Economists Kaushik Basu, Arvind Panagriya Face-Off Over Indian Economy | No Spin
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- čas přidán 26. 08. 2024
- We attempt to decode the paradox of the Indian economy with 2 leading academics. Kaushik Basu, the former Chief Economic Advisor, and Aravind Panagariya, the former vice chairman of the Niti Aayog. On one hand the Indian economy seems to be on the ascendant emerging from its Covid downturn with news coming in that India is now the 5th largest economy in the world crossing great Britain. This just days after India posted a growth of 13.5% in the last financial quarter, the second highest ever. But is the rising tide lifting all boats? Jobs and incomes are a worry. New jobs data shows unemployment in August at 8.3%, a 12-month high. As the economist Rathin Roy noted India is getting bigger but not richer.
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#KaushikBasu #ArvindPanagriya #IndianEconomy #NoSpin
All of us are victims of our beliefs and faiths, and these biases creep into our arguments for or against. But when an economist, who claims independent thinking, disregards economic data or presents selective data to further his argument, you should question his intelligence and independence. Dr. Panagariya ignores the dismal performance of Modi govt on economic front despite strong tailwinds, starting with demonetisation which caused sharp fall in GDP growth, damage to informal sector and serious decline in rural demand. These negative effects continue to trouble us even now. The high unemployment rate, growth in employment in agriculture sector, poor labour force participation and in fact sharp decline in recent times, poor capacity utilisation and therefore low rate of fresh investment in manufacturing sector are all outcomes of poor economic decisions. He brushes aside CMIE surveys and quotes data from EPFO to support argument for fall in unemployment, knowing very well that EPFO presents picture of formal sector only. He praises handling of delta wave, ignoring the fact that the govt lowered the guard by declaring victory on the eve of the wave, supported and held massive rallies during West Bengal elections, permitted kumbh mela, and delayed the procurement of vaccines despite India being the largest producer. He presents selective data on 2 billion vaccinations without quoting data on deaths in the pandemic. It is sad to see highly educated people mortgaging their intellectual faculties.
"All of us are victims of our beliefs and faiths, and these biases creep into our arguments for or against. " - I agree. It shows in your arguments.
disappointing to see Srinivasan completely disinterested in the interview. When actually two very popular economists are so articulate. He could have asked some more relevant questions. Seemed unprepared for it.
Srinivasan has any right to be bored by those boring, political guys ...any good journalist would be
Only one of them was articulate. The other was dishing out his talking points. So, not just the host, even viewers could not be blamed for boredom.
The important issue is that the common people should have good living conditions and quality life.
Mr. Arvind forgot that in UPA2 growth was low because on 2008 economic crisis that engulfed the world. It was MMS achievement as a PM that India outperformed even in that situation. Just saying that MMS was failure as PM shows his lack of knowledge or biases.
Look at current situation what Modi has done to Indian economy.
@ANDH NAMAZI 72 HURRO WALA🤣😂 The devil is in the details. First go and check how the base year effect works in calculation of growth rates.
Second, you can be 1 largest economy. But the unemployment rates and per capita income has decreased drastically. Cavid management was 'bhagwan bharose' situation.
Kaushik Basu: All the problems in the world will be solved if RaGa becomes PM! Even my cab driver says so...
Perfect slap for someone sitting abroad and commenting on economic growth in a masked political mind.
He never said that... he just warned us. U need to listen with open mind
Modiji is the best, no Harvard only hardwork. All Indians should learn from Modiji and do hardwork, don't listen to these old bookish people who never did any hardwork.
lots of gobarbhakts making noises with rs2 n a plate of gobar
@@pushpindersingh1819 😂😂😂😂😂
Kaushik Basu seems to be smoking weed and tweeting
The other guy seemed high, not Mr Basu. He said, 'excellent covid handling'.
If you missed that, one might make similar comments about YOU as well.
Mr Jain ought to listen more. He allowed Basu to speak, but kept barging in as soon as the second speaker started simply because Mr Panagariya had a conflicting POV
Very expected from NDTV.
Basu's statements make sense , Panagariya must live in lala land ...after all Srinivasan said fascinating indeed 🤣.... I agree with him!
@@kasardevi8 The one who lives in Lala land is the one who believes Basu's statements.
@@arunsar7893 What an un-predictable response from an andha-bhakt !! Basu was making statements supported by evidence. The other guy was spewing out his much played talking points. The guy said 'excellent covid handling'. That says it all. He should not be even on the same platform w/ professor Basu. For you, godi media will likely provide a better comfort zone, and allow you to stay-in your own la-la land aka eco-system. Peace out.
Can Srinivasan Jain be trained to ask questions on growth of the following macro economic measures a] investment b] manufacturing c] services d] disinvestment e] exports f] infrastructure g] digital h] NPA & i] employment!!
Shrinivasan gets impatient with Panigaraha reply whereas he was very happy when K Basu was lambasting the Modi govt.
I totally agree
K. Basu is a gentleman the other chap rubbished Kaushik Basu as he started.
No, he did not. This Panagaria guy is a junk, and kept mumbling his utter gibberish. 'Excellent covid handling', he saied. He was clearly living udder a rock. He is a typical andha-bhakt. He did not make any points that was supported by evidence or fact, instead crurned out his talking-points.. Professor Basu is from another league. This two should not be even on the same platform.
