficult for these countries to fund their war expenses without printing paper money and devaluing their currencies. Britain continued adhering to the gold standard, but it was difficult for it to sustain its war efforts too. It had to borrow to run its expenses during and after WWI. Between the two wars, the U.S. became a huge exporter of goods and armament to the rest of the world, and it took the payment in gold. By the time World War 2 was ending, the U.S. had hoarded most of the world's gold, which made going back to the gold standard impossible because other countries just didn't have any gold. When the allied nations met at Bretton Woods to discuss the new financial world order after the war, it became quite clear that the only real option of managing a foreign exchange system was one that would have all other currencies pegged to the dollar, which would then be linked to gold. It is important to understand that there was no specific effort made to replace Pound as the international reserve currency. It just became inevitable, given the mix of circumstances. Around the same time and for a decade after, the U.S. led the post-war reconstruction efforts in Western Europe and Japan, which gave it a political clout that was unmatched. This political dominance, along with the remnants of the Bretton Woods agreement, is what runs the global currency system in our times, though, in the 70s, the U.S. delinked the dollar from gold as well. That led to the floating exchange rates system that exists today and the dollarisation of the global economy. Over time countries learnt to accumulate their foreign exchange reserves in dollars by buying U.S. treasury bills. Together with the IMF and WB and the associated ecosystem that got built around the U.S. dollar, it became the force that it is today. Now for any currency to replace the U.S. dollar, it has to have the happy coincidence of being a dominant political and economic force, a lack of alternatives for the countries and an alternative to Bretton Wood (or a modification of the same) which can replace the current system. It is very difficult to imagine how something like this can happen unless there is a global crisis of a magnitude where a rebaselining of everything becomes the only way ahead. That brings us to the other point on what sustains the dollar as a reserve currency. There are multiple factors at play here. There are, of course, the network effects of the dollar being deeply embedded in so many commercial ecosystems that taking it out is rife with friction and pain. Also, the dollar is fully convertible, which makes it convenient for others to use it as a store of value. It has remained stable; its market is deep and liquid, enabling easy conversion of bonds to cash and vice versa; there exists a mature insurance market to cover currency risks and above all, we have an implicit guarantee that the U.S. will not default on its debt. This is a trust that has been built over the last eight decades because the world believes the U.S. will run a rule-based order with a strong legal framework to ensure no single person can override rules or conventions. Yawn when you hear Yuan as the next reserve currency So, how does one see the efforts of China or Russia to wean themselves away from this dollar-dominated system? Will the yuan be able to replace the dollar ever? Apart from the points mentioned above, which led to the dollar being in a unique place in the world in the post-war days and which won't repeat itself any time soon, there are other fundamental issues with the idea of the yuan as a reserve currency. To begin with, it isn't convertible, and China runs a ‘closed' capital account system. It is difficult to move money in and out of the country freely. You will need approvals. The opaque legal system, the authoritarian one-party (one-man) rule and the lack of depth in the yuan market mean it is impossible to imagine any prudent central bank risking its entire foreign exchange reserve in yuan. China could turn into an economic giant by exploiting a global trade order without adhering to its associated political expectations. But to think it could do the same in currency exchange order is a pipe dream. Even the numbers of the recent past bear this out. For all the talk of de-dollarisation, there has been a net sell-off of Chinese government bonds by private players in the last year. No one wants to sit on Chinese bonds if things go south in the global political economy. The central banks around the world who have wanted to diversify away from the dollar in their foreign exchange reserve don't seem to have walked their talk. Even they have been net sellers of Chinese government bonds barring the initial days of the Ukraine war. Lastly, China is still struggling to raise consumption in its economy because, with a closed capital account and surplus capacity, it doesn't know what to do with the surplus yuan. Without consumption going up, it will make things worse if it starts becoming a reserved or a semi-reserve currency for the world. The probability of de-dollarisation seems to be hugely exaggerated at this moment. The alternatives are worse, and for those who complain about the coercive nature of U.S. diplomacy because of their financial clout, wait till you have China with that power. You can check with Sri Lanka for how it feels to be under China's thumb economically. Also, none of the hype around bitcoin, stablecoin or CBDC is ever going to materialise for them to replace the dollar. The recent events have shown the fairly flimsy ground on which the bitcoin exchanges (banks?) run. It is difficult to see the lack of trust to change in a hurry. But this also doesn't mean the trend towards diversification of central banks' reserves will buck soon. The gradual move towards reducing dependence on the dollar and its associated ecosystem will continue. Should the U.S. be worried about this? It shouldn't, really. It draws enormous privilege for being the reserve currency of the world. It makes its job to borrow or access money very easy. And the fact that it is a safe haven means it benefits from every crisis. But it should also be clear that this privilege has hurt its ability to export because the dollar remains stronger than it should. This, in turn, has led to the financialisation of the U.S. economy, with the rich getting richer and an evisceration of the U.S. manufacturing capabilities. Reserve diversification won't be such a bad thing for them. But that might mean a reduction of a few hundred basis points in what central banks hold globally in U.S. treasuries. That won't de-dollarise the world. For that to happen, something catastrophic will need to happen. Maybe that's why Yellen used that word about the possibility of the U.S. defaulting on its debt. That's the kind of self-goal they must avoid.  Matsyanyaaya: The Two Equilibria in India-US RelationsBig fish eating small fish = Foreign Policy in action— Pranay KotasthaneThere has been a healthy debate over the last couple of weeks on the state of the India-US relationship. In a Foreign Affairs article, Ashley Tellis, a key figure in the 2005 civil nuclear deal, a well-known realist scholar, and a strong proponent of stronger India-US relations, cast some doubt on the burgeoning partnership. The article, provocatively titled ‘America's bad bet on India', concludes thus: The United States should certainly help India to the degree compatible with American interests. But it should harbor no illusions that its support, no matter how generous, will entice India to join it in any military coalition against China. The relationship with India is fundamentally unlike those that the United States enjoys with its allies. The Biden administration should recognize this reality rather than try to alter it.Tellis reasons that India wants a closer relationship with the US to increase its own national power, not to preserve the liberal international order or to collaborate on mutual defence against China. He further argues that the US ‘generosity' towards India is unlikely to help achieve its strategic aim of securing meaningful military contributions from India to defeat any Chinese aggression in East Asia or the South China Sea. As you would imagine, this article put the cat amongst the pigeons. However, I agree with the fundamental argument. Expectation setting is important, and it is true that India is unlikely to behave like a weaker ally; the