Arvind Panagariya set course for a $15 trillion economy dream
When Arvind Panagariya—the Jagdish Bhagwati Professor of Indian Political Economy at the School of International and Public Affairs at Columbia University, New York— walks into the classroom after a long gap, he will probably be wearing a broad smile. For he has now seen the other side as well, in both government and politics. He had been away from the classroom for two and a half years, as vice chairman of the National Institution for Transforming India (NITI) Aayog, which did not have the financial powers of its predecessor, the Planning Commission.
Panagariya spoke of a dream—India could be a $15 trillion economy if the economy grew at a rate of 8 per cent for seven years. That dream has to wait, but he has enough material for writing a sequel to his book, India: The Emerging Giant. “I have asked them not to give me any classes in the first week after returning to New York. I would like to devote some of this time for a sequel to my book on India,” he told THE WEEK.
The supply-side political economist was a strong critic of the demonetisation and had sought a higher, 02.5 lakh, limit for cash deposits. Apparently, the finance ministry overruled him. Opposing farm loan waivers, Panagariya said politicians must understand the economic significance of the promises they make to people.
This story is from the August 20, 2017 edition of THE WEEK.
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This story is from the August 20, 2017 edition of THE WEEK.
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