4th GW India Conference on India’s Economic Development and U.S.-India Economic Relations

Tuesday, April 16th, 2024

Elliott School of International Affairs
City View Room

The Institute for International Economic Policy is pleased to invite you to the annual GW India Conference on India’s Economic Development and U.S.-India Economic Relations. This year’s conference will focus on “Making India an Advanced Economy by 2047: What Will it Take” and will feature numerous esteemed individuals and notable speakers. Breakfast, lunch, and coffee included.

This conference is co-sponsored by the Institute for International Economic Policy, the Institute for International Science and Technology Policy, the GW Center for International Business Education and Research, and the Sigur Center for Asian Studies

Conference Agenda

8:30-9:00 a.m. – Breakfast and Registration

9:00-9:05 a.m. – Welcome Remarks

James Foster, Carr Professor of International Affairs and Professor of Economics, GWU

9:05-10:15 a.m. – Opening Keynote Session

Chair: Alyssa Ayres, Dean, Elliott School of International Affairs
Thematic Address: Indermit Gill, Chief Economist, The World Bank, “How Can India Avoid the Middle-Income Trap?”
Keynote Address: V. Anantha Nageswaran, Chief Economic Advisor, GOI, “India’s Path to An Advanced Economy: Growth and Structural Transformation”

10:15-11:15 a.m. – Session 1: “India Macroeconomic Imperatives in a Post-Pandemic World”

Chair: Ajay Chhibber, IIEP Distinguished Visiting Scholar, GWU
Speaker: Sajjid Chinoy, J.P.Morgan, and Member, PM’s Economic Advisory Council
Discussant: Prachi Mishra, Chief, Systemic Issues Division, IMF

11:15-11:30 a.m. – Coffee break

11:30 a.m.-12:30 p.m. – Session 2: “India’s Trade Policy and the Global Environment”

Chair: Atman Trivedi, Partner, Albright Stonebridge Group
Speaker: Arun Kumar, former Assistant Secretary of Commerce, USA and former Head, KPMG, India
Discussants: Judith Dean, Professor of International Economics, Brandeis University

12:30-1:30 p.m. – Lunch Keynote Session

   Chair: Scott Pace, IISTP and SPI Director, GWU

   Lunch Speaker: Dr. Vivek Lall, Chief Executive, General Atomics Global Corporation, on “U.S.-India Technology and Defense Cooperation”

1:30 p.m.-2:30 p.m. – Session 3: “Reducing Inequality and Eliminating Poverty”

Chair: James Foster, GWU
Speaker: Sabina Alkire, Director, Oxford Poverty and Human Development Initiative
Discussants: Nandini Krishnan, Lead Economist, Poverty and Equity, South Asia, The World Bank.

2:30-3:30 p.m. – Session 4: “Social Inclusion and Empowerment”

Chair: Deepa Ollapally, Research Professor of International Affairs, GWU
Speaker: Prerna Singh, Mahatma Gandhi Associate Professor of Political Science and International and Public Affairs, Brown University
Discussant: Irfan Nooruddin, Hamad bin Khalifa Al Thani Professor of Indian Politics, Georgetown University

3:30-3:45 p.m. – Coffee Break

3:45-4:45 p.m. – Session 5: “Climate Change: India’s Pathways and Challenges”

Chair: Maureen Cropper, Distinguished University Professor, University of Maryland
Speaker: Mekala Krishnan, Partner, McKinsey Global Institute
Discussants: Stephane Hallegate, Senior Climate Change Advisor, The World Bank

4:45-5:30 pm – Closing Session: “Pathways to India’s Progress: Breaking the Mould”

Chair: Vivek Arora, Deputy Director, Independent Evaluation Office, IMF
Speaker: Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, Chicago Booth, and 23rd RBI Governor

5:30-6:30 pm – Reception:

Remarks by Junaid Kamal Ahmad, Executive Vice President of MIGA

 

About the Keynote Speaker

Dr. V. Anantha Nageswaran serves as the Chief Economic Advisor to the Government of India. He wrote a weekly column for Mint for 15 years, as well as co-authored four books. Prior to his current role, Dr. Nageswaran was a part-time member of the Economic Advisory Council to the Prime Minister of India for 2 years and is an honorary senior advisor to the International Financial Services Authority of India. Between 1994 to 2011, he held several positions including Currency Economist at the Union Bank of Switzerland, Head of Research and Investment Consulting in Credit Suisse Private Banking in Asia, and Head of Asia Research and Global Chief Investment Officer at Bank Julius Baer. He graduated from the Indian Institute of Management, Ahmedabad with a Masters in Business Administration and received his PhD in Finance from the University of Massachusetts in Amherst.

 

About the Thematic Address

 

Indermit Gill is Chief Economist of the World Bank Group and Senior Vice President for Development Economics. Before starting this position on September 1, 2022, Gill served as the World Bank’s Vice President for Equitable Growth, Finance, and Institutions, where he helped shape the Bank’s response to the extraordinary series of shocks that have hit developing economies since 2020. Between 2016 and 2021, he was a professor of public policy at Duke University and non-resident senior fellow at the Brookings Institution’s Global Economy and Development program. Gill led the World Bank’s influential 2009 World Development Report on economic geography. His work includes introducing the concept of the “middle-income trap” to describe how countries stagnate after reaching a certain level of income. He has published extensively on key policy issues facing developing countries—among other things, sovereign debt vulnerabilities, green growth and natural-resource wealth, labor markets, and poverty and inequality. Gill has also taught at Georgetown University and the University of Chicago. He holds a Ph.D. in economics from the University of Chicago.

 

About the Session Speakers

Sajjid Z. Chinoy is J.P. Morgan’s Chief India Economist and also serves on the Advisory Council to the 15th Finance Commission set up by the Government of India. He has previously worked at the International Monetary Fund (IMF) and McKinsey & Company. He has also previously served as a member of the RBI’s “Expert Committee to Revise and Strengthen the Monetary Policy Framework” that proposed inflation targeting in India, was a consultant to the FRBM Review Committee set up by the government to proposed a new fiscal anchor, and a member of the Indian Banks Association (IBA) Monetary Policy Group. Since 2014, he has been ranked as one of the “Best Individuals in Research in India” by Asset Magazine. He has authored several publications on the Indian economy including co-editing a book on Indian economic reform: “Reforming India’s External, Fiscal and Financial Policies” with Dr. Anne O. Krueger. He received his Ph.D. in economics at Stanford University in 2001.

 

Arun Kumar most recently served as the Chairman and CEO of KPMG in India, an organization consisting of several thousand professionals engaged in providing assurance, tax, and advisory services. He was a member of the global board of directors of KPMG. He previously served in President Obama’s Administration as Assistant Secretary of Commerce for Global Markets and Director General of the U.S. & Foreign Commercial Service (USFCS). As the Administration’s lead official to promote U.S. exports, foreign direct investment, and enhanced market access around the world, he led a team of 1,700 professionals in 78 countries and all 50 United States. Prior to his stint in Washington, DC, Arun was a partner and a member of the board of KPMG LLP in the US. Based in Silicon Valley, he led KPMG’s Management Consulting practice in the West for many years. He has also been a company mentor and entrepreneur in Silicon Valley. Arun is a member of the Council on Foreign Relations. He is the author of The Global Trade Paradigm (HarperCollins, 2023) as well as two books of poetry.