When Dr. Panagariya was speaking on economy one has to see the reaction of Vasu he was so uncomfortable. When Mr Basu was speaking he was listening patiently.
During the Vajpayee ji regime 1998 to 2004 the reforms were taken forward & many structural changes too were effected infrastructure too got a big push ( Quadrilateral etc) & this led to a very good base for future growth , here Mr. Panagariha is right in saying that Manmohan Singh's govt got a lucky break when they unexpectedly got elected in 2004 further at that time world economy too was in a sweet spot till the end of 2008 & even with out doing any reform UPA 1 road it's luck ,which eventually showed excellent GDP growth rates ( Base effect 1.Because of Vajpayee
govt.
2. World economy being in an extremely sweet spot)
UPA II was all about misgovernance & it led to it's beeing 🥾booted out.
The GDP growth shown by data manipulation has hit India bad. The NDA goverment had introduced a new methodology of calculating GDP in 2015 few months after NDA government took charge. The Central Statistics Office updated base year for GDP calculation to 2011-12 from January 2015, replacing the old series base year of 2004-05.
The base year revision exercises are internationally accepted practice to capture the changing structure of the economy. Base year shifting happens every 10 to 20 year so that new economy industries are also included in GDP calculation. In mordern times convention is every 10 years. The National Accounts Statistics series in India have been shifted from 1948-49 to 1960-61 in August 1967; from 1960-61 to 1970-71 in January 1978; from 1970-71 to 1980-81 in February 1988; from 1980-81 to 1993-94 in February 1999; from 1993-94 to 2004-05 in Jan 2006. Thereafter it was changed to 2011-12 in January 2015.
Then in 2017 the base year was again shifted to 2017-18 from 2011-12. With the exercise in 2015 the statisticians added 1.5 to 2% to GDP and the cheerleaders of Goverment. It also needs to be pointed out that imports are a negative entry in the GDP calculation. So, if imports fall, the GDP rises automatically, assuming everything else stays the same. Falling oil imports are a big reason for the pick-up in the GDP growth, during Modi's tenure as prime minister. Not hard work.
And much against convention the government refused to release back claculations. And finally when the back calculations was released UPA2 growth averaged at 10.2% much higher than NDA1. The smart government immediately pull down the back calculations.The GDP growth shown by data manipulation has hit India bad. The NDA goverment had introduced a new methodology of calculating GDP in 2015 few months after NDA government took charge. The Central Statistics Office updated base year for GDP calculation to 2011-12 from January 2015, replacing the old series base year of 2004-05.
The base year revision exercises are internationally accepted practice to capture the changing structure of the economy. Base year shifting happens every 10 to 20 year so that new economy industries are also included in GDP calculation. In mordern times convention is every 10 years. The National Accounts Statistics series in India have been shifted from 1948-49 to 1960-61 in August 1967; from 1960-61 to 1970-71 in January 1978; from 1970-71 to 1980-81 in February 1988; from 1980-81 to 1993-94 in February 1999; from 1993-94 to 2004-05 in Jan 2006. Thereafter it was changed to 2011-12 in January 2015.
Then in 2017 the base year was again shifted to 2017-18 from 2011-12. With the exercise in 2015 the statisticians added 1.5 to 2% to GDP and the cheerleaders of Goverment. It also needs to be pointed out that imports are a negative entry in the GDP calculation. So, if imports fall, the GDP rises automatically, assuming everything else stays the same. Falling oil imports are a big reason for the pick-up in the GDP growth, during Modi's tenure as prime minister. Not hard work.
And much against convention the government refused to release back claculations. And finally when the back calculations was released UPA2 growth averaged at 10.2% much higher than NDA1. The smart government immediately pull down the back calculations.
Interviews like these really point out how far ahead the Print is in regard to their integrity in journalism. Here, a host with no specialization in economics is bringing on a debate between two obviously biased "economists". Moreover, it would have been even understandable and watchable if the bias was regarding their economic ideology or understanding. No, their bias was entirely political. The one-dimensional Bollywoodisation of Indian journalism is here to stay. The Print is an exception.
I agree. And that's the reason I am a paid member of only The Print, for now.
please dont forget who bought NDTV ... and i feel sorry for the excellent journalists NDTV has ... that is why I am still watching and I still hope all journalists leave and create their own new broadcast .... I would be ready to pay instantly .... Srinivasan seems pretty bored with his guests , and I would be too
economics is political, the idea that economis is divorced from politics is part of procapital neoliberal ideology
Two eminent economists each pick and choose examples strictly according to their political leanings. And the anchor slipping on asking searching questions. At the end of the show, it is basically your example against mine. Luckily macroeconomics is a subject that provides ample space for all sorts of divergent opinions. So we viewers are totally confused if we are any better or worse.
Agree. We are confused.
India is going to grow no matter who is in the parliament unless they disturbe the system. It's people who are giving this growth. Let's hail Narayan murthys ,Azim premjis ,Mukesh Ambanis, Gautam Adanis and Ratan tatas not the government.
