Why India's Economy Is Broken | The Express Economist With Prof. Ashoka Mody
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- čas přidán 13. 06. 2024
- Speaking to The Indian Express' Deputy Associate Editor Udit Misra, Prof. Ashoka Mody, Visiting Professor, Princeton's School of Public and International Affairs talked about his new book. He has authored "India Is Broken" where he throws light on how every government since Independence has failed India on the issue of unemployment. We deep dive into the book and its thought-provoking content. Watch the full episode.
00:00 - Intro To Prof. Ashoka Mody
03:15 - Why Write This Book
10:33 - Are You Infusing Some Amount Of Reality?
13:48 - Why Unemployment A Central Metric
22:10 - US Fed's Dual Mandate
23:40 - Politics & Unemployment Data
31:40 - Why Is Unemployment Never A Political Issue?
40:55 - How To Kickstart This Issue?
#ExpressEconomist #AshokaMody #IndiaUnemployement
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Some great pointers in the talk. Inequality needs to be addressed through reforms focussed on accountability. Anybody who has been to Vietnam, Bangkok or Malaysia can tell the difference in livability of places. Our cities are getting ruralised. Stray animals, shabby broken infrastructure and crime.
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution)........
India never had communism and socialism....In communism and socialism any nations can develop very fast because there is no exploitation and corruption in Communism and socialism....India had feudalism political system(corruption and loot political system) after independence so India is a broken nation(failed nation now)
@@jonsonben8728 what are you even talking because of socialism India suffered for 50 years. Isn't our economy built on Russian socialism? Bectof that model we suffered with lots of corruption. Even china jailed many communist comrades 😅
@@vishvapradhan8476 Russian socialism is an oxymoron. That economic ideology is called Communism. Anyways, regardless of socialism, communism or capitalism, high corruptions levels were always there in India hence this reality. Reason: Lack of enough (or even any) high-Quality education in Ethics (or Arts) (Age 3-15) + Lack of quality professional/technical education (Age 7-19/24) among the populace, lesser even in politicians. Just imagine, India is 60-70% uneducated as of 2022(65% live in villages). Heuristic: Even if all villagers in India are literate but not more that 10% of any village can be educated given the standard of education and society there). 3 most important issues to vote on: Education, health and reform for publicly-funded elections.
I left for Kuala Lumpur, Malaysia to bet on a good job opportunity last year. 1+ years in Malaysia, and I can say it is way ahead of India(atleast 2 decades in standard of living, environment, justice and safety; forgetting even about absolute salaries/poverty) even though the top talent and top education institutes are way better than Malaysia (except The Arts and Physical Engg -- Civil/Mechanical ). I would stay here if not for the lack of top quality IT here. But, one thing's for sure. Living in India looks a foolish decision happiness-wise(I was so unhappy there); except my parents are there right now and I miss them.
'Livability has become even worse'. This is so true. My daily life revolves around dealing with basic issues. Recently, someone discovered a shortcut that goes right in front of our apartment in Hyderabad. Now the traffic through the residential colony road is worse than the most busiest street in India. Complaints to traffic police go unheard. Then someone decided to rent their residential house to a local irani chai wala. now there are at least 200 bikes parked at the entrance of our street. Don't know how the Municipal corporation gave permission to open a restaurant in a residential colony. The elderly, kids and women cannot step out of their homes. There is no place to walk. Cars and bikes parked everywhere. Honking incessantly. Feels like we are living in a prison.
Very good interview. We need to fix the accountability which has remained elusive so far
....19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms .....
....
Prof. Mody has made the correct assessment of India's economic situation. Only the hypocrites paint a rosy situation.
Thought provoking interaction!👏👌🙌👍
What a fantastic and lively conversation.
Hatts off to Modi sir and his great real deeper knowledge of the Indian economy.
Thanks, eye opening interview.
My most favourite Author. He has asked very relevant questions; we as a citizens of this country must ponder 💭 over the questions raised by Mr Ashok Modi…. His book must be read by everyone.