US-India relationship will most certainly have some shades that the US-China relationship had between 1980 and 2005. In what seems to be a rejoinder to this article, Ashok Malik—previously a policy advisor in the external affairs ministry—argues that fixating on India's role in a hypothetical war on Taiwan is a wrong question to ask, an imagined roadblock that even the Biden administration isn't overly concerned about. Instead, Malik lists the growing relationship in several domains to conclude that the two administrations are far more sanguine, having figured out an approach to work with each other despite key differences. I agree with this view as well. There's no doubt that the India-US relationship has grown across sectors despite fundamental differences during an ongoing war in Europe. It is easy to. observe the shift in India-US conversations at the policy execution levels. The talks are no longer about the whys but about the hows. Gone are the days when the India-US partnership conversations began with Pakistan and ended with Russia, with the two sides taking potshots at each other in between. The conversations are about debating realistic projects that India and the US could accomplish together in areas such as space, biotechnology, semiconductors, and defence. How, then, can I agree with two seemingly opposing views? Because they aren't mutually exclusive. The India-US relationship is so far behind the production possibility frontier on technology, trade and defence that there are enough low-hanging fruits to pick. And that's exactly what we are seeing now. But if the US president were to change, or if there were to be an escalation around Taiwan, the India-US relationship would likely hit a ceiling that Tellis warns about. In edition #165, I proposed a tri-axis framework to look at the India-US relationship: state-to-state relations, state-to-people relations, and people-to-people relations. There has never been a problem on the people-to-people axis. Like Mr Malik, I, too, think that state-to-state relations have turned a corner. However, it is the state-to-people axis which is the problematic axis. Many Indians still seem to harbour a deep frustration with the American State. On the other hand, many Americans also have doubts about the Indian State as a strategic actor. Finally, it's only the two administrations that can break this ceiling. The trade-offs aren't easy, but they are real. Without the Indian government committing itself to do more to counter the Chinese military threat in the seas, the US is unlikely to transfer cutting-edge technologies. Likewise, unless the US quits its stubbornness to give more Indian products preferential access to its markets or delivers on the asymmetric promises under the technology and defence agreements, India is unlikely to revise its stance. In other words, the stage is set for the Indian PM's official state visit to the US next month. India Policy Watch #1: Generalists vs General EquilibriumInsights on issues relevant to India— Pranay KotasthaneNon-civil services folks who have worked in governments are almost always extremely insightful. Perhaps, their experience working with the bureaucracy gives them a filter to reject impractical ideas, while their breadth of knowledge allows them to take a long-term view of policy ideas. These "scholar-warriors" are often able to get to the root of issues.One such person is Montek Singh Ahluwalia, who was a guest on this week's Ideas of India podcast. Among the many insights he delivers, one that switched a lightbulb on for me was the segment on "generalists vs specialists" in government. While this is an old debate, one that civil service "mains" exam takers would not so fondly recall, this conversation made me think somewhat differently. Responding to a question on the HR problems in government, Ahluwalia says:There's big bias within the government against people wanting to specialize. The IAS' view of itself is, it's a generalist service. This I think is a bit of a colonial hangover. You come from England to rule the country; expertise is looked down upon. But in this day and age, we ought to be encouraging the people who are really into IT—there's no point putting someone who's really made up his mind that he wants to be in IT to have a stint in education and health and road transport and that sort of stuff.At another point in the episode, he begins the journey of a policy reform as follows:In the Indian system, and maybe it's true in all systems, every area is assigned to a ministry, and changes of policy that belong (in a narrow sense) to that area are the responsibility of the ministry. There are two problems here. One is, the functioning of a system as a whole requires you to do more than just add up what needs to be done in each area, because you want to look at what the economist would call a general equilibrium approach. If you want to reach a particular result, you've got to do A over here, B over there, C over there.I think there's a deeper insight at the intersection of these two dimensions. The “generalists vs specialists” debate masks another important dimension of effectiveness—whether the person approaches a problem with general equilibrium thinking or is limited to partial equilibrium analysis.General equilibrium analysis takes into account the long-term interactions of a large number of economic agents. In mathematical terms, it is based on the assumption that several variables can change at once in response to a policy change. Partial equilibrium analysis, on the other hand, focuses narrowly on one sector and a handful of variables. Ahluwalia explains that generalist civil service officers can default to partial equilibrium analysis because they are blinkered by their ministry mandates and interests. For example, few bureaucrats from the Ministry of Commerce will advocate that a unilateral lowering of tariffs will be beneficial to India, even though a general equilibrium analysis says so. However, many specialists also fall into this same trap, albeit for different reasons. An urban planner is likely to hate mixed-use neighbourhoods, while an environmentalist might argue that all mining is evil. These partial equilibria arise from the failure to see the interlinkages across the economy, a crucial aspect of general equilibrium analysis. So, irrespective of whether you are a generalist or a specialist, what matters is whether the bureaucrats are able to approach problems with a general equilibrium mindset. The current government mechanism to move career bureaucrats across ministries through deputations is probably a sub-optimal way to achieve competence in this dimension. The second mechanism is to have intra-ministerial committees or expert committees. Organisations such as the Planning Commission, Niti Aayog, or the PMO are supposed to bring in a general equilibrium mindset as well. The question is which of these bodies is best equipped to do this in this way. Probably, another way to push towards this equilibrium is to have economists and behavioural sociologists in many ministries so that their internal recommendations take a broader view beyond the self-protection of ministerial turfs. PS: There's a nice chapter on “Trace the general equilibrium effects” in In Service of the Republic by Shah & Kelkar.HomeWorkReading and listening recommendations on public policy matters* A Twitter friend asked for book recommendations to understand post-independence Indian economic history. These are the ones that came to mind:* India's Long Road: The Search for Prosperity by Vijay Joshi* India: the Emerging Giant by Arvind Panagariya* India's Tryst with Destiny by Arvind Panagariya and Jagdish Bhagwati* Backstage: The Story Behind India's High Growth Years by Montek Singh Ahluwalia &* Changing India volume, this set is a compilation of Manmohan Singh's papers (reading level: advanced) * [Podcast] This Grand Tamasha episode is a great introduction to internal security in India, backed by the latest research and data on a crucial yet under-discussed topic. * [Podcast] Should there be a caste census? Here's a Puliyabaazi on this topic that's sure to gain more traction as the national election draws near. We present two opposing perspectives, one by Yogendra Yadav and the other by Pratap Bhanu Mehta, before reaching our own divergent conclusions. Listen in and tell us what you think. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

