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MAMI Gala Premiere: US-based economics professor-cum-filmmaker Suman Ghosh on Puratawn (The Ancient), talking films with economist Kaushik Basu, making Amartya Sen documentary, his censored film 'Aadhaar', and downfall of Bengali cinema and literature.
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Indermit Gill worked at the World Bank from 1993 to 2016, where his assignments included Director of Development Policy in Development Economics, chief economist for Europe and Central Asia, and acting chief economist for East Asia and the Pacific, among others.
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Indermit Gill's tenure as the chief economist of World Bank will start from September 1, 2022
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.Amid the rising inflationary trends, including the sharp increase in retail inflation last month, Basu, who has also served as Chief Economic Advisor to the Indian government during the UPA rule, said the country is facing stagflation and "very carefully curated policy interventions" are required to address the situation
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"In an economy, corruption flourishes side by side with legitimate activity. To use too blunt an instrument to control corruption can end up damaging legitimate business and exchange."
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A native of Kolkata, Kaushik Basu had served as the senior vice president and chief economist at the World Bank from 2012-2016 and as the chief economic advisor to the Government of India for three years from 2009 to 2012.
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In India, 85 million people will be pushed into poverty as a result of the Covid19 pandemic
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"The government should now focus on major policy initiatives," said former Chief Economist of the World Bank, Kaushik Basu.
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The basic issues at present are the concerns about the food chain, jobs and migrant workers, which have to be resolved immediately, he said.
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"NPAs have made the banks cautious. But, India can do with slightly lower rate of interest," Basu said at an interactive session organised by the Indian Chamber of Commerce here.
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The comments come within two days of former RBI governor Raghuram Rajan cautioning that transfer of the reserves may bring down the rating of the central bank.
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"India's growth rate is now 6.3 per cent. It had reached a rate of 9.5 per cent from 2005-2008," Basu, who was also Chief Economic Adviser during the UPA government, said in a tweet.
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India's GDP growth dropped to a three-year low of 5.7 per cent during April-June as manufacturing dipped and impact of the demonetisation lingered on in the third quarter.
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"US suspension of fast track H-1B visas. Will hurt India in the short run & then help. But will do huge damage to US," Basu, who is currently professor of economics at Cornell University, said in a tweet.
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"The Universal Basic Income scheme should give a cut off income & ask ones above it to voluntarily forego it. That'll also be a civics lesson," Basu, who is currently Professor of Economics at Cornell University, said in a tweet.
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While Kaushik Basu is supportive of the intent behind the policy, that of dealing with the large black money economy in India, he said the move was ‘ham-fisted‘ that will put only a temporary dent in corruption and is likely to rock the entire economy.
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Hoping India will improve its ranking on World Bank's Ease of Doing Business Index, eminent economist Kaushik Basu has said the government also needs to be more active in promoting cohesiveness and diversity in the society, as economic reforms with political and social inclusiveness can help the country regain 9.5 per cent growth rate.
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Having served World Bank as its Chief Economist for about four years, India's former Chief Economic Advisor Kaushik Basu says he will not take up any position in the Indian government and plans to return to Cornell University and focus on his research projects.
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Hailing the passage of the GST Bill, World Bank Chief Economist Kaushik Basu today said any immediate "price jerk or inflation" would be a one-time affair, but the tax reform's long-term growth benefit will be immense.
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Two government sources with direct knowledge of the matter said Kaushik Basu, who is stepping down as the World Bank's chief economist, had made it onto a shortlist of candidates to take over when Rajan's term expires on September 4.
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Two government sources with direct knowledge of the matter also said Kaushik Basu, who is stepping down as the World Bank's chief economist, had made it onto a shortlist of candidates to take over when Rajan's term expires on September 4.
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Paul Romer, 60, will replace Kaushik Basu, a former Indian government economics adviser who is retiring. Romer will take up the position in September and is tasked with keeping the World Bank Group at the forefront of international development knowledge.
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Speculation was rife today on who will succeed Raghuram Rajan as RBI Governor with over a dozen names doing the rounds, including that of Deputy Governor Urjit Patel, former CAG Vinod Rai and SBI chief Arundhati Bhattacharya.
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"Manufacturing is actually picking up. The last quarter figure showed that the country's GDP growth will be over 7 percent. It also revealed that manufacturing is growing over 9 percent. Actually, the perception is going around in the circle without looking at the figures," she told reporters during the Make in India Week here today.
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Going ahead, Kaushik Basu, Chief Economist, World Bank, believes the Fed will move very slowly on the back of the US dollar strengthening and financial market slowdown. He sees one more rate hike in calendar year 2016