Sorry it is not the "Narayan murthys ,Azim premjis ,Mukesh Ambanis, Gautam Adanis and Ratan tatas" who are actually causing the growth. Big business enriches itself primarily. Yes it does create jobs but not as much as the MSME sector - the bulk of growth came from those small scale businesses many of them labour intensive whose achievements have seldom been honoured and recognized and this sector has been practically crippled by the policies of the current ruling Government in India.
Hail Adani, very soon
Both go hand in hand. There is conducive policy which supports and accelerates growth in Pvt. Sectors.
It's unfortunate that economists are still analyzing Indian economic growth by American eye glasses. People must start reading Indian economy in its own language.
The basics of economy remains tge same
@@spat6922 no friend.
Western thought and INDIAN thought is different.
Eg.
INDIAN thought is use of Natural resource with respect like Animal, foods, trees, rivers and so on where as western is completely materialistic thought and just uses the resources thanklessnesly
Srinivasan Jain seems to be exceedingly amused with both panelists.
Why don’t you get two Indian professors living in India and have the discussion
They first tell them what to say and bring them on only if they agree
Indian education sucks so much that no one cares😂
UK population 6.8 cr Vs India population 138 cr ....
Comparing India with Korea and other similar economies during pre reform period is not fare.Pangaria’s observation is not free from bias.See the legacy of India at the time of Independence
Covid's handling of this government was superb!! This was the point at which I gave up on Panagriha. Economists should NOT speak about domains that they are not trained in.
Very well said.
Hearing such insensitive statement from such ppl in government breaks my heart... Such heartless ppl..lakhs died yet ...
Lol, did you forget how destructive the second wave was? People were literally dying on streets.
I think he purely speaks about the economic handling rather than overall which the Govt. was bad at.
I don't even understand why Srinivasan asking a comparative GDP numbers between Britain and India? When India still has lot of parameters in unorganised sector that is not accounted in GDP. For example in UK even a curry leaves sold in retail outlet is accounted to GDP where as in India it need not be the case !! Stop such disclosures for time pass
So that people understand that comparing India with UK is useless. Per capita income of Indian citizen is still 1/20 of UK. There is no comparison.
BTW the unorganised sector is not excluded from Indian GDP calculation. It's estimated with a baseline assuming that unorganised sector is growing at same pace as organised sector. It's complicated macro economic calculations. Unorganised GDP is counted.
Get your facts right before dishing out theories supporting the government. There's toooooo much fake news these days. Check your facts before telling others about them.
I am disappointed in NDTV. Even when they bring economists they choose those with completely opposite interpretation for the same thing. How is it possible that none of the guests on any of the discussion fail to find a common fact that they can agree on. Even when they do have a common ground, they fail to acknowledge it and focus their talks more on the difference.
Such a discussion is of no use to an average listener. On the contrary, it gives the audience a very good chance for confirmation bias and selecting the views and opinions they already conform to.
Sorry to say but these experts appear more like polished versions of political spokespersons.
It is a interesting and good point you make and does have some merit. But what would you expect in a very limited time frame? At least you get to hear how two experts can have very contrarian views and on same facts! sometimes one can male a judgement as to how one of them is engaged in greater gymnastics to make his concoction fit the facts!
Very wise comment.
If they bring from the same view, you are gonna shout one sided and biased💀
Kaushik Basu is a genius and renowned economist.
Communist Favourite
At 23:35
Anyone who thinks that India _did not have the capacity_ to do better throughout COVID is nuts.
This is how I know Aravind Panagariya is not a good economist.
This is how I know you are horrible in justifying your conclusions. A witty reply fell flat on wrong. I still don't get why you think the way you think.
@@srinisbir8781
Anybody who thinks that the deaths of 3 million Indians is a witty response, needs their head examined.
Panagariya chap is a RSS/BJP man. With Bhagwati & Surjit Bhalla they are RSS/BJP Bhakt. Nobel Laureates Dr Sen & Dr Banerji and other Bengali economist have never quite agreed with this BJP govt.
Basu chap is a Congressi spokesman. With Raghuram Rajan is also a Congressi spokesman
Who said bengalis don't agree with BJP... The current chairman of economics advisory council Bibek debroy is a bangali and he's a pro BJP person !
International corporations are hiring Indian CEOs to manage their global business operations, but we are not able to find them to run our government.🙏
Mr Panagahriya says talk of 3 big reforms that Manmohan govt. brought. It was Manmohan govt. that brough MNREGA. It was Manmohan govt. that gave big push to housing sector by introducing tax reforms that incentivized purchase of house by offering tax deductions on housing loans. It was under Manmohan govt. that FDI rules were relaxed in many sectors which enable many foreign companies to invest in India. The real regime of FDI liberalization occurred during the Manmohan govt.
Yes ease of business has improved further under Modi govt. And yes credit to him for really improving the state of banking sector and financial inclusion, digital banking has reached everywhere, reviving the PSU sector in many areas, tackling corruption, promotion of new age businesses especially the tech companies. That has definitely received a thrust under Modi govt. The Olas, Ubers, Swiggy, Zomato, even players which originally came into India during UPA regime like Amazon and Flipkart reached every corner of India in the Modi regime thanks to improved telecom and banking services. But Dr. Basu is right its a relay race.