 

Dr. Vivek Lall is the Chief Executive of General Atomics Global Corporation based in San Diego, California. GA and affiliated companies operate on five continents. The company produces a series of unmanned aircraft (Predator/Reaper/Guardian), produces electro-magnetic aircraft launch and recovery systems, satellite surveillance, electro-magnetic rail gun, high power laser, hypervelocity projectile, and power conversion systems, is the principal private sector participant in thermonuclear fusion research through its internationally recognized DIII-D Facility.

GA is also a leader in development of next-generation nuclear fission and high-temperature materials technologies. Lall has been appointed to the following Boards: Advisory Board of the Quad Investors Network, United States Technical Team member to the NATO STO (Science and Technology Organization),Industry Advisory Board of the American Society of Mechanical Engineers (ASME),International Advisory Group of the US Chamber of Commerce, Board of Directors of US Japan Business Council, Global Board of Directors of the US India Business Council, Senior Advisor to the Center for Commerce and Diplomacy at the University of California San Diego, Board of the Center for Advancing Global Business at San Diego State University and US Cabinet Secretary heading Department of Transportation. Lall served as Vice President of Aeronautics Strategy and Business Development at Lockheed Martin, Chief Executive of U.S. and International Strategic Development at General Atomics Electromagnetic Systems and held leadership roles with The Boeing Company where he was appointed as Vice President and India Country Head, Boeing Defense Space & Security.

In addition, he has worked as an adjunct faculty member at Embry- Riddle, McConnell Air Force Base, served as the founding Co-Chair of the US-India Aviation Cooperation Program and prior to Boeing he worked for Raytheon and conducted research with NASA Ames Research Center in various multidisciplinary engineering fields. Lall was also a special advisor to the United Nations in New York in broadband and associated cyber security issues. He earned a Bachelor of Mechanical Engineering degree from Carleton University in Canada, a Masters of Aeronautical Engineering degree from Embry-Riddle Aeronautical University in Florida, his Ph.D. in Aerospace Engineering from Wichita State University in Kansas, his MBA from City University in Seattle and has completed management and executive courses at the American Management Association in Washington DC.

He was also conferred the President’s Lifetime Achievement Award by the President of the United States of America in September 2022, conferred the “World Leader Award” by the House of Lords in the United Kingdom in 2023 and the Golden Peacock award by the Institute of Directors (IOD) at United Arab Emirates in 2024. He is also an Ambassador of the State of Arkansas and a Kentucky Colonel which is the most well-known US colonelcies conferred to several past US Presidents. He was granted the Grand Cross by His highness Mahmoud Salah Al Din Assaf and Cambridge (UK) has listed him as one of only 2000 Outstanding Scientists of the Twentieth Century as well was President of the Mathematical Association of America. He has authored over hundred articles in various journals. He was also trained as a private pilot at the Phoenix International Flight Training Center in Florida.

 

Sabina Alkire directs the Oxford Poverty and Human Development Initiative (OPHI) at ODID. Her research interests include multidimensional poverty measurement and analysis, welfare economics, the capability approach, the measurement of freedoms and human development. Together with Professor James Foster, she developed the Alkire-Foster (AF) method for measuring multidimensional poverty, a flexible technique that can incorporate different dimensions, or aspects of poverty, to create measures tailored to each context. With colleagues at OPHI this has been applied and implemented empirically to produce a Multidimensional Poverty Index (MPI). The MPI offers a tool to identify who is poor by considering the range of deprivations they suffer. It is used to report a headline figure of poverty (the MPI), which can be unpacked to provide a detailed information platform for policy design showing how people are poor nationally, and how they are poor by areas, groups, and by each indicator. Previously, she worked at the George Washington University, Harvard University, the Human Security Commission, and the World Bank. She has a DPhil in Economics from the University of Oxford. She holds a DPhil in Economics, an Msc in Economics for Development and an MPhil in Christian Political Ethics from the University of Oxford.

Prerna Singh is Mahatma Gandhi Associate Professor of Political Science and International Studies, with appointments in the School of Public Health and the Department of Sociology at Brown University. She has published numerous award-winning books and articles on human development, public health, ethnicity and nationalism. Her first book, How Solidarity Works for Welfare was awarded best book prizes from both the American Political Science and the American Sociological Associations. Singh has been awarded fellowships by the Center for Advanced Study of Behavioral Sciences at Stanford University, the Social Science Research Council, the Andrew Carnegie foundation, the American Academy of Berlin, the Harvard Academy for International and Area Studies, and the American Institute of Indian Studies. She has shared her research with scholarly, policy and popular audiences in over a hundred lectures, including keynote addresses, delivered across twenty different countries.

 

Mekala Krishnan is a partner at the McKinsey Global Institute (MGI), McKinsey’s business and economics research arm. Her research focuses on topics related to sustainable and inclusive growth, including climate risk and the net-zero transition, globalization, productivity growth, and gender economics. Her most recent research focuses on the net-zero transition, adaptation and physical climate risk across sectors and geographies, including its implications for companies and countries. She is an author of the recent MGI reports, The net-zero transition: What it would cost, what it would bring, From poverty to empowerment: Raising the bar for sustainable and inclusive growth, and Climate risk and response: Physical hazards and socioeconomic impacts. Her past research has focused on the risks facing global value chains and the future of globalization. Mekala is a frequent speaker on these topics at global conferences as well as with executives at Fortune 500 companies. She has authored numerous articles and her work has been cited in leading business publications, including The Financial Times, The Wall Street Journal, The Economist, and Harvard Business Review. Mekala serves on a Bretton Woods Committee working group on climate finance and on advisory boards for the Greater Boston Chamber of Commerce and for the Sibley School of Mechanical Engineering at Cornell University. She is also on the board of the Global Fund for Women, a leading public foundation dedicated to improving global gender equality. She was previously a member of a task force at the Hutchins Center on Fiscal and Monetary Policy at Brookings focused on improving productivity measurement. Mekala received her Ph.D. and M.S. degrees in Mechanical Engineering from Cornell University in 2011. Prior to Cornell, she received a Bachelor of Technology degree in Mechanical Engineering in 2006 from the Indian Institute of Technology Delhi.

Raghuram Rajan Raghuram Rajanis the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School. Prior to that, he was the 23rd Governor of the Reserve Bank of India from 2013 to 2016, as well as the Vice Chairman of the Board of the Bank for International Settlements from 2015 to 2016. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. Dr. Rajan’s research interests range from banking and monetary policy to corporate finance, political economy, communities, and economic development. He co-authored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. In 2019, his book, The Third Pillar: How Markets and the State Leave the Community Behind was a finalist for the Financial Times/McKinsey Business Book of the Year Award. His most recent book, with Rohit Lamba, is Breaking the Mold on reimagining India’s economic future. Dr. Rajan was awarded the inaugural Fischer Black award for the best financial economist under the age of 40 in 2003, the Deutsche Bank prize for financial economics in 2013, the Euromoney Central Bank Governor of the Year in 2014, and Banker magazine’s Global Central Bank Governor of the Year in 2016. 

About the Reception Speaker

Junaid Kamal Ahmad is Vice President of Operations at the Multilateral Investment Guarantee Agency (MIGA), the Political Risk Insurance and Credit Enhancement arm of the World Bank Group (WBG). He is responsible for advancing and enhancing MIGA’s brand partnering across WBG and with financial institutions, private investors, and development actors to originate and pursue meaningful, impact-driven projects. Mr. Ahmad also leads the Operations team of the Agency to deliver on MIGA’s mandate of mobilizing private finance for development projects in emerging markets and developing economies (EMDEs).