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too
Good interview. Really enjoyed listening to the many points that were shared - it is employment and lived realities that matter. But India has forgotten that and settled into a bad equilibrium of receiving freebies and rewarding politicians for that. Along with that, the erosion of social norms (read as rise of bigotry) and lack of accountability is going to hold this country back for the future. Unless the people change.
....50% Indians are unemployed, 30% Indians are uneducated so India will never be a developed country in the next century too...
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians and propaganda media all the times.....India GDP will never cross 10 trillions dollars in future too.........
...
India never had communism and socialism....In communism and socialism any nations can develop very fast because there is no exploitation and corruption in Communism and socialism....India had feudalism political system(corruption and loot political system) after independence so India is a broken nation(failed nation now)
Agree with the assessment that education and female participation are essential for us to make progress
Excellent on india faulty economy
Fantastic point, govt should focus on rbi
...Why China developed very fast???
Mao educated 1 billions Chinese people and taught them true nationalism and maintained law and order and discipline....Mao completely controlled corruption in China during cultural revolution ( 1966-1976) and Deo Xioping transformed Communism into Capitalism from 1980 so China developed very fast but in India there was never any revolutions and major lands and education reforms but Transfer of British feudalism ( jamindaar) democracy to semi- feudalism democracy in India so India is always a poor and failed state now...
There’s quite a bit of partial and informal employment in India.
Please try to conduct the interview in a quieter environment next time.
Clearly the Author drew his political conclusions years ago sitting in Princeton
Then took a few years to write out his book
He needs to do more ground truth research
He really touched pain point of idiot bhaktas. But the truth is the truth. Denying it will not make the issues go away.Though he is not partial to any political party.
No no, everything is hunky dory. India is shining. Please watch the news to see what a great job Vishwaguru is doing.
Make large denomination Indian currency to expire by a due by date!
GDP is a metric shows that the 18:34 country has power to solve problems if there is political will. Employment has come, but the population has continued to grow.
be positive
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too
@@everuttejon9886bro why do much cope
Lol comparing with China.
China was already ahead of india even in 1990.
China was ahead of India in education, healthcare system, economy since 1960 but Western propaganda media demonized communism everywhere all the times....China literacy rate was 65% and India literacy rate was 30% during 1960 and Chinese GDP growth rate was 8% since 1960 to 2018
@@everuttejon9886 yes I know.
Congress screwed india badly.
Fix the audio, someone 3rd is breathing heavy into the mic
......
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms .....
.....
India will grow, at it's own pace...
Good Questions. Somewhat Adequate diagnosis. Poor unsatisfactory answers. What kind of quality employment does Kerala generate? Why does Kerala depend on gulf capitalism? Why is there no manufacturing in Kerala? How does he explain Chinese factories polluting the environment and the exploitative labor regimes? How can you create jobs without manufacturing, and how can you have manufacturing without pollution? Otherwise, the Americans and Europeans would not have outsourced factories to China. Instead, the understated puzzle is why there is so much pollution and exploitation for so little growth. And a related one: why does so little growth produce so many billionaires? 😅
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution)........
......19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms ......
.......
....There is no democracy in India.There is too much corruption, Exploitation, and loot in India where girls and women are not safe and being raped all the times. Its called 19th century Indians Western slavery democracy in India..There is no law and order in India now
10:27
The biggest problem to Indias development is its archiac legal system. The amount of malaise this produces is unfounded. No matter what education system you have. It still will result in low job creation. Markets need an accessible litigation regime to function.
If we have a good legal system, most of the politicians will be in jail
Basic Mic/voice recording is so bad . C'mon Indian Express , you could've done better!
A simple question about the so called “unemployment crisis“. From 2014 to 2020, the GDP grew by 50%. It is impossible that no jobs were created when the economy grew so much. Even highly technologically advanced economy like the US creates huge number of jobs when the economy grows 15-20%. GDP data unlikely to be incorrect because it is corroborated by other data points, e.g. tax collection, GST, etc. So likely the employment data is inaccurate.