What?? MNREGA is the most corrupt money swindling organization created by Congress. The middle men used to put dead people in the MNREGA roll and siphon out money.
Economist is bumbling for reasons. Prof. Panagriya is partly responsible for failures
bluffer panagria. Why did he run away from Modi govt ? Let him answer this. Watch his body language, looks very perturbed and disturbed in spite of his favorite people are comfortably in the rein. Dr kaushik is cool and at ease because there is stuff and truth in his speech.
"No Spin"??..This should to renamed as "Complete spin".
One off spinner and the other a leg? spinner? Question is who is spinning more? And bigger the spinner better the economist!😁
@@arvinddhupkar5158 Basu was the only one spinning here. And that makes him loose his credibility as an Economist.
You don't need to listen to academics like Basu or Panagriya to understand how Indian people are doing economically. Just watch the random field survey the different media houses are doing on the streets of Gujarat because the election is happening in December. While the nation was used to hearing the much talked about "Gujarat Model", the ground reality is nothing short of shocking. In this state where people are mostly business minded and the state is considered a very wealthy one, the picture you see is widespread unemployment, absolutely dilapidated road conditions, abandoned school buildings and overwhelming majority of people gasping to make ends meet. They are desperately looking for a change in government just to survive. This gives the real picture how India is doing economically.
Make in India?!! 😂 100 smart cities😂 same joke
Honestly this interview was a waste of our time. Poor Kaushik Basu, nobody is going to take him seriously as an economist hereafter….
Only bhakts won't take Mr basu seriously because according to them all development happened post 2014🤣🤣🤣
I cant belief that guy just said how excellent the government handled Covid pandemic 😂😂😂must have forgotten a lot ... so such a guy I could not trust with anything he says further .... truly fascinating indeed 🤣....thank you Srinivasan!
Unfortunately, both Arvind Panagaria and Kaushik Basu belong to the same Neo-Classical School and proactively advocated the "socalled" reforms under the umbrella of globalization former under Dr. MM Singh, and the latter under Narendra Modi. However, I should give credit to Prof Basu who has been forthright in his allegiance to congress since Dr. MM Singh helped him set up the Development Center when he was at Delhi School of economics, but Prof Panagaria who backed Dr. MM Singh's economic policy until 2011 and in fact, in his lecture at the Indian Econometric Society he commanded him for achieving GDP growth @ 9.5% and even claim that India exceeded China if it is adjusted with PPP. He further argued based on IMF forecast that it is possible to maintain GDP growth at 11.5%. However, his dream was shattered but he was able to negotiate Padma Bhooshan for his services to the erstwhile Govt of Dr. MM Singh. Prof Panagaria switched his loyalty and following a damning article in Washington Post against Dr. MM Singh, on the advice of his mentor, Jagdish Bhagwati as part of IMF/WB Bnadwagon he pledged his allegiance to Modi when he was CM of Gujrat.
The main problem of India's development is its uneven demand pattern as most of the growth over the last 20 years has been in the capital-intensive luxury goods and service & financial sector and not much growth in the labor-intensive consumption goods which created a black hole in the economy. In fact, most of the growth has been jobless combined with the displacement of nearly 20 million workers from the informal sector during the pandemic. A comparison on the basis of the aggregate size of GDP does not make sense as PCI of UK is over £50,000 compared with India which is £18,000 that too quite skewed. Unfortunately, both are caught into neoclassical Cobb-Webb consciously and left unconsciously.
Panagariya seems to be more of bhakt than economist...
G20 summit will come and then all godi media will say G20 ka guru modi 😂😂😂
MOSPI Data trustworthy? Dr Panagaria amazed with your understanding of reality.
The way he so loudly puts his point is so dubious cannot fathom such a behaviour from such a eminent economist
Arvind panagriya is just a BJP Politician(and he proves it here that he is a third rate brown- noser of Modi ) and he is not expected to be real. Imagine the arrogance to say that Modi did a good job with Covid. I wish you had a longer interview with Kaushik Basu he really had some key points.
Sreenivasan try hard to control his laughter while Dr. Panagariya was being convenient in his opinions!!!!😂
😂 👌
Spare a thought. Both have a boss.
@@anbee8127 Op lotus being attempted in media also now!
Pannu ji you haven't blamed Nehru yet by name? Economist who doesn't think per capita GDP is important and there is no unemployment problem. Idiotic.
Abe loudey ke baal. With industrialization and automation, the growth doesn't come proportional to the population. Just think about it.
economy, inflation, unemployment , vikas blah blah blah ....soon soon kar kaan pak gaye , todha hhindu-moosslim debate karao tab toh kuch entertainment ho aur ha xxmoosslims ko bhi bulaya karo tab jaa k todha tharka bhi lage.
Arvind Panagariya is doing a major disservice to the viewers by not pointing out the substantial spike in unemployment under the “weekly status of unemployment” metric (which essentially factors in seasonal unemployment and underemployment) for the past few years mentioned in the very same PLFS survey that he cites in this interview. He is simply cherry picking data from the report to suit his biased position.