Mr. Ahmad, a Bangladeshi national, was previously the Country Director for the World Bank in India. He joined the Bank in 1991 as a Young Professional and worked on infrastructure development in Africa and Eastern Europe. He has since held several management positions, leading the Bank’s programs in diverse regions including Africa, the Middle East and North Africa, and South Asia. Mr. Ahmad served as the Chief of Staff and earlier as Special Assistant to the President of the World Bank Group. During a part of his time at the Bank, Mr. Ahmad was based in Johannesburg and New Delhi and in 2004, he was a core member of the World Development Report: Making Services Work for Poor People.

Throughout his career, Mr. Ahmad has focused on the role of service delivery in building and leveraging state capability and markets towards the goals of economic development and sustainability. In his work, Mr. Ahmad has focused on public finance and federalism and the management of urban governments across diverse country contexts from fragile and conflict settings, low and middle income, to large federations.  In addition, he has worked on public-private partnerships in infrastructure sectors and with municipal governments, focusing on the mobilization of private equity and long-term debt from capital markets. As the first Senior Director of the World Bank’s Water Global Practice and the former Country Director for India, Mr. Ahmad initiated and oversaw multi-billion-dollar sector and country programs covering finance, infrastructure, and human development. He is recognized for his strategic leadership of teams to deliver impact at scale.

Mr. Ahmad holds a PhD in Applied Economics from Stanford University, a 2-year MPA from Harvard University and a BA in Economics from Brown University. Prior to joining the World Bank Group, Mr. Ahmad worked in the Planning Commission, Government of Bangladesh, in the areas of trade and industrial policy. Mr. Ahmad has published on fiscal federalism and decentralization and on various aspects of infrastructure reform and service delivery.

U.S. India Cooperation in a Changing Global Economy and India’s Pathways to Success

Thursday, April 20th, 2023
5:00-7:00 p.m EDT
In-Person

We are pleased to invite you to a panel on, “U.S. India Cooperation in a Changing Global Economy and India’s Pathways to Success” with speakers Dr. Uma Ganesh (Global Talent Track), Dr. Ejaz Ghani (Pune International), Dr. Remi Jedwab (IIEP), and Dr. Ganesh Natarajan (5F World) and moderator Pallabi Saboo. This event is co-sponsored by TiE DC and the Harvard Club of Washington DC.

 

About the Speakers:

Dr. Uma Ganesh is an expert in entrepreneurial strategy, skills development, and digital employee management platforms. She is the Founder of Global Talent Track, a leading vocational skills company that uses a blended learning model to bridge academia and the industry. She is the Co-Founder of 5F World, a platform for global consulting, investing, and mentoring in digital skills and digital transformation for start-ups and social enterprises, and has authored multiple books on knowledge, management, and digital success.

 

 

 

Dr. Ejaz Ghani is a Senior Fellow at Pune International. He is a former Lead Economist at the World Bank and former consultant at the International Labour Organization, the United Nations Conference on Trade and Development, and UNICEF. He previously was a Professor of Economics at Oxford University and Delhi University. He is an expert on topics including economic growth, macroeconomic policy, poverty, employment, entrepreneurship, urbanization, gender trade, decentralization, and agriculture.

 

 

 

Dr. Remi Jedwab is an associate professor of Economics and International Affairs at the Elliott School and the Department of Economics of George Washington University, the Director of the Institute for International Economic Policy and the Director of the ESIA Initiative on Climate Change and Sustainable Cities at George Washington University, and an Affiliated Scholar of the Marron Institute of Urban Management at New York University. Professor Jedwab’s main fields of research are urban and real estate economics, development and growth, environmental economics, and labor economics. Some of the issues he has studied include urbanization and structural transformation, urban construction and climate change, the economic determinants and effects of transportation infrastructure, and the roles of institutions, human capital and technology in development and growth. He is the co-founder and co-organizer of the World Bank-GWU Urbanization and Poverty Reduction Conference and the Washington Area Development Economics Symposium.

 

 

 Dr. Ganesh Natarajan is the Co-Founder of 5F World, a platform for global consulting, investing, and mentoring in digital skills and digital transformation for start-ups and social enterprises. He is the Chairman of Honeywell Automation India and Lighthouse Communities Foundation, as well as a Central Board Member of the State Bank of India, Global Talent Track, and AVPN Singapore.

 

 

 

 

About the Moderator:

Pallabi Saboo is the Executive Chair and Founder of Harmonia Holdings Group, LLC. She serves on the Fairfax Economic Development Authority Board, Asian American Chamber of Commerce Board, George Mason University President’s Innovation Advisory Council, The Indus Entrepreneurs (TiE) DC Board, Northern Virginia’s Chamber of Commerce Strategic Leadership Board of Advisors, and as an Officer of the Harvard Club of Washington DC. She was named one of the Top 25 Female CEOs in the DMV in 2008 and received the US President’s Volunteer Service Award in 2021

 

Ashoka Mody on “India Is Broken: A People Betrayed, Independence to Today”

Thursday, March 2nd, 2023
9:00 am EST, 7:30 pm IST
via Zoom

We are pleased to invite you to a joint virtual event with the Sigur Center for Asian Studies. This event will feature panelist remarks from Ashoka Mody, Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. Sadanand Dhume, Senior Fellow at the American Enterprise Institute, and Dr. Jaimini Bhagwati, Distinguished Fellow at the Centre for Social and Economic Progress (CSEP), will provide discussant remarks.

Ashoka Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. Previously, he was Deputy Director in the International Monetary Fund’s Research and European Departments. He has also worked at the World Bank, University of Pennsylvania, and AT&T’s Bell Laboratories. Mody has advised governments worldwide on developmental and financial projects and policies, while writing extensively for policy and scholarly audiences.

India Is Broken: A People Betrayed, Independence to Today is a provocative new account of how India moved relentlessly from its hope-filled founding in 1947 to the dramatic economic and democratic breakdowns of today.

When Indian leaders first took control of their government in 1947, they proclaimed the ideals of national unity and secular democracy. Through the first half-century of nation-building, leaders could point to uneven but measurable progress on key goals, and after the mid-1980s, dire poverty declined for a few decades, inspiring declarations of victory. But today, a vast majority of Indians live in a state of underemployment and are one crisis away from despair. Public goods—health, education, cities, air and water, and the judiciary—are in woeful condition. And good jobs will remain scarce as long as that is the case. The lack of jobs will further undermine democracy, which will further undermine job creation. India is Broken provides the most persuasive account available of this economic catch-22.

Challenging prevailing narratives, Mody contends that successive post-independence leaders, starting with its first Prime Minister, Jawaharlal Nehru, failed to confront India’s true economic problems, seeking easy solutions instead. As popular frustration grew, and corruption in politics became pervasive, India’s economic growth relied increasingly on unregulated finance and environmentally destructive construction. The rise of a violent Hindutva has buried all prior norms in civic life and public accountability.

Combining statistical data with creative media, such as literature and cinema, to create strong, accessible, people-driven narratives, this book is a meditation on the interplay between democracy and economic progress, with lessons extending far beyond India. Mody proposes a path forward that is fraught with its own peril, but which nevertheless offers something resembling hope.