....There is no democracy in India.There is too much corruption, Exploitation, and loot in India where girls and women are not safe and being raped all the times. Its called 19th century Indians Western slavery democracy in India..There is no law and order in India now
While it is true that India's population growth has resulted in a larger number of individuals without access to education, this can potentially strain resources and hinder productivity within this particular demographic. Although some jobs are being created, it is debatable whether they are sufficient to accommodate the growing population. It is worth noting that the media's portrayal of this situation may not always align with the reality on the ground.
"From 2014 to 2020, the GDP grew by 50%"; that means about 8 percent growth per year but the statistics of national income do not say so.
Economists should first go around the country and see how people work.
Maybe you should go out of India to see how a functioning system really works.
@@ramkrishnan7328 Interesting suggestion, but not really of interest. I have travelled abroad a lot over the last 40+ years. It is enough to have travelled for business in 35 or more countries. But travelling extensively for project work through India was more interesting, really. Cheers
....There is no democracy in India.There is too much corruption, Exploitation, and loot in India where girls and women are not safe and being raped all the times. Its called 19th century Indians Western slavery democracy in India..There is no law and order in India now
I think no nation can progress w/o general population being disciplined , following rule of law and basic civic sense.
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution)........
The interviewer kept emphasizing “lived experience” vs. data. Really silly. There will always be in every economy, even the richest ones, where lived experiences of some people will be terrible. We cannot make public policy or judgment about a country based on that. The author chose to ignore that poverty came down dramatically, public infrastructure improved substantially, social welfare delivery has become more efficient, overall quality of life has improved dramatically, etc. He seems to have decided the story and then chose some random metrics to support his thesis. Very poor analysis!!!!
Professor opened many different ways to look at India for me. But he is more of pessimistic as his books title and offers little solutions to fix it
It is not his Job to fix the problem
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too...
Hope "anphad" Modi is listening to express economist prof.Mody .
He painted a quite dismal picture of the state of economy
....India never had communism and socialism....In communism and socialism any nations can develop very fast because there is no exploitation and corruption in Communism and socialism....India had feudalism political system(corruption and loot political system) after independence so India is a broken nation(failed nation now)....
Is UPI going to prevent joshimath from sinking 😅😅..the whole world works on visa card...india works with this contraption
Questions:
. Why are most critical books on The Indian economy written by theoreticians and mostly by NRIs living in the Americas
. Why has it been so difficult to employ people for the last decade
. Why have labour rates gone up so much
. Why do these writers have only cellphones and such stuff in their sights
. Interesting to learn from this NRI that the UPI being used by over a billion people is not a plus point
Do these guys live on a different world altogether?
He is not saying that it is not a plus point. He’s says more needs to be done. Is he wrong and why?
@@cledwynfernandes9493 I think you know about the progression of infrastructure, child mortality rate goes down. If you say nothing is happening in india except UPI then you are wrong.
If this is a serious show, why the childish graphics and flashing icons on the screen ? Totally ruined the viewing experience
Andhbakth don't understand
Leftist chutiyas who still run the system and the academia, don't understand their bullshit socialist policies don't work. Modi is just right for name sake but all his economic policies are socialist IAS babu type policies.
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too...
This was frankly a boring sermon. Everyone understands that unemployment is a serious issue. I was hoping to gain some deeper understanding of social and economic issues, this was a disappointing waste .
PS : The lack of seriousness of this discussion is evident from the throw away comment about setting up oil refineries. The facts are that the two states that do a lot of oil refining, Gujarat and Tamil Nadu , have some of the lowest unemployment rates in the country. So much for understanding the complicated dynamics of job creation.
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution)........
.......
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too...
This guy just doesn't make any sense to me. Every technology is required for their own benefit. UPI is crucial for its own way.
Nothing new... China has their e-payment 20 years ahead of indian's.