Arvind Panagariya is an Indian-American economist, currently serving as the Jagdish Bhagwati Professor of Indian Political Economy and Director of Deepak and Neera Raj Center on Indian Economic Policies at Columbia University in New York City. He was the first vice-chairman of the Indian think-tank NITI Aayog from January 2015 to August 2017 and formerly served as Chief Economist of the Asian Development Bank. In 2012, he received the Padma Bhushan award from the President of India for his contributions to economics and public policy. Panagariya is an expert in free trade and a leading authority on the Indian economy.

In this episode, economists Don Boudreaux, Steve Davies, Douglas Irwin, and Arvind Panagariya reflect on the legacy of Britain's Corn Laws 175 years after their repeal on June 25, 1846. They discuss the effects of the Corn Laws, the circumstances leading to the laws' repeal, the ensuing rise of free trade both in Britain and globally, and much more. Boudreaux is a professor of economics at George Mason University. Davies is the head of education at the Institute of Economic Affairs in London. Douglas is the John French Professor of Economics at Dartmouth College. Panagariya is a professor of economics and the Jagdish N. Bhagwati Professor of Indian Political Economy at Columbia University.Resources:The Wealth Explosion: The Nature and Origins of Modernity by Steve DaviesClashing Over Commerce by Doug IrwinFree Trade and Prosperity by Arvind PanagariyaFor more helpful links and resources from this conversation, please visit DiscourseMagazine.com.