The Envisioning India series is organized under the stewardship of IIEP Director Remi Jedwab, Associate Professor of Economics and International Affairs, and IIEP Distinguished Visiting Scholar Ajay Chhibber.

About the Discussants:

Picture of Jaimini BhagwatiJaimini Bhagwati is currently a Distinguished Fellow at the Centre for Social and Economic Progress (CSEP), Chairman of the Infrastructure Development Finance Corporation (IDFC) Asset Management Trustee Company, and Board member of IDFC Limited. Amb. Bhagwati was India’s High Commissioner to the United Kingdom and India’s Ambassador to the European Union, Belgium, and Luxembourg. He has held senior positions in the Indian Ministry of External Affairs, Ministry of Finance, Department of Atomic Energy and the World Bank Treasury. His responsibilities at the World Bank included bond funding including execution of over-the-counter derivatives transactions. Between 2013-2018 Amb. Bhagwati was the Reserve Bank of India Chair Professor at ICRIER. Amb. Bhagwati was educated at St. Stephen’s College, New Delhi, Tufts University, and Massachusetts Institute of Technology (MIT), USA.

Picture of Sadanand DhumeSadanand Dhume (Senior Fellow, American Enterprise Institute) is a Senior Fellow at the American Enterprise Institute, where he writes on South Asian political economy, foreign policy, business, and society, with a focus on India and Pakistan. Mr. Dhume has served as India bureau chief of the Far Eastern Economic Review and as Indonesia correspondent of FEER and the Wall Street Journal – Asia, and is currently a South Asia columnist for the Wall Street Journal. Previously, he was Bernard Schwartz Fellow at the Asia Society in Washington, D.C. He has written articles and op-eds for Foreign Policy, Forbes, Commentary, YaleGlobal, the Washington Post, and other publications. His television appearances include CNN, PBS, BBC World, Al Jazeera International, CNBC Asia and ABC Television. His political travelogue about the rise of radical Islam in Indonesia, My Friend the Fanatic: Travels with a Radical Islamist, has been published in four countries. His upcoming book discusses the rise of a new right in India and its impact on Indian democracy.

Understanding Poverty Dynamics and the Impact of the Pandemic

Wednesday, March 2nd, 2022
8:30 – 10:00 a.m. EST / 7:00 – 8:30 p.m. IST
via Zoom

We were pleased to invite you to the sixth webinar in the 2021-2022 Envisioning India series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. This is a platform for dialogue and debate. We invite you to engage with us in this series of important discussions.

This event featured Professor Anirudh Krishna of Duke University to discuss “Understanding Poverty Dynamics and the Impact of the Pandemic.” Dr. Sekhar Bonu (NITI Aayog, India) and Christian Oldiges (UNDP) provided discussant remarks.

In this talk, Professor Anirudh Krishna discussed how income- and consumption-based measures are handy but provide an ephemeral and incomplete assessment of people’s underlying poverty status. Measures based on assets and capabilities more reliably reflect people’s structural situations, providing a better handle on sustained earning ability. He examined changes in longer-term poverty over the Covid-19 pandemic using the Stages-of-Progress method. He selected locations where he had collected household-level data several years earlier. On-the-ground surveys in one rural part undertaken in July and August 2021 show that while households’ incomes fell sharply, there was no accretion of longer-term poverty. In urban slums, however, structural poverty increased; assets and capabilities are considerably eroded. Mounting the appropriate response requires a fine-grained approach; because of differences in local economies, state and national averages are misleading.

The Envisioning India series is organized under the stewardship of IIEP Director Jay Shambaugh, Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber.

Abstract: Income- and consumption-based measures are handy but provide an ephemeral and incomplete assessment of people’s underlying poverty status. Measures based on assets and capabilities more reliably reflect people’s structural situations, providing a better handle on sustained earning ability. We examine changes in longer-term poverty over the Covid-19 pandemic using the Stages-of-Progress method. We select locations where we had collected household-level data several years earlier. On-the-ground surveys in one rural part undertaken in July and August 2021 show that while households’ incomes fell sharply, there was no accretion of longer-term poverty. In urban slums, however, structural poverty increased; assets and capabilities are considerably eroded. Mounting the appropriate response requires a fine-grained approach; because of differences in local economies, state and national averages are misleading.

About the Speaker

Picture of Anirudh KrishnaAnirudh Krishna (PhD in Government, Cornell University, 2000; Master’s in Economics, Delhi University, 1980) is the Edgar T. Thompson Professor of Public Policy and Political Science at Duke University. His research of the past 25 years investigates how poor communities and individuals cope with the structural and personal constraints that result in poverty and powerlessness. Krishna has written more than seventy journal articles, and has eight books, including One Illness Away: Why People Become Poor and How they Escape Poverty and The Broken Ladder: The Paradox and the Potential of India’s One-Billion. For this body of work, Krishna was awarded an honorary doctorate by Uppsala University, Sweden, and received other academic awards. Before returning to academia, Krishna spent 14 years with the Indian Administrative Service, managing diverse rural and urban development initiatives. He has consulted with the World Bank, the United Nations, national governments, and non-government organizations.

About the Discussants

Dr. Sekhar Bonu joined as the Director General of Development Monitoring and Evaluation Office (DMEO) in April 2019. The Government established DMEO in September 2015 as an attached office of the NITI Aayog to fulfil the monitoring and evaluation mandates assigned to NITI Aayog. Before joining NITI Aayog, Dr. Bonu worked with the Asian Development Bank (ADB) in Manila for 15 years. At ADB, he worked in health, urban infrastructure development and regional cooperation, mainly in South Asia. Dr. Bonu worked in the Indian Administrative Services and served as a civil servant in Rajasthan between 1987-2003, among others, as district magistrate, director of primary and secondary education, chief executive officer of state-owned Enterprises. Dr. Sekhar Bonu has a PhD from Johns Hopkins University and is a Chartered Financial Analyst charter holder. He has a wide range of research and operational interests and has published in peer-review journals.

Christian Oldiges is a Development Economist, currently serving as Policy Specialist at the Inclusive Growth team of UNDP/BPPS, New York. He brings more than 10 years of experience in the fields of development economics, policy advocacy and social protection. Previously, as Director of Policy Research at the Oxford Poverty and Human Development Initiative (OPHI), University of Oxford, he has been directly involved in developing national MPIs with governments in South Asia and sub-Saharan Africa. In postdoctoral studies at Oxford, he has written about how 270 million people moved out of multidimensional poverty in India within a decade, poverty reduction and its interlinkages with COVID-19, migration, and conflict, as well as on workfare programs and food security in India. He holds a PhD in Economics (Heidelberg University, Germany) and has studied at Hindu College and the Delhi School of Economics, Delhi University.

India at 75: Systemic Challenges and the Path Ahead

Wednesday, February 23rd, 2022
12:00 – 1:30 p.m. ET
via Zoom

With India — one fifth of humanity and the world’s largest democracy — completing 75 years of independence, it is not only a time for reflection but also a time to take bold actions for an inclusive, sustainable, and prosperous future. The shadow of COVID-19 looms large over the economy despite some signs of economic recovery. The pandemic has exposed major structural weaknesses in the economy as well as its governance. Beyond the pandemic, other major systemic challenges – climate change, disruptive technology, rising inequality, and rising majoritarianism — merit urgent attention.