Same can be said about Mr. Basu. He cherry picks too. What you hear really depends on where in the ideological spectrum you belong.
@@arunsar7893 like what exactly was cherry picked?
50 lakhs people died but modi did excellent
This guy Panagariya is the kind of economist who brought our country to its present sad condition.
I thought 1 crore died
If an asteroid crashes on India, no government can help the casuality. Covid is nothing short of it.
librandus statistics....
@@srinisbir8781 Fantastic! So if an earthquake takes place or a tsunami strikes the Government can simply wash its hands off the calamity and say "Act of Nature"; sorry we can do nothing". Is that what you are trying to say?
Time given to each economist should be equal
India is a dewalia country ? Srinibasan is trying to find this news for many year. No one knows when the ospicious time will come.
If everything was so pretty , why did Mr. Pangariya left India as in charge of Niti Aayog….
Vajpai govt. av growth …6%
MMS govt av growth …7.5%
Present govt av growth till 2021… 5.5% and trend is still declining because projection for next 3 Qs are 6.7, 4.5 and 4%
We are still on pre covid level if we take growth in absolute amount….at present we are 34.4 trillion rupees in comparison to 33 trillion in pre covid quarter , registering a meagre 3.3% growth…
Mr Jain is not able to patiently listen if someone speaks something good about the present government, there by exposing his prejudices as well as those his channel represents. As a journalist he should know that the interviews he conducts are for the audience not for himself.
Jain was fine. YOU sound prejudiced. That guy said, 'excellent covid handling'. He must think that people have been living under a rock.
There is nothing wrong in speaking good about something/ someone as long as it is supported by evidence/fact, which it was not in this case.
@@JthElement First be respectful to the panelist . He is not ‘that guy ‘. He was the former vice chairman of Niti Aayog and a noted economist. You may have a different view. I do not grudge you that. But to me what he told is 100% correct. India’s handling of the pandemic was certainly better than many rich European countries with population density far far less than India.
@@arabindamishra7065 It is my choice, how I address whom. 'That guy' is not a derogatory phrase, and he is NOT a 'noted' economist for me or anyone who understands or keep up w/ economic world. If he is for you, that is your choice. Regardless, stick to the point. Mr Jain did just fine. Just because you claim so, it does not become 100% correct, unless you provide evidence (which obviously you do not have, other than repeating it several times). in fact, there is nothing 100% in this world, not even arithmetic or physics. No-one should take you (or that guy) seriously just based on that one statement Forget about European countries, it was THE WORST of any covid-responses. How about that? Someone might just claim that. If you choose to live under a rock, that is your choice. However, if you bullsh!t on a public forum, expect to be called out. Peace out.
@@JthElement now I know where you come from. I do not want to join issues with you. Be happy in your own world. Truth is absolute and that never changes. Thank you.
@@arabindamishra7065 No you DO NOT. You have ZERO idea as to who I am. But that is not the point. Nor does it matter if I remain happy or not. As for the 'join issue' part, whatever the hell that non-sense means, no-one is interested in talking to a troll like you who churns out non-sense. As I said before, stick to the point(s), which obviously you do not have. As for the 'truth', let's not worry about it. It is beyond you, clearly. There is NOTHING, absolutely nothing is 'absolute', everything is ever changing, dynamic. The distance from the moon to the earth, and so on. If you troll around on the internet, expect to be trolled back. If you do not have points, just stay away from lecturing ppl, unless they are your fellow it-cell trolls. Spend that time doing some sensible READING instead. you might just then learn what 'truth' is. Cheers!
Unfortunately poor and common people are not getting the benefit of growing economy. Gap between poor people and rich growing widely. Poor people are becoming poorer and rich people are getting richer.
Apart from giving us bragging rights, what does this "growth" mean to the population. Nothing. We are being misled by these terminologies. Judge an "Economy" by what it delivers. Common sense.
Panagariya grandstanding and catering to an uncritical audience. UPA -1 made a 90k investment in urban infra through JNNURM. Did not that help construction, auto industries? UPA 1 brought RTI - even as corruption goes up, the only time a gov. took a step to empower citizens against corruption. UPA-1 drew up aadhaar a big public investment (wasted due to bureaucratic leadership). UPA-1 also signed a complex civil nuclear deal that promised big nuclear energy investment. Nothing grand to say about UPA -2.
Basu is really pessimistic person his judgement is clouded by his political views
Can the comparison be on PPP and not Per Capita!!
Why gobar bhakt? Does it hurt you to acknowledge that India is the poorest country in the G20?
@@anuragchakraborty8766 no bhakt!!! just that Per Capita PPP and real growth - after factoring inflation & deflation are better fundamental base measures / data on which a discussion about the economy can happen.
Srinivasan Jain falls woefully short in applying critical thinking to anything at any point in time to discuss with / interview anyone about the economy.
Regarding bottom of G20, we have lost opportunities to South Korea, Taiwan in the 60s; China many say 80s, my sense is 90s. And in the last decade to Bangladesh and Vietnam!! & we have been facing a slow down since 2011!!
Only bright spots are Digital India & start-ups... a combination of both will ensure that we ride / lead the 4th Digital Industrial Revolution!!
@@Subhashish69 The slowdown started from 2016 onwards and you very well know the reason why!