In this episode, Shruti spoke with Arvind Panagariya about his book, Free Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Poverty. Panagariya is Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University. From January 2015 to August 2017, he served as the first Vice Chairman of the NITI Aayog, Government of India in Prime Minister Modi’s Cabinet. His primary research is international trade policy, economic development, and Indian political economy.   Full transcript of this episode enhanced with helpful links: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/ Connect with Shruti on Twitter: https://twitter.com/srajagopalan

In Episode 19 of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna provide a comprehensive analysis of India's recent agricultural marketing reforms and various debates around them. They trace the origins of India's agricultural produce marketing laws back to the 19th century and describe the regime that has existed for almost 90 years. They then discuss the reform of these laws first via the 2003 APMC Model Act and then the three central government laws enacted in September 2020. They provide an in-depth explanation of the rationale for the three laws and explain the political economy of the protests against them by farmers from Pubjab and Haryana. They explain why various criticisms are either specious or misleading and conclude by exploring possible resolutions of the differences between the protesting farmers and government.

For those interested in understanding India's banking and Non-banking Financial sectors, there is no better source than this hour-long Episode 18 of the Transforming India podcast. In this episode, co-hosts Arvind Panagariya and Pravin Krishna speak at length with Dr. Viral Acharya, CV Starr Professor of Economics at New York University's Stern School of Business and former Deputy Governor of the RBI. The three discuss the evolution of the Non-performing assets (NPA) crisis, its handling by the government, the role it played in economic slowdown both pre- and post-Covid-19, the impact Covid-19 will have on future bankruptcies and NPAs, and preventive actions the government must take. Dr. Acharya also offers advice on banking sector reform, including privatization. Further, the episode offers a rich discussion of the role that Non-Banking Financial Companies (NBFCs) play in India's financial sector, the crises that engulfed it alongside the NPA crisis in banks, possible remedies, and whether it will be wise to allow non-financial corporations to have their own banks.

In Episode 17 of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna are joined by Dr. Tanvi Madan, a Senior Fellow in Foreign Policy and Director of the India Project at the Brookings Institution in Washington, DC. They discuss how a Biden presidency will be different for India than a second Trump administration. Madan begins with a crisp overview of where the current relationship stands in areas of defense, foreign policy and economy. The conversation then moves to a discussion of India-USA-China trilateral relationship. It considers questions such as whether Biden will be softer on China and whether he would take a more conciliatory approach towards the latter in the area of trade? Madan also offers insights into whether a Biden presidency might take a more conciliatory view on H1-B visas and ease up on Iran sanctions in ways that might be beneficial to India. She concludes by arguing that with some foundational agreements between India and the USA already in place, the relationship is poised to deepen further as these agreements are implemented over the next four years regardless of who occupies the White House during those years.