For India, doing more of the same will yield results we have become familiar with – higher inequality, poor education and health outcomes, high youth unemployment, weak investment growth, diminishing prospects in agriculture and industry, and a problematic banking sector. To tackle the challenges, India needs fundamental change across a range of areas – human capital, technology, agriculture, finance, trade, public-service delivery, and more. New ideas and strategies are needed.

The seminar discussed how India can use the next twenty-five years to restructure its economy, rejuvenate its democratic energy, and unshackle its potential. 

The speakers in this webinar were Ravinder Kaur (University of Copenhagen) and Ajay Chhibber (GWU and Atlantic Council), and was moderated by IIEP Distinguished Visiting Scholar Sunil Sharma, with welcoming remarks by IIEP Director Jay Shambaugh.

This event was cosponsored by the Sigur Center.

 

About the Speakers:

Picture of Ravinder KaurRavinder Kaur is a historian of contemporary India. She is Associate Professor of Modern South Asian Studies and the Director of the Centre of Global South Asian Studies at the University of Copenhagen. Her core research focuses on the processes of capitalist transformations in twenty-first-century India. This is the subject of her most recent book Brand New Nation: Capitalist Dreams and Nationalist Designs in Twenty-First-Century India (Stanford University Press, 2020). This work was selected as the “Financial Times Best Book of the Year” in 2020 and longlisted for the “Kamaladevi Chattopadhyay NIF Book Prize” in 2021. She is also the author of Since 1947: Partition Narratives among the Punjabi Migrants of Delhi (Oxford University Press, 2007; 2nd edition, 2018).

Picture of Ajay ChhibberAjay Chhibber is a Distinguished Visiting Scholar, Institute for International Economic Policy, George Washington University and Non-Resident Senior Fellow at the Atlantic Council. He was the first Director General, Independent Evaluation Office, India, and Distinguished Visiting Professor at the NIPFP. He served as Assistant Secretary General, UN, and Assistant Administrator, UNDP. At the World Bank he was the Country Director in Turkey and Vietnam, and Director of the 1997 World Development Report. He has a PhD from Stanford University, an MA from the Delhi School of Economics and was awarded the David Rajaram Prize for best all-rounder at St. Stephen’s College, Delhi University.

Ajay is the co-author, along with Salman Anees Soz, of the recently published book Unshackling India: Hard Truths and Clear Choices for Economic Revival (HarperCollins, 2022). Unshackling India examines the question: Can India use the next twenty-five years, when it will reach the hundredth year of independence, to not only restructure its economy but rejuvenate its democratic energy, unshackle its potential, and become a genuinely developed economy by 2047? The book argues that India can foster a prosperous and inclusive economy if it sets its mind to it, acknowledges the hard truths and lays out the clear choices and new ideas India must adopt towards that end.

About the Moderator:

Picture of Sunil SharmaSunil Sharma is a Distinguished Visiting Scholar at the Institute for International Economic Policy, Elliott School of International Affairs, The George Washington University, Washington DC, USA, and a Senior Associate at the Council on Economic Policies, Zurich, Switzerland. He was Assistant Director in the IMF’s Research Department from 2015-2018, and the Director of the IMF-Singapore Regional Training Institute (STI) in Singapore from 2006-2015. Before moving to Singapore in 2006, Sunil was Chief of the IMF Institute’s Asian Division in Washington, D.C. Prior to joining the IMF in 1992, he was on the Economics faculty at the University of California, Los Angeles (UCLA). Sunil has a Ph.D. and a M.A. in Economics from Cornell University, a M.A. from the Delhi School of Economics, and a B.A. (Honors) from St. Stephen’s College, Delhi University. He has published widely on economic and financial topics, and his current interests include governance, systemic hazards, complex systems, the international financial architecture, and the institutional structure and design of financial regulation.

Welcoming Remarks:

Picture of Jay ShambaughJay Shambaugh is a Professor of Economics and International Affairs, and Director of the Institute for International Economic Policy at the Elliott School of International Affairs, George Washington University. His area of research is macroeconomics and international economics. He has had two stints in public service. He served as a Member of the White House Council of Economic Advisors from 2015-2017. Earlier, he served on the staff of the CEA as a Senior Economist for International Economics and then as the Chief Economist. He also spent 3 years as the Director of the Hamilton Project at the Brookings Institution. Jay is also a Faculty Research Fellow at the NBER and Non-Resident Senior Fellow in Economic Studies at Brookings. Prior to joining the faculty at George Washington, Jay taught at Georgetown and Dartmouth and was a visiting scholar at the IMF. He received his Ph.D. in economics from the University of California at Berkeley, an M.A. from the Fletcher School at Tufts, and a B.A. from Yale University.

 

IIEP Rethinking Capitalism and Democracy Series

The COVID-19 pandemic, like the global financial crisis a decade ago, has laid bare the cracks in the leading capitalist democracies. Fissures in the political, social, economic, and financial orders, accompanied by an increasingly stressed natural environment, pose serious and possibly existential threats to these societies, as exploding income and wealth inequality subverts the integrity and fairness of markets and elections, weak regulatory oversight increases the likelihood and severity of the next crash, and the visible effects of climate change threaten lives and livelihoods and drive migrations. The three spheres of wellbeing – political and social, economic and financial, and the natural environment, are each becoming more fragile while their complex interrelationships are producing wicked challenges. The IIEP webinar series on Rethinking Capitalism and Democracy examines these difficult questions and possible policy responses.

This event will be co-sponsored by the Sigur Center.

 

Equitable Action for Climate Change

Wednesday, February 9th, 2022
8:30 – 10:00 a.m. EST / 6:30 – 9:00 p.m. IST
via Zoom

We were pleased to invite you to the fifth webinar in the 2021-2022 Envisioning India series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. This is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

This event featured Professor Jyoti K. Parikh, Executive Director of Integrated Research and Action for Development, and Dr. Kirit S. Parikh, Chairman of Integrated Research and Action for Development, to discuss “Equitable Action for Climate Change.” Amar Bhattacharya, Senior Fellow at the Global Economy & Development Program at Brookings Institution, and Shreekant Gupta, Professor at the Delhi School of Economics, provided discussant remarks.

In this talk, Professor Jyoti K. Parikh and Dr. Kirit S. Parikh showed that India can live within its 1.50 C budget without much loss in economic growth or consumer welfare. They show this under the assumption that technical progress in renewables and battery costs take place as is expected and that climate finance and access to technology at reasonable cost are available. They discussed various pathways that India can follow with different outcomes and highlight the roles of technology, behavioral change and finance in achieving them.

They further argued that climate science shows that due to lifetimes of over 100 years of CO2, global warming is a function of the stock of GHGs in the atmosphere, i.e. accumulated emissions over a pathway. Thus the responsibility for climate change of different countries should be based on their cumulated emissions since 1990. This should be the indicators for climate discourse and not just on their annual emissions. An annual fee for parking their emissions in the global space can encourage countries to delay their emissions as well as promote negative emissions. A $1 annual fee per tonne of CO2 space occupied from all countries can collect US $700 billion per year. They suggested that if a substantial portion is given back to countries as compensation for their climate action, it should make such a scheme acceptable to all.

The Envisioning India series is organized under the stewardship of IIEP Director Jay Shambaugh, Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber.

