Former CEA Kaushik Basu Decodes State Of Indian And Global Economy

#easynomics #modinomics #globaleconomy #kaushikbasu #indianeconomy
Watch this exclusive interview with noted economist Kaushik Basu, Professor of Economics at Cornell University, former Chief Economist of the World Bank, and also the Chief Economic Adviser in the Ministry of Finance from 2009 to 2012, with BTTV Managing Editor Siddharth Zarabi. The interview comes at a time when India, the world's fifth largest economy in the world,is projected to overtake Japan to become the world’s third-largest economy with a GDP of $7.3 trillion by 2030, as per S&P Global Market Intelligence. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. Meanwhile, the Reserve Bank of India is trying to support growth in the face of shrinking fiscal space and an external situation that is worsening by the day. There is also no respite from the domestic market, since with the general election approaching pre-poll announcements of freebies is gaining momentum across states. India has set a glide path to reduce the fiscal deficit to 4.5 per cent of GDP by 2025-26. In the post-pandemic period, the deficit expanded to 9.1 per cent in the first Covid-19 year. Due to worries about financial stability or the potential. for imported inflation, policymakers in emerging markets have made a conscious effort to limit the extent of currency depreciation. The interest rate differential between the US and emerging markets has narrowed to record levels since the decade of 2000. The US yields rose to 16-year highs breaching 5 per cent, with central bankers talking about a 'high for long' interest rate environment.
-----------------------
Thank You for watching! Do not forget to Like | Comment | Share
-----------------------
About the channel
Watch us for the best news and views on business, stock markets, crypto currencies, consumer technology, the world of real estate, bullion, automobiles, start-ups and unicorns and personal finance. Business Today TV will also bring you all you need to know about mutual funds, insurance, loans and pension plans among others.
Follow us at:

[MrMaddss]

Glad Basu has reached ifs and buts from being firm critical of NDA economic policy, he conviently forgetting the growth during UPA regime was based on crony capitalism, based on bad loans ...eroding banks to disaster

[saibalsahoo]

India become FASTEST growing economy from FRAGILE FIVE economy in 2012 🇮🇳😅❤

[saibalsahoo]

Banking system of India is very stable and performing very well vs devastated Banking system with huge NPA were during corrupted ineffective UPA era! 😅

[debanaik]

Mr. Basu should personally visit small towns and rural areas to see that youths are engaged in various revenue generation activities. Job creation through the service industry is great.

[sampathkumar-ejxl]

Congratulations to Siddharth Z on asking for specifics of how cronyism has increased now as compared to when prof Basu was overseeing the worst kind of cronyism during 2010.

World is always screwed by these intellectuals who tell about problems and do not have solutions.

I request Mr. Basu to give clear 10 points which government should do. They should be practical, implementable and under the gamut of WTO legislation. Let's put this in public domain. I can argue with him.with proper data in public domain.

[pankaj]

I think they all Modi bashers had got together to vent out their suppressed feelings of why this government is doing well without our advice and us being not involved in it.😢😅 It will be good for their health to get together regularly for such venting.

[kroychoudhury]

Concentration of “wealth” is a function of capital markets. Also happened when US grew at the beginning of 20th century to its world leader status or the chæbols of SKorea.
My namesake is a frustrated relic of the past.

[tigerking]

Same chutiyappa argument are given great economist professor Raghuram Rajan 👍and both are jewel of UPA era when world lable us fragile five....😎

[tusharevr]

Our population growth has fallen below 1% per year now. It was growing much faster between 2003 to 2011. Was it the reason why we were growing faster at that time?

[Grinch]

I have zero faith in all these guys who, when at the helm of power, didn't do much and instead took the first flight out overseas to take a cushy position at some western university to judge/critique others who commit themselves to India! brown sahibs colonial mindset legacy is well at work and on display here! Also on display is the interventionist mindset/gaze of these so called western self proclaimed champions of all things right!!!

[GOATimes]

Yes these guys have no solid inputs to improve situations.
It’s true that TaTa have concentrated wealth
But who is owning it what are they doing for economy
This Guy is targeting Ambani and Adani

[anantsaini]

Why would we always need stamp of approval from western scholars and universities. They don't live here. India also has good home grown economists.

[Lalit.Mohan-]

Basu can think myopically at classic colonial jobs 5:38 and not at the micro enterprises. Basu complains of lack of stats data, so he fabricates his own data and opines.
Human capital got eroded in the same period of 2005-2014.

[cherishgp]

Huge loans were given to non-viable capacity enhancement projects in 2004-11 period. This led to artificially increasing growth in those years while blowing up the NPA later. It also meant that there was overcapacity in India which led to reduced investments. Pretty sure Basu is aware.

[kiranas]

The root cause of unemployment is because of the reservations in India, whereby one gets a free seat to college whether they really can do or deserve. Later the same students may not be able to perform and fail or complete courses in more time than required. Say in 6 years than 4 years for engineering. Instead of running for higher salary without enough performance, they could actually get into something which they could perform. But its a fad since the seats are free... and those who really have super brains (and there are many in backward class many doing well financially also, don't need reservation actually). This is low level politics by the politicians trying to show themselves as protectors of so called backward classes and thats where the backward classes also are victims of it.

[AjitJoshi]

20:32 India’s GDP is increasing gradually. Really. From 1947 it went down.

[renjanpai]

This man has been criticising Modi and relentlessly belittling our country’s progress. This was in spite of the fact that the world is in recession and there are two major conflicts at hand to deal with.

[ahhhhhhhhhhhhhhhhhh]

Babu has written in favor of Marx’s ideal of a society where each person gets according to their need and gives according to their ability. He argues in his book, Beyond the Invisible Hand, that the fault lies not in the Marxist aspiration but in using the wrong blue print to get to such an ideal. Some of the biggest blunders in history have been made from attempting to get to this ideal without a scientific roadmap. This is the reason why radical movements such as the one in the USSR began trying to build a humane, socialist society and ended up with crony capitalism. Kaushik Basu has recently worked on our collective moral responsibility and the role that individuals play in fulfilling them.[11]