In the latest episode of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna discuss the decline in India's GDP growth in the April to June quarter in 2020, analyze its origins and recommend what actions the government and the RBI can take to bring growth back on track. They argue that the decline in growth is largely due to COVID-19 and also highlight that we need not be pessimistic about India's growth prospects after the pandemic. The government needs to create conditions for workers to go back to work safely, including through vaccinating 60% of the population, and focus on bank recapitalization. The RBI needs to ease interest rates further rather than focus on inflation. The RBI must also prevent the rupee from further appreciation due to foreign capital inflows. Finally, Professors Panagariya and Krishna discuss the numerous reforms that the government has been undertaking, including in the areas of agriculture and labor laws.

In the latest episode of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna discuss China's growing hegemonic tendencies in the Indo-Pacific region and its implications for India-China trade relations. They note that recent developments in the South China Sea, East China Sea, Pacific and on the India-China border have created the need for India to distance itself from China in its trade relations. They then note that India has three possible options to reorient its trade away from China: raising tariffs against China only, raising tariffs against all partners on goods that come primarily from China, and engaging in Free Trade Agreements with other countries. The first two options aim to discourage imports from China directly whereas the third achieves the objective indirectly by encouraging imports from other countries at China's expense. They come out in favor of the third strategy, advocating for engaging in more trade agreements with large blocs such as the EU, UK and US. They also outline the dangers of returning to import substitution by raising tariffs unilaterally.

Arvind Panagariya is Jagdish N. Bhagwati Professor of Indian Political Economy at Columbia University and the former and first Vice Chairman of the National Institution for Transforming India (NITI Aayog). Previously, he was the Chief Economist of the Asian Development Bank. In this interview recorded in the spring of 2019, Prof. Panagariya discusses India’s economic reforms and future outlook. As he explains, India and China’s per-capita income really diverged starting in the 1980s as China embarked on more ambitious economic liberation plans ahead of India. The quasi-autarky regime in India scuttled foreign trade and was anti-growth by construction. Growth was important in India's economic policy agenda because one can do little without it. Redistribution wouldn’t have worked because if the state redistributed, everyone would’ve been below the poverty line. There was nothing to redistribute, and nothing to "trickle down" either. Growth was the priority. In 1991, the economic reforms that India needed finally happened. Financial and trade liberalization truly happened, and with the over 7% GDP growth rate in recent years, India will likely become the world's 3rd largest economy in 7-8 years, surpassing Germany and Japan. However, because India’s growth trajectory is quite different from those other countries, its challenges are also different. India's economy is still heavily dominated by the agricultural sector, which only grows around 4% in a good year. The transition from agriculture to industry and services has been really slow for the Indian people, and the manufacturing sector has hardly pulled anyone in. The social revolution happened before labor revolution in India, so the system is employee friendly but not employer friendly. Not only do companies have very expensive acquisition cost, there is also very high cost for public projects (often land could make up to 3/4 of the overall cost). That’s why Prof. Panagariya proposes coastal special economic zones as a helpful solution, like China's Shenzhen model. By utilizing the ports and giving these regions the flexibility and freedom to write their own labor laws, these zones could potentially further spur economic growth for the country. This interview with Prof. Panagariya was recorded over two separate sittings. Tiger was so fascinated by India after the interview such that six months later, he went on a three-week long yoga & meditation trip to India with Princeton’s Office of Religious Life. We will soon release some of Tiger's additional interviews conducted in India – with Hindu monks and environmental businesspeople - and we hope that you may also treat this interview with Prof. Panagariya as a gateway to learn more about India.

In this episode of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna continue their comprehensive discussion of India's economic response to Covid-19 from the previous episode, turning the focus to structural reforms. The episode covers growth-enhancing reforms in seven areas aimed at enhancing India's medium and long-term growth. The seven areas of reforms are agriculture, privatization of public sector enterprises, state-level reforms, electricity, coal sector, Micro, Small and Medium enterprises, and rental housing.