About the Speakers:

Picture of Jyoti K. ParikhProfessor Jyoti K. Parikh is the Executive Director of Integrated Research and Action for Development (IRADe), New Delhi. She was a Member of the Prime Minister’s Council on Climate Change–India and is a recipient of Nobel Peace Prize awarded to IPCC authors in 2007. She served as the senior professor and Acting Director of Indira Gandhi Institute of Development Research (IGIDR), Mumbai 1986-03. IIASA, Austria for 8 years (1980-86, 76-78) and Planning Commission, as senior energy consultant at New Delhi (1978-80).

She has served as energy consultant to the World Bank, the U.S. Department of Energy, EEC, Brussels and UN agencies such as UNIDO, FAO, UNU, and UNESCO, Environment Consultant to UNDP, World Bank and so on. She worked as an advisor to various ministries for Government of India.

She obtained her M.Sc. from University of California, Berkeley, in 1964 and Ph.D. in Theoretical Physics from University of Maryland, College Park in 1967. She has guided Sixteen Ph.D./Masters theses in energy, environment and climate change area and given lectures in more than 40 countries around the world. The topics ranged from vulnerability and adaptation of agriculture, forestry, power sector, construction sector, and carbon emission baselines for power, transport, cement and steel sector.

Her publications include nearly 200 project research papers and 25 books and monographs in the area of energy economics, climate change and modeling, energy technology assessment, rural energy, power sector, environment economics, natural resource management and climate change.

Picture of Kirit S. ParikhDr Kirit S. Parikh is the Chairman of Integrated Research and Action for Development, IRADe, a non-profit think tank that works on policies in the areas of energy, climate change, urban issues, agriculture and poverty. He was honored with Padma Bushan (third-highest Civilian Award) by the President of India in March 2009 and shared the Nobel Prize in 2007 given to IPCC authors. He was a Member of the Economic Advisory Councils (EAC) of five Prime Ministers of India, Atal Behari Vajpayee, P.V. Narasimha Rao, Chandra Shekhar, V.P.Singh and Rajiv Gandhi. He was Member of Planning Commission (2004-09) in charge of Energy, Water and Perspective Planning. He was the principal architect of India’s official Integrated Energy Policy.

He obtained his MTech from IIT-Kharagpur, Doctor of Science in Civil Engineering from MIT and also an S.M. in Economics from MIT. He has been a Professor of Economics since 1967 and was the founding Director of IGIDR. He has authored, co-authored and edited 30 books in the areas of planning, energy and power systems, energy modeling and planning, energy policy, energy economics, inclusive growth, and strategies for low carbon development.

About the Discussants:

Picture of Amar BhattacharyaAmar Bhattacharya is a Senior Fellow at the Global Economy and Development Program at Brookings Institution, Visiting Professor in Practice at the London School of Economics and Co-Lead of the Sustainable Growth and Finance Initiative of the New Climate Economy under the Global Commission on the Economy and Climate. His focus areas are the global economy, sustainable finance, global governance, and the links between climate and development, including on the role of sustainable infrastructure. He co-led the Independent Expert Group on Climate Finance commissioned by the UN Secretary General. From April 2007 until September 2014 he was Director of the Group of 24, an intergovernmental group of developing country Finance Ministers and Central Bank Governors. Prior to taking up his position with the G24, Mr. Bhattacharya had a long-standing career in the World Bank. His last position was Senior Advisor to the President on the Bank’s international engagements and Head of the International Policy and Partnership Group. He completed his undergraduate studies at the University of Delhi and Brandeis University and his graduate education at Princeton University.

Picture of Shreekant GuptaProfessor Shreekant Gupta is Professor, Delhi School of Economics, University of Delhi. He is also President, Indian Society for Ecological Economics and Associate Editor, Indian Economic Review. His areas of research and teaching are environmental economics, public economics, environment and development and climate change economics. In addition to Delhi University he has also taught at the National University of Singapore, Jawaharlal Nehru University and Nazarbayev University.

He received his PhD in Economics from the University of Maryland College Park in 1993, MA Economics from Delhi School of Economics (1982) and BA (Hons) Economics from Shri Ram College of Commerce (1980). He was Fulbright Fellow at the Massachusetts Institute of Technology (2002) and Shastri Fellow at Queens University, Canada (2001).

Prior to joining Delhi School of Economics in 1997, he was Fellow, National Institute of Public Finance and Policy, New Delhi (1993-95) where he headed the Environmental Policy Cell. He has also worked as an environmental economist at the World Bank at Washington DC and as a career economist in the Indian government (Indian Economic Service cadre). His policy experience includes Director of National Institute of Urban Affairs, New Delhi. He is a Lead Author of the forthcoming Sixth Assessment report of the Intergovernmental Panel on Climate Change (IPCC) and was also a coordinating lead author of the IPCC Fifth Assessment Report.

Professor Shreekant Gupta’s Google Scholar profile

Professor Shreekant Gupta’s Delhi School of Economics profile

Unshackling India: Hard Truths and Clear Choices for Economic Revival

Wednesday, February 2nd, 2022

We were pleased to invite you to a joint Elliott School Book Launch Series and IIEP Envisioning India event on Wednesday, February 2nd to discuss Unshackling India. This event featured authors Ajay Chhibber and Salman Soz with discussant remarks by Kaushik Basu (Cornell University), and Martin Wolf (Financial Times). This webinar was moderated by Elliott School Dean Alyssa Ayres, and Elliott School Vice Dean James Foster provided welcoming remarks.

This was the launch of Ajay Chhibber and Salman Anees Soz’s book Unshackling India: Hard Truths and Clear Choices for Economic Revival.

As India enters its seventy-fifth year of independence, conventional policy is unlikely to combat the breadth of its economic challenges. Across a range of areas—human capital, technology, agriculture, finance, trade, public-service delivery and more—new ideas must now be on the table. The COVID-19 pandemic has not only cost India many lives and livelihoods, it has also exposed major structural weaknesses in the economy.

A huge farm and jobs crisis, rising and massive inequalities, tepid investment growth and chronic banking-sector challenges have plagued the economy for many years. The pandemic has exacerbated these challenges. It has also exposed the limitations of the Indian state, which tries to control too much—and ends up stifling the economy and the inherent energies of its young population. Climate change is no longer a distant threat, while disruptive technology has huge implications for India’s demographic dividend. In addition, the dangerous lurch towards majoritarianism will cast its shadow on India’s pursuit of prosperity for all.

Unshackling India examines the question: Can India use the next twenty-five years, when it will reach the hundredth year of independence, to not only restructure its economy but rejuvenate its democratic energy and unshackle its potential and become a genuinely developed economy by 2047? This book argues that India can foster a prosperous and inclusive economy if it sets its mind to it, acknowledges the hard truths and lays out the clear choices and new ideas India must adopt towards that end.

Welcoming Remarks:

Picture of James FosterJames Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank. Prof. Foster received his PhD in Economics from Cornell University and has a Doctorate Honoris Causa from Universidad Autónoma del Estado Hidalgo (Mexico).

About the Moderator:

Picture of Alyssa AyresAlyssa Ayres is the Dean of the Elliott School of International Affairs at George Washington University. Her work focuses primarily on India’s role in the world and on U.S. relations with South Asia in the larger Indo-Pacific. Before joining the Elliott School, she was a Senior Fellow at the Council on Foreign Relations, and Deputy Assistant Secretary of State for South Asia under the Obama administration. She holds a Ph.D. in South Asian Languages and Civilizations from the University of Chicago.