@@blackknight4996😂😂 typical chingchong. Look at transaction data, India transfers way more money online than China. Noone in the world has something that competes with UPI. Cope harder chung.
Now he is.linking Joshimath with UPI?
He is not but you are.
Sorry but this is one very inarticulate professor . Other commentators have rightly pointed out his inability to make full logical sense or dive deeper .
He has to explain to low iq 82 hindus
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).........
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms ......
.....
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too....
9:08 -- Is UPI going to prevent Joshi Mutt from Sinking ? Is listening to him.. going to purify the air i breath ? Is buying and reading his book, going to remove hunger in this world ? UPI works for all of us. Even a pani-puri guy in a second tier town, uses UPI and scan code...
The country does have a lot of things broken... but firstly a pessimistic approach and second trying to fix it from fundamentals at all times is not possible. At least, we have a Govt./System that is trying to fix and shows a tendency to fix. I think, with the fixing thought in place, things will start getting fixed one by one....
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too...
This guy is a typical western bootlicker publishing copium propoganda pieces
This guy is a typical western bootlicker publishing copium propoganda pieces
Bak lol , only speak and speak .
Doesnt matter if India's Economy is broken. We have Mr Modi as Prime Minister, and he will fix it.
negative mind economist
China was ahead of India in education, healthcare system, economy since 1960 but Western propaganda media demonized communism everywhere all the times....China literacy rate was 65% and India literacy rate was 30% during 1960 and Chinese GDP growth rate was 8% since 1960 to 2018
I find it very hypocritical of him to go and teach in elite US University rather than be a part of change he want to see in India. I never heard anyone saying what has UPI done... It transformed India in a good way.
do u even half as qualified as him to make that statement or are you one of those uneducated dropouts he was referring to?
It looks like the author has no idea of what the status of this country has been for the 6 decades before we got a government that really works. 10 trillion has never been mentioned - he must have heard this in Princeton. 5 Trillion was a target - that is all.
...19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms ....
......
...India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too....
absolutely useless talk
Who are these people ? Out of nowhere suddenly so called experts started mouthing ...how bad it is etc. So it was THAT good before ? 😅
Give him 1 bottle copium from my side
He gave example of China and asked not to compare with Pakistan( Pakistan bit is okay for me) but this ignorant have any idea how China works he gave example of China with what sense? Here we want to build a dam and medha patekar like activist come up ro stop it or delay such project and people like you support them. Here we bring farmers bill and whole activist world goes against it in support of punjabi farmers ignoring rest of India despite knowing the fact that bill was better than okay intiative. We try to build metro and activists protest against it and delay the work. Does this ignorant know nothing of these sorts happen in China. Look how Modi become assertive and whole activist world crying that India is becoming this and that.
I am from chatra Jharkhand for the first a good high way joining chatra and HAZARIBAGH, chatra and gaya came up, electricity, and toilet to every house. And yes UPI is here as well not just for elite Indians. India has limitless limitations unlike any country in the world. It's big populous and diverse. And we are fighting hard to overcome those limitation in order better ourselves. BTW Bangladesh is going down like Sri Lanka. Sri Lanka also had "good" HDI. The useless Index did not work for them.
Well that UPI explanation thing went above my head. Kind of infrastructure they building linking NH2 with Patna route, in coming days it will be game changer. Bodhgaya will expand and that Buddhism circuit will open up opportunities. Many unsatisfactory explanations though.
19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).........
......19th century Indians always trust master American propaganda media with fake news all the times against China and Russia now so India's Economy is Broken and failed country now....Mao 1) educated its mass people and China literacy rate was 90% during 1970 while India only 46%
2) Women participation in workforce..
3) Mao controlled corruption totally ( There is still death penalty for corrupted government officials and Ministers in Chinese constitution).......
4) Revolutionary land reforms .......
...
.
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too
India will be failed for next century too because of Western slavery parliament democratic system and liar politicians .India GDP will never cross 10 trillions dollars in future too