In this and a companion episode of the Transforming India podcast, co-hosts Arvind Panagariya and Pravin Krishna offer a thorough discussion of India's response to Covid-19, till date. This episode covers measures with rupee figures attached to them and the companion episode will discuss economic reforms aimed at improving long-term efficiency and growth prospects of the economy. In the present episode, they divide the government's measures into two parts: Phase I measures  announced following the Prime Minister's speech on March 24 and Phase 2 measures announced following his speech on May 12. They dissect the response in terms of welfare measures, ramping up health infrastructure and availability of credit to MSMEs, larger corporations and the self-employed, including vendors, both by the government as well as the RBI. They also touch upon the issue of migrant workers. The companion episode will be released soon.

In this digital roundtable Harsh Madhusudhan, Rajiv Mantri, and I have a chat with Dr. Arvind Panagariya about his latest book "India Unlimited: Reclaiming the Lost Glory". You can buy the book here https://www.amazon.in/India-Unlimited-Reclaiming-Lost-Glory-ebook/dp/B084VDP92F You can follow Dr. Panagariya on Twitter @APanagariya You can follow Harsh on Twitter @harshmadhusudan You can follow Rajiv on Twitter @RMantri You can follow me on Twitter @kushal_mehra You can support the Carvaka Podcast on Patreon https://www.patreon.com/carvaka You can become a member of The Carvaka Podcast on Youtube https://www.youtube.com/channel/UCKPxuul6zSLAfKSsm123Vww/join

In this episode of Transforming India, co-hosts Arvind Panagariya and Pravin Krishna discuss Professor Panagariya's latest book, India Unlimited: Reclaiming the Lost Glory. They discuss how India was once the world's largest economy and how it can get on the path to reclaiming this position again. They point to the creation of a large volume of well-paid jobs as the key to making India the third largest economy in the world in less than ten years. Professor Panagariya points out that the central obstacle India faces today is the concentration of jobs in tiny economic units: 70 million farms with average size of less than a quarter hectare and just 16% of industry and services workers in enterprises with 20 or more workers. What India needs most today are many more medium and large enterprises in labor-intensive sectors such as apparel, footwear, furniture, toys, kitchenware and other light manufactures.

Co-hosts Arvind Panagariya and Pravin Krishna speak with Sajjid Chinoy, Chief India Economist of JPMorgan, on the economic impact of and policy response to Covid-19.  They ask him: (i) If India should follow the USA and other rich countries and scale up its stimulus package to 10% of GDP as some critics have opined; (ii) Are there policy actions the government should announce during lockdown to help the economy return to its pre-Corona growth path at the earliest; (iii) How can India minimize the risk of the stimulus to address the temporary demand deficiency turning permanent; (iv) What can India do to minimize the pain of and damage from future Corona-like shocks; (v) What kind of external shock from disruption of exports and global recession will India face; and (vi) In the longer run, what can India do to maximize the gains from an accelerated shift in investment and production activity away from China that will inevitably happen in the aftermath of Covid-19? Dr. Chinoy offers pointed answers to each of these questions.

Co-hosts Arvind Panagariya and Pravin Krishna discuss causes of pre-Coronavirus growth slowdown, what Coronavirus may bring by way of economic impact and possible responses. On pre-Corona slowdown, they identify four possible explanations: GST, demonetization, weak demand, and financial market disruption. They conclude that financial market disruption is the most important factor accounting for pre-Corona slowdown in growth. Their main recommendation is resistance on the part of the RBI to a return to the past practice of allowing restructured loans to be classified as standard assets. On Coronavirus-induced slowdown, at this stage, there is far too much uncertainty to predict how deep the impact will be. But even under a scenario in which India succeeds in containing the virus to clusters, the impact will be significant. They suggest cash transfers and increased provision of subsidized grain to the poor, especially those in urban areas. The government may also consider temporarily delaying tax collection and loan repayment.