 

About the Speakers:

Picture of Ajay ChhibberAjay Chhibber is Distinguished Visiting Scholar, Institute for International Economic Policy, George Washington University and Non-Resident Senior Fellow at the Atlantic Council. He was the first Director General, Independent Evaluation Office, India, and Distinguished Visiting Professor at the NIPFP. He served as Assistant Secretary General, UN, and Assistant Administrator, UNDP. At the World Bank he served as Country Director in Turkey and Vietnam, and Director of the 1997 World Development Report. He has a PhD from Stanford University, an MA from the Delhi School of Economics and was awarded the David Rajaram Prize for best all-rounder at St. Stephen’s College, Delhi University.

 

Picture of Salman Anees SozSalman Soz is an economic development consultant, author and commentator. He has extensive international experience across a range of economic development issues. Formerly with the World Bank, he now serves as a consultant to international institutions. He is a recipient of the World Bank President’s Award for Excellence. His commentary appears in a variety of media outlets and he speaks regularly on politics, economics, and international affairs. He has an MBA from Yale University, an MA in Economics from Northeastern University, and a BA (Hons) in Economics from St. Stephen’s College, where he was the President of the Students’ Union Society.

About the Discussants:

Picture of Kaushik BasuKaushik Basu is Professor of Economics and Carl Marks Professor of International Studies at Cornell University. He is currently the President of the International Economic Association and a nonresident senior fellow in the Global Economy and Development program at the Brookings Institution. He recently served as Chief Economist at the World Bank and before that was Chief Economic Adviser to the Government of India. During his tenure at the Bank, he regularly co-taught an Elliott School course Game Theory and Strategic Thinking with James Foster, which included a class session in the Preston Auditorium of the World Bank for its 150 GW students. As one student commented “Being taught by Prof. Basu was definitely an Only at GW moment!” He has now returned to Cornell but fondly remembers his time in DC – especially his weekly chats with GW students and his daily strolls across the GW campus from home to work in the Bank, and back again.

Picture of Martin WolfMartin Wolf CBE is Chief Economics Commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000. He was a member of the UK government’s Independent Commission on Banking between June 2010 and September 2011. He is an honorary fellow of Nuffield College, Oxford and King’s College, London.  He has received honorary doctorates from six universities, including the London School of Economics. He is a University Global Fellow of Columbia University, New York. Mr Wolf won the Ludwig Erhard Prize for economic commentary for 2009, the 33rd Ischia International Journalism Prize in 2012,  the Overseas Press Club of America’s prize for “best commentary on international news in any medium” for 2013 and the 2019 Lifetime Achievement Award at the Gerald Loeb Awards. His most recent book is The Shifts and The Shocks: What we’ve learned – and have still to learn – from the financial crisis.

 

The Envisioning India series is organized under the stewardship of IIEP Director Jay Shambaugh, Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber.

Taking on China – the Imperative and agenda for India

Wednesday, November 17th, 2021
8:30 – 10:00 am EDT / 7:00 – 8:30 pm IST

This was the third webinar in the 2021-2022 Envisioning India series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy, a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The Envisioning India series is organized under the stewardship of IIEP Director Jay Shambaugh, Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The third event of the 2021-2022 series featured Ambassador (Retd) Gautam Bambawale (Distinguished Professor, Symbiosis University, Pune, India) and Dr. Ganesh Natarajan (5F World and Lighthouse Communities) to discuss “Taking on China – The Imperative and Agenda for India.” Manjeet Kripalani (Gateway House) and Dr. Jaimini Bhagwati (CSEP) provided discussant remarks.

India and China were more or less comparable in terms of economy size and global influence in the past but the rapid growth of China in the last five decades has taken China to near super power status and an economy which is over four times the size of India (14 trillion vs 3 trillion USD). This has seen increasing belligerence from China in the last year or so and we believe that India must act and act on multiple fronts if we are to retain our position on the High Table of global affairs.

Six senior members of the Pune International Center in India came together over a one year period in 2021-21 to produce a book Rising to the China Challenge: Winning Through Strategic Patience and Economic Growth that has been recently published and widely read in political, diplomatic and economic circles. Our submission is that there is a need for significant policy responses and diplomatic moves on the one hand and a renewed focus on restoring economic symmetry with China on the other to restore some level of equilibrium between the two nations. Two of the authors, Ambassador (Retd) Gautam Bambawale and Dr. Ganesh Natarajan, will present the book.

In the talk, three areas of great importance will be addressed.
1. Redressing the economic imbalance by focusing on industry sectors where India has the opportunity to redress the huge disparity that currently exists in domestic independence and global position, sectors where we have the imperative and the ability to catch up and build much higher values in the years to come and finally areas where India can indeed take the lead and build jobs for the future.
2. Diplomatic responses needed from India by having new models of engagement with global nations of importance, China’s neighbors and India’s own neighbors to counter China’s growing dominance in world affairs.
3. India’s own domestic and international imperatives and policies and programs that are essential to set India on a path of sustained and significant growth as a democratic force of significance to the world.

About the Speakers:

Picture of Gautam BambawaleAmbassador (Retd) Gautam Bambawale was a member of the Indian Foreign Service from 1984 to 2018. He was India’s Ambassador to Bhutan, Pakistan and China. Bambawale was stationed in Washington DC in 2004-07 during the Indo-US nuclear deal which transformed ties between the two countries. He has been India’s first Consul General in Guangzhou (China) 2007-09. He was Director of the Indian Cultural Centre, Berlin 1994-98. Ambassador Bambawale worked in the Prime Minister’s Office 2002-04. At the Ministry of External Affairs he was Joint Secretary for East Asia from 2009-2014. Bambawale has dealt with China for 15 years of his 34 year diplomatic career. He is currently Distinguished Professor, Faculty of Humanities and Social Sciences, Symbiosis International University, Pune.

Picture of Ganesh NatarajanDr. Ganesh Natarajan is Chairman and Co-Founder of 5F World and Lighthouse Communities. He is an investor and mentor to digital platforms and AI entrepreneurs in India and USA. Ganesh is a Board Director of SBI, Hinduja Global Solutions and Asian Venture Philanthropy Network and is Chairman of Honeywell Automation India. Ganesh is an alumnus of IIT Bombay and Harvard Business School and a recipient of IIT’s Distinguished Alumnus Award.

 

 

About the Discussants:

Picture of Manjeet KripalaniManjeet Kripalani is Executive Director of Gateway House. Prior to the founding of Gateway House, she was India Bureau chief of Businessweek magazine from 1996 to 2009. During her extensive career in journalism (Businessweek, Worth and Forbes magazines, New York), she has won several awards, including the Gerald Loeb Award, the George Polk Award, Overseas Press Club and Daniel Pearl Awards. Kripalani was the 2006-07 Edward R. Murrow Press Fellow at the Council on Foreign Relations, New York, which inspired her to found Gateway House. Her political career spans being the deputy press secretary to Steve Forbes during his first run in 1995-96 as Republican candidate for U.S. President in New Jersey, to being press secretary for the Lok Sabha campaign for independent candidate Meera Sanyal in 2008 and 2014 in Mumbai. Kripalani holds two bachelor’s degrees from Bombay University (Bachelor of Law, Bachelor of Arts in English and History) and a master’s degree in International Affairs from Columbia University, New York. She sits on the executive board of Gateway House and is a member of the Rotary Club of Bombay.

