The writer is C. Marks Professor at Cornell University and former Chief Economist and Senior Vice President, World Bank.
The five trillion target is in dollar terms. Typically, if India has higher inflation than the US, the rupee would depreciate vis-à-vis the dollar to account for that.
What economists do not like to dwell on and what Karl Polanyi had noted a long time ago is that the economy is ultimately embedded in society, institutions and politics. When these are damaged, the economy begins to stall.
All nations in the world today face a challenge of expertise. Because the world has become so complex, it is impossible for all of us to know everything.
This is a richly-deserved award. The prize has been given for their work on randomised control trials used in the broad area of poverty eradication and policies for better health and education.
Arvind Subramanian’s paper, other micro data, suggest an impending economic slowdown. Policymakers must take notice and act.
The experience of Palanpur offers useful tips to India — importance of education, human capital, vocational training, need for greater connectivity
What I would recommend to you, dear reader, is my own philosophy of scepticism, which has stood me in good stead and which can be summed up in a simple dictum: Anything that is not logically impossible is possible.
As PM, Manmohan Singh upheld a tradition of openness to ideas and disagreements. This is an inheritance India needs to cherish and advance.
More disappointing than the attacks on Amartya Sen is that leaders in government have not countered the chant of abusive trolls.
In one of the cradles of civilisation, the joys of travel are revealed in its artefacts, people and the traveller’s faux pas.
Travelling in rural Bengal, Jharkhand I saw a village school at the cutting edge, and met ordinary people distressed by political cults of a hate-filled Hinduism.
At the Ramakrishna Mission complex in Kolkata, a different face of the religion is visible from what is propagated by Hindutva
One of the finest minds of our times, Ashok Mitra was anguished by poverty and inequality. His anger sometimes led him to make mistakes.
To deal with corruption, it is not enough to just get fiscal policies right. It is in our collective long-term interest to nurture individual values.
There is an impressive increase in school enrollment levels across the country. But not much thought is being given to what students learn.
India’s economy is not doing well. Only carefully crafted policy reforms can turn it around
A magical trip that almost didn’t happen. A moment when disbelief was shaken.
India’s early investment in secularism, cultural openness, freedom of speech, which made the early years difficult for economic growth, is now in a position to pay off. But all forecasts come with caveats.
India can become a global hub for higher education. Much can be achieved without government having to do the heavy lifting
Central bank should be more aggressive in cutting the repo rate. It must signal that this is the direction it will pursue in the foreseeable future.