Co-hosts Arvind Panagariya and Pravin Krishna offer suggestions for the first budget of the 2020s. In the first half of the episode, they discuss the core budget consisting of expenditures and revenues. In the second half, they offer suggestions for reforms. On the former, they suggest maintaining fiscal discipline while shifting expenditures towards defense and infrastructure. On the revenue side, they suggest cuts in personal income tax rates along the lines of corporate tax reform, removal of exemptions and aggressive programs of privatization and asset monetization. They urge the Finance Minister to pay special attention to exports and creation of good jobs for those with limited or no skills. They specifically pitch for focused attention to labor intensive sectors such as apparel, footwear and other light manufactures.

This episode brings co-hosts Arvind Panagariya and Pravin Krishna in a fascinating conversation with Naushad Forbes. Forbes is Co-Chairman of Forbes Marshall, a leading multinational engineering company headquartered in Pune. He is also a former President of the Confederation of Indian Industry (CII). The conversation revolves around the evolution of the policy regime around manufacturing in India since independence with special reference to the contrast between pre- and post-reform eras. It offers the listener an unusual window into the pains and pleasures of running a successful corporation, as experienced by Naushad Forbes. Forbes Marshall made its way through the thicket of the license-permit raj during Indira Gandhi years to the era of fierce competition unleashed by the 1990s reforms of Dr. Manmohan Singh. The episode concludes with suggestions for the future direction of economic policy.

In this episode, co-hosts Arvind Panagariya and Pravin Krishna discuss the the key reform by India's Finance Minister to boost growth: the unprecedented cut in the tax on corporate profits. They explain what the reform means in the short run and long run.  They explain why the tax cut will boost investment and how the government should fill the gap in revenues created by the tax cut.  In particular, they suggest speedy privatization of PSUs, monetization of infrastructure assets and sales of unused government land as solutions that would improve productivity while bringing revenues.  They also argue that the end to exemptions raj would cut tax disputes and harassment.

In this episode, co-hosts Arvind Panagariya and Pravin Krishna are joined by Sajjid Chinoy, Chief India Economist of JP Morgan. The podcast discusses the current growth slowdown in the Indian economy in the context of the recently released GDP numbers for the first quarter of fiscal year 2019-20. It also explores what should be done in the short run to revive growth and in the long run to sustain it.

In this episode, co-hosts Arvind Panagariya and Pravin Krishna explain why India must abandon the current policy of a strong rupee. Easing up on the strong rupee will make exports more competitive in foreign markets. It will also make domestically supplied goods more competitive against imports in the Indian market. Furthermore, a weaker rupee will make it easier for India to lower tariffs, thereby helping it shed its image as a protectionist nation and reduce trade tensions with the United States. Credits: Co-Hosts: Arvind Panagariya, Director of the Raj Center on Indian Economic Policies and Professor of Economics at Columbia University & Pravin Krishna, Professor of International Economics and Business at the Johns Hopkins University Producer: Atisha Kumar, Research Scholar, Raj Center on Indian Economic Policies, Columbia University Editor: Rebecca McGilveray, INCITE, Columbia University

Today's guest is Arvind Panagariya of Columbia University. We discuss his book, Free Trade and Prosperity: How Openness Helps Developing Countries Grow Richer and Combat Poverty. Free Trade and Prosperity offers the first full-scale defense of pro-free-trade policies with developing countries at its center. Arvind Panagariya, a professor at Columbia University and former top economic advisor to the government of India, supplies a historically informed analysis of many longstanding but flawed arguments for protection. He starts with an insightful overview of the positive case for free trade, and then closely examines the various contentions of protectionists. One protectionist argument is that "infant" industries need time to grow and become competitive, and thus should be sheltered. Other arguments are that emerging markets are especially prone to coordination failures, they are in need of diversification of their production structures, and they suffer from market imperfections. The panoply of protectionist arguments, including those for import substitution industrialization, fails when subject to close logical and empirical scrutiny.  

Free trade provides enormous benefits to developing countries. Arvind Panagariya will describe its impressive record in promoting growth and reducing poverty at a time when some policymakers in rich and poor countries are turning toward protectionism. He will explain how openness was key to the economic success of countries like South Korea and Taiwan and will refute claims that industrial policy, infant industry protection, or measures that erected barriers to trade have worked better than free trade itself. Anne Krueger will comment on Panagariya’s full-scale defense of free trade and warn about threats to the liberal, global trade regime. See acast.com/privacy for privacy and opt-out information.