Modi's policies have basically led to huge monopolization and wealth consolidation by the Powerful crony capitalists across the board. What this has done is it completely crippled India's MSMEs which are the backbone of India's economy.
As a rule of thumb, if you ever want to guess any country's living standards simply look at it's GDP per capita!!
India's economy may look good but all the indicators of human index are abysmal. The common man is crushed to death under pressure of high inflation, low salary, and joblessness. All sectors in particular health, education and judiciary are in shambles. The government is becoming fat and rich and so is the corporates, while the rest of the country is dying of malnutrition and gutter life never seen before. Kaushik Basu is 100 % right. The pro modi economist is mumbling and fumbling unable to defend anything egregious modi is pretending to do.
Dr Panagariya .MANREGA . Gave employment .
Sreenivasan is so agitated to hear anything good about INDIA, PATHETIC 😴
Basu is correct. This panagarya is rss supporter and nothing more
@NDTV and @Mr Kaushik Basu you should understand even in the relay race India fell from 5th position to below 10 in Socialist regimes of Jawaharlal Nehru and Indira Gandhi and from 2014 to 2022 we grew from 10th to 5th position. I know due credit goes to PM Narasimha rao and FM Manmohan singh for 91 reforms, but people like you keep scaring public about destructions that BJP/Modi could cause. Where as we have seen the best economic growth overall with reforms such as Jandhan, Bad bank, Insolvency, UPI, RERA etc empowering the nation. Even at the global stage India stands stall in between counterparts for itself unlike the silent spectator of UPA1 and UPA2.
Kaushik Basu. Probably JU, kolkata Leftist.
No, saint stephens college, then University of Delhi, and lastly london school of economics!
Pangaria is speaking like sanghi..don't get such people for fair analysis...🤔
Take all the credit Panagriya and criticise the past with as much fanfare you can. Only pause and think if as you paint the past as you do then would you be where you are?
Now frightening to see nd tv as ND tv also part of godi
Very sad to hear Dr Basu giving extremely lopsided opinion. He always that. Could have been better.
Economics is always about incentives......jobs make lives miserable.
wait... so this piece of work Arvind's argument is that we should have sold most of the Indian ports and airports to monopolies earlier and destroyed the environment even more? this is such. dumb argument. even looking at GDP as a marker of human development needs to stop. gdp even in the US or UK is not a good marker of human development. Even with Indonesia's per capita income being higher, the capital city of Jakarta is inhabitable.. same in india. Mumbai and Delhi are akin to slum cities where yo can't even breathe quality air.
Don't v enough knowledge and information which might be on computurs
but a question to those who v access to and can compile this.
Benifits received ratio to care given at these various levels
The wellness hub.the totality of all
The cosmos hub_each countries benifits received from cosmos in ratio to maintaining it in terms of debris Removable eg:satellites whose expiry date is overdue,the effects of the residue of its activities it realeases on earth
Earth hub:benifits derived from use of common resources of eartheg:comman ocean areas,shipping rights,fishing rights ,tax in preposition to waste realeased into oceans etc
Country hub_benifits from countries resources in ratio to how effectively they r used
Similarly at state,city,village,town,district,constituency,pincode,resitancial unit level
All this should most probably give enough knowledge and information to enable maximum utility from everything.thank u for reading and if desired using it .sorry if it's been a waste of time and effort
Such an irrelevant discussion 😴, Bharat desh is in bliss with the blessings of ignorance
Lutyen, jnu, leftist NEVER talk about what happened in 45 years from 1947 till 1991 when country after country form China, South Korea, Japan, Taiwan etc. etc. grew over 8 percent for years while India's population more than doubled and with growth rate was 3 percent including population growth, which took India from 6th lagest economy in world to 13 th largest economy, indicating how badly India was governed.
Only thing economist like Basu, Lutyen media quote is 4 years of UPA rule, which grew from Narasimha Rao and Vajpayee reforms and then growth took nose dive as disastrous economic policies like retrograde taxes were implemented.
no limit to hypocrisy of media
Very poorly coordinated. Shambolic.
This is about putting data in perspective. Here are the real numbers hiding behind the celebrations of 13.5% growth. India’s GDP in Q1 2022-23 GDP is Rs. 34.42 trillion which was Rs. 33.05 trillion in Q1 2019-20. Our real growth is a worrying 3.3% over 3 years.
Yeah..and no global pandemic happened in 2020-2021, right?
Basu is biased
Only spin on no spin, googlies as bonus too
How could you be selective when it comes to economic data, Kaushik Basu's cherry-picking of economic surveys to suit his political leanings is clear-cut unprofessionalism. India becoming the 5th largest economy is a non-issue as long as you refrain from giving credit to any Govt. but its population. I do not think without 60 years of mainly congress socialist Govt. we would have taken such a long time to achieve this. The sole reason we are facing legacies issues is due to the socialist tendencies Nehru had. These elite talk about rights but they do not talk about how to claim them, you are as good as not having those rights if you do not have the economic means to claim them.