Free trade provides enormous benefits to developing countries. Arvind Panagariya will describe its impressive record in promoting growth and reducing poverty at a time when some policymakers in rich and poor countries are turning toward protectionism. He will explain how openness was key to the economic success of countries like South Korea and Taiwan and will refute claims that industrial policy, infant industry protection, or measures that erected barriers to trade have worked better than free trade itself. Anne Krueger will comment on Panagariya’s full-scale defense of free trade and warn about threats to the liberal, global trade regime. 

The Indian government has a disturbing tendency to cherry-pick data. Vivek Kaul joins Amit Varma in episode 71 of The Seen and the Unseen to catch them with their pants down. Also read: 'How to cherry-pick data, Arvind Panagariya-style'(https://www.newslaundry.com/2018/05/07/population-job-seekers-data-arvind-panagariya-modi-government-unemployment) - Vivek Kaul 'How to Manage Jobs Data, Modi Govt Style'(https://www.equitymaster.com/diary/detail.asp?date=05%2F02%2F2018&story=3&title=How-to-Manage-Jobs-Data-Modi-Govt-Style#.WulTkZgxniU.whatsapp) - Vivek Kaul 'If Tax Collections Have Improved, why is Govt Trying to Tax Free Services of Banks?' (https://www.equitymaster.com/diary/detail.asp?date=04%2F30%2F2018&story=4&title=If-Tax-Collections-Have-Improved-why-is-Govt-Trying-to-Tax-Free-Services-of-Banks#.WucDaLBe2fQ.twitter) - Vivek Kaul 'Budget 2018: India's unpaid subsidies time-bomb just keeps ticking away'(https://www.business-standard.com/budget/article/budget-2018-india-s-unpaid-subsidies-time-bomb-just-keeps-ticking-away-118020100638_1.html) - VIvek Kaul Beware of the Useful Idiots(https://www.thinkpragati.com/editorial/1971/beware-useful-idiots/) - Amit Varma You can buy Vivek Kaul's Easy Money trilogy here (https://www.amazon.in/Easy-Money-Evolution-Robinson-Crusoe-ebook/dp/B07BFMJW18/ref=sr_1_1_twi_kin_2?ie=UTF8&qid=1527766186&sr=8-1&keywords=easy+money) You can listen to this show and other awesome shows on the IVM Podcast App on Android: https://goo.gl/tGYdU1 or iOS: https://goo.gl/sZSTU5 You can check out our website at http://www.ivmpodcasts.com/

Jagdish Bhagwati of Columbia University talks with EconTalk host Russ Roberts about the economy of India based on his book with Arvind Panagariya, Why Growth Matters. Bhagwati argues that the economic reforms of 1991 ushered in a new era of growth for India that has reduced poverty and improved the overall standard of living in India. While supportive of social spending on the poor, Bhagwati argues that growth should precede higher levels of spending, providing the tax revenue for expanded spending.

Jagdish Bhagwati of Columbia University talks with EconTalk host Russ Roberts about the economy of India based on his book with Arvind Panagariya, Why Growth Matters. Bhagwati argues that the economic reforms of 1991 ushered in a new era of growth for India that has reduced poverty and improved the overall standard of living in India. While supportive of social spending on the poor, Bhagwati argues that growth should precede higher levels of spending, providing the tax revenue for expanded spending.

Jagdish Bhagwati of Columbia University talks with EconTalk host Russ Roberts about the economy of India based on his book with Arvind Panagariya, Why Growth Matters. Bhagwati argues that the economic reforms of 1991 ushered in a new era of growth for India that has reduced poverty and improved the overall standard of living in India. While supportive of social spending on the poor, Bhagwati argues that growth should precede higher levels of spending, providing the tax revenue for expanded spending.

A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.

A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.

A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.

Join SAJA.org and SAJAforum.org for a discussion about India's economy with Prof. Arvind Panagariya of Columbia University. He's the author of "India: The Emerging Giant," a book that has received rave reviews. He'll discuss his book and, given all the news about the Indian economy, what the outlook is for India to survive the turmoil in the US and world economy. More on Panagariya: http://www.sajaforum.org/2008/09/books-aravind-p.html