Indian economy paradox
Then people say NDTV is unbiased. Economists are Political spokesperson here. get someone neutral or pure economist here. Mr. Basu in each and every argument is quoting UPA regime, so are we comparing nations or political parties tenure? He Says we have huge population, So what? Can't he see India progressed even after that when UK and India's Per Capita Income is Exactly opposite, then too we achieved this feat. Can't he see we have worlds largest poor, we still give biggest subsidy in world in all fields of Food Security to our Nation.
Mr Basu don't even want to mention that before UPA 1, during Atal Bihari leadership India we have solved the BOP problems, also during Atal Bihari leadership we had introduced FRBM act for inflation control which was extensively utilized by UPA. And he talks about NPA, It was UPA's non Pro Business policies which led to NPA disaster in 2013, and its still there, The Oil Bonds Crisis is also given by UPA. I also accept India has sluggish economy, that's why we are called Elephant in Economy, we move slow, but we dont fall and after Corona we have rough patch, But then too we achieved it.
Divisive Economists are mis interpreting facts, and giving a wrong picture of Economy, Yes we have problems with poor people, but subsidies only saved them in Corona, but such big Economies like UK have give free pension and salary to people sitting at home, because they could afford with such wealthy economy, No one in 75 years had ever solved Unemployment Problem, because main reason is that we all know, we have ever increasing population and it is a problem which will not perish until we reduce population, So why to beat around the bush. And We are Indians first, we were grant takers from UK, and such nation with so many social problems, diverse population had beaten a wealthy Economy, At least people can accept that fact alone.
With all due respect to the speakers if there is no increase in manufacturing industry like in china we will not be able to generate mass employment...
The GDP growth shown by data manipulation has hit India bad. The NDA goverment had introduced a new methodology of calculating GDP in 2015 few months after NDA government took charge. The Central Statistics Office updated base year for GDP calculation to 2011-12 from January 2015, replacing the old series base year of 2004-05.
The base year revision exercises are internationally accepted practice to capture the changing structure of the economy. Base year shifting happens every 10 to 20 year so that new economy industries are also included in GDP calculation. In mordern times convention is every 10 years. The National Accounts Statistics series in India have been shifted from 1948-49 to 1960-61 in August 1967; from 1960-61 to 1970-71 in January 1978; from 1970-71 to 1980-81 in February 1988; from 1980-81 to 1993-94 in February 1999; from 1993-94 to 2004-05 in Jan 2006. Thereafter it was changed to 2011-12 in January 2015.
Then in 2017 the base year was again shifted to 2017-18 from 2011-12. With the exercise in 2015 the statisticians added 1.5 to 2% to GDP and the cheerleaders of Goverment. It also needs to be pointed out that imports are a negative entry in the GDP calculation. So, if imports fall, the GDP rises automatically, assuming everything else stays the same. Falling oil imports are a big reason for the pick-up in the GDP growth, during Modi's tenure as prime minister. Not hard work.
And much against convention the government refused to release back claculations. And finally when the back calculations was released UPA2 growth averaged at 10.2% much higher than NDA1. The smart government immediately pull down the back calculations.The GDP growth shown by data manipulation has hit India bad. The NDA goverment had introduced a new methodology of calculating GDP in 2015 few months after NDA government took charge. The Central Statistics Office updated base year for GDP calculation to 2011-12 from January 2015, replacing the old series base year of 2004-05.
The base year revision exercises are internationally accepted practice to capture the changing structure of the economy. Base year shifting happens every 10 to 20 year so that new economy industries are also included in GDP calculation. In mordern times convention is every 10 years. The National Accounts Statistics series in India have been shifted from 1948-49 to 1960-61 in August 1967; from 1960-61 to 1970-71 in January 1978; from 1970-71 to 1980-81 in February 1988; from 1980-81 to 1993-94 in February 1999; from 1993-94 to 2004-05 in Jan 2006. Thereafter it was changed to 2011-12 in January 2015.
Then in 2017 the base year was again shifted to 2017-18 from 2011-12. With the exercise in 2015 the statisticians added 1.5 to 2% to GDP and the cheerleaders of Goverment. It also needs to be pointed out that imports are a negative entry in the GDP calculation. So, if imports fall, the GDP rises automatically, assuming everything else stays the same. Falling oil imports are a big reason for the pick-up in the GDP growth, during Modi's tenure as prime minister. Not hard work.
And much against convention the government refused to release back claculations. And finally when the back calculations was released UPA2 growth averaged at 10.2% much higher than NDA1. The smart government immediately pull down the back calculations.
I agree gross GDP is meaningless. It is the per capita gdp that matters and it is increasing and the foundations have been laid for a rapid growth in per capita gdp in the near future.
Well per capita GDP does not give u a good picture either ...its per capita GDP and inequality together that gives u some picture.
Why judging india 🇮🇳 with gdp it’s can be manipulated judging countries economy must be with currency weightage only
It was an example of Attribution Theory for Prof Panagariya to say that his views have nothing to do with his political beliefs about the current formation but Prof Basu's views have the colour of his political leanings; it is when both have served with the respective Govt as also now tweet in support of their tenure of Governace.
I take the liberty of bringing out that Prof Panagariya's views on great handling of Covid by Modi Govt and discarding the CMIE data shows where he stands.
The academics have also become politicians by attributing motives to each other although one can say that the views of both had the influence of political party that they have associated with.
Kaushik Basu is a Congress bhakht. But people still remember the mismanagement and corruption charges of last congress sarkar.
Turned out to be exaggeration... What happened to coal gate and 2g scam ? 😂 It was pretty bad propaganda ...this govt is most corrupt govt India have seen... Hint electoral bond and privatisation collectively.
A bhakt sighted! Has your efficient and honest government ever been able to prove the so called corruption of UPA govt? Period.
The regular bonus fr Kaushik stopped since 2014...poor guy ..in every interview relating to economy, he will talk about hatred..
He doesn't care about bonus, he was serving as the chief economist of world bank in 2014 with an handsome salary !
Ndtv bigh cuuka hal.
Over the past year, Kaushik Basu has lost all credibility in my eyes with all the things he has said. He has been overtly subservient to the Congress.
Why Arvind is so frustrating and angry 😡
coz they r librandus..................🙃
Professor Basu a concrete and accurate assessment of the reality
Thank God panagriha is no longer involved in india's affairs. This guy, like his master modu, lives in the past. Basu certainly made more sense and he confesses that his political leaning does matter. That is not the point. Who made more economic sense is the point.
G 7 Here we come.
Leftist economist and subtle anti modi push by ndtv does not matter. Masses will vote bjp back to power in 2024 like in 2019 since they have benefitted.
As per inequality adjusted human development index, distribution of income and wealth, poverty, malnutrition, per capita income, India is amongst the lowest in the world today.)
One must be a completely full of crony vested interest like the current Modi government to not see that. (Modi solution, sell everything to Adani and Ambani.)
This Panagsriya is obviously a bhakt
Can there be any doubt about it? He says the pandemic was handled well. The world knows better.
And who are you..?? A outcome of halala product..??
@@lgopalakrishnan3181 Seriously. In a country like India, where not all new borns are given vaccination. Modi gave close to 2 billion jabs to all adults. Are you f@lking kidding me?
tu ja machli kha ..................
Is this chap a bjp spokesperson?
Is the other chap a Congressi spokesman????
I cannot uderstant your Discussion on Economy. When all resoeces are directed to Adaani, Amabani and other Cooperates who support BJP, They are buyint all PSU Asses at 30% of the value,
all the laws are beiung made in favour of cooperates, you are manuplating the system, what is the Purpose of the debate. What are you trying to prove. When Modi and his ministers don't have any press conference, they don't answer question in Parlaiment, and you arrange debate with people who don't have any power except advice, what is going to change.
Manilal Shah
Every successful society has pro-corporate laws
You are a Gujarati, you know why Gujarat is low in unemployment, infra, and development. Only because of entrepreneurship. Helping corporate helps in creating jobs. Look at USA. It is far more corporatized that India, still has very low unemployment.
@@srinisbir8781 it is absolutely stupid to compare India with usa ...usa and Europe both were benefited from colonialism ...the great gap in education in usa and India different for communities. And lastly we don't have anything as anti trust law aabcompared to usa... Privatization to just few handful gujrati people will destroy the large section of country.
@@srinisbir8781 and I can tell you don't really look at data ...unemployment in gujrat is rising significantly as well.
@@tarunmedi but that is after pandemic. Even before pandemic, Kerala had one of lowest employment rates in India.
Last quarter - pandemic🤔🤔
Partho mukherjee and Arpita Mukherjee, money swindler duo.
Prof Basu is a well known and reputed economists.
Learns his economics from taxi drivers
The realisation I have come to is that Economists cannot be apolitical. Politics and Economics have their roots in the same places. They are Sayami twins
Having said that I find Dr Basu's points more persuasive.
Disclosure: I hate RSS. I feel that they are evil.
Most countries in the epicenter of WW2 became struggiling countries in 1945.
There is data in the Madison project that validates that countries who were destroyed in WW2 and India were indeed similar in their per Capita GDP. Seen where they are now and where we are.The case of Poland and other former Soviet occupied countries are especially interesting. Actually the case of Soviet block and India were similar in 1990. But the difference is that after 1990 the former Soviet countries rejected the soviet model completely, and hence they saw a sharp rise in their economies( Czech republic, Poland, Hungary) but Indian leftists (which means primarily congress) are still romantisizing about the leftist economic model in 2022!!! Just let that sink in..
It is also interesting that the Soviet block had to remain leftist enonomies beacuse they were occupied by USSR by force, they had no real choice until the economic collapse in 1990. But India had no such force occupying us. We remained a leftist economy just because of the congress leadership thought so.
The point about MMS is funny because MMS himself has stated that he himself had advised Indira Gandhi in 1971 about the need to liberalize. And he had to do it himself 20 years too late. The heights of hypocracy from congress loyalists is just mind blowing
that's interesting....I know Indias Nehruvian Socialist Policy was a Disaster for Indian Economy.. but you articulated better 👌👌👌
that's interesting....I know Indias Nehruvian Socialist Policy was a Disaster for Indian Economy.. but you articulated better 👌👌👌
Arvind panadhai
One guy stomach is growing so big that is adani it will burst when 56 goes bust
NDTv is the best, unbiased, analytical!!