Picture of Jaimini BhagwatiDr. Jaimini Bhagwati is currently a Distinguished Fellow at the Centre for Social and Economic Progress (CSEP), Chairman of the Infrastructure Development Finance Corporation (IDFC) Asset Management Trustee Company and Board member of IDFC Limited. Dr. Bhagwati was India’s High Commissioner to the United Kingdom and India’s Ambassador to the European Union, Belgium and Luxembourg. He has held senior positions in the Indian Ministry of External Affairs, Ministry of Finance, Department of Atomic Anergy and the World bank Treasury. His responsibilities at the World Bank included bond funding including execution of over-the-counter derivatives transactions. Between 2013-2018 Dr. Bhagwati was the Reserve Bank of India Chair Professor at ICRIER. Dr. Bhagwati was educated at St. Stephen’s College, New Delhi, Tufts University and Massachusetts Institute of Technology (MIT), USA.

The Diffusion of Female Empowerment: Evidence from Social Networks in India

Tuesday, November 2nd, 2021
12:30 p.m. – 2:00 p.m.
via Zoom

Trade & Development Workshop

Speaker: David Yanagizawa-Drott (Zurich, formerly Harvard HKS)

The Diffusion of Female Empowerment: Evidence from Social Networks in India

Abstract: Do men may maintain privileged positions in society simply because most such positions are held by other men? If some women gain access to positions of power, does female empowerment diffuse via social networks? We study these questions in the political context of elections to the Parliament of India, Lok Sabha. To measure social networks, we make use the universe of Facebook friendship links between constituencies across the country. To identify causal effects, we exploit variation in close election wins in the network of each constituency. The results show that male incumbents benefit from having other male incumbents in the social network of the voters; they are more likely to remain in power. When females randomly win seats, female empowerment (entry, votes, representation) diffuses to other constituencies depending on pre-existing conditions. There is little to no diffusion to areas where female empowerment is very weak to begin. Diffusion appears to occur only when empowerment is already relatively high. Together, the results indicate that unequal representation in the status quo tends to be self-reinforcing, but dynamic trajectories towards equality are possible once sufficient conditions are met.

India’s Economy in a Post-Pandemic World

Wednesday, October 20th, 2021
9:00 – 10:30 a.m. EDT / 6:30 – 8:00 p.m. IST
via Zoom

We were pleased to invite you to the second webinar in the 2021-2022 Envisioning India series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. This was a platform for dialogue and debate, and we invited you to engage with us in this series of important discussions.

The Envisioning India series is organized under the stewardship of IIEP Director Jay Shambaugh, Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The second event featured Dr. Sajjid Z. Chinoy, J.P. Morgan’s Chief India Economist, discussing “India’s Economy in a Post-Pandemic World.” Dr. Poonam Gupta (Director General of NCAER) and Dr. Shankar Acharya (former Chief Economic Adviser to the Government of India) provided discussant remarks.

What is the nature of India’s recovery from COVID? Where are pressures most evident and what opportunities has COVID-19 thrown up? Why is inflation so sticky in the wake of ostensible slack? What role can monetary and fiscal policy play in the near term? Where will India’s growth come from in a post-pandemic world: Consumption? Investment? Exports? Public Investment? Finally, what do we know about India’s underlying growth potential, particularly investment and productivity growth? Our distinguished speaker and discussants will address these and related issues in this second talk of 2021-22 on Envisioning India.

About the Speaker:

Picture of Sajjid ChinoyDr. Sajjid Z. Chinoy is J.P. Morgan’s Chief India Economist and a member of the Economic Advisory Council to the Prime Minister. He served as a member of the Advisory Council to India’s 15th Finance Commission and has previously served on several RBI committees and task-forces (Offshore Rupee Markets, Secondary Market for Corporate Loans) including the RBI’s “Expert Committee to Revise and Strengthen the Monetary Policy Framework” that proposed inflation targeting in 2014. He was a consultant to the FRBM Review Committee that proposed a new fiscal anchor in India in 2016. He has been ranked by Asset Magazine as one of the best individuals in fixed income research in India for every year since 2014. Sajjid has authored several publications on the Indian economy including co-editing a book on Indian economic reform with Dr. Anne O. Krueger, former First Deputy Managing Director of the IMF. He has previously worked at the International Monetary Fund (IMF) and McKinsey & Company, and holds a Ph.D. in Economics from Stanford University.

About the Discussants:

Picture of Poonam GuptaDr. Poonam Gupta is the Director General of NCAER. Before joining NCAER, she was Lead Economist, Global Macro and Market Research, International Finance Corporation (IFC); and Lead Economist for India at the World Bank. Her prior appointments include the Reserve Bank of India Chair Professor at National Institute of Public Finance and Policy (NIPFP); Professor at Indian Council for Research on International Economics Relations (ICRIER); Associate Professor, Department of Economics, Delhi School of Economics; and, Economist at the International Monetary Fund. Her research has been published in leading scholarly journals and featured in The Economist, Financial Times, and Wall Street Journal. She holds a PhD in International Economics from the University of Maryland, USA and a Masters in Economics from the Delhi School of Economics, University of Delhi.

Picture of Shankar AcharyaDr. Shankar Acharya is one of India’s leading policy economists. As the longest-serving Chief Economic Adviser to the Government of India (1993-2001), he was deeply involved in the economic reforms of the 1990s and served three successive governments of the Congress, the United Front and the National Democratic Alliance. He also served as Member of the Securities and Exchange Board of India (1997-2000), Member, Twelfth Finance Commission (2004) and Member, National Security Advisory Board (2009-2013). He was non-executive Chairman of Kotak Mahindra Bank for 12 years (2006-2018), one of India’s newest and most successful private commercial banks. He also served as a member of the Reserve Bank of India’s Advisory Committee on Monetary Policy (2005-2016). Earlier, he worked in the World Bank (1971-1982 and 1991-1993), where he led the World Development Report team for 1979 and was Research Adviser to the Bank. He returned to India in 1982 as Senior Fellow, National Institute of Public Finance and Policy (NIPFP), before joining the Government as Economic Adviser, Ministry of Finance (1985-90).

Since 2001 he has been Honorary Professor at the Indian Council for Research on International Economic Relations (ICRIER). He has authored eleven books (mostly on Indian economic issues and policies) and numerous scholarly articles in academic journals. His eight most recent books are Essays on Macroeconomic Policy and Growth in India (2006, Oxford University Press, Delhi); Can India Grow without Bharat? (2007, Academic Foundation, Delhi); India and Global Crisis (2009, Academic Foundation, Delhi); (edited with Rakesh Mohan) India’s Economy: Performance and Challenges (2010, Oxford University Press, Delhi; paperback edition, 2011); India after the Global Crisis (2012, Orient BlackSwan, Delhi), Towards Economic Crisis (2012–14) and Beyond (2015, Academic Foundation, Delhi), India’s Economy 2015-2000 (2021, Academic Foundation, Delhi) and An Economist at Home and Abroad (Harper Collins, 2021, Delhi).

Dr Acharya did his B.A. from Oxford, graduating with First Class honours in Politics, Philosophy and Economics in 1967, before proceeding to Harvard University to earn his Ph.D. in Economics in 1972.

Getting India to the Green Frontier

Wednesday, September 29, 2021
9:00 – 10:30 a.m. EDT / 6:30 – 8:00 p.m. IST

This was the eleventh webinar in the “Envisioning India” series, a platform for dialogue and debate co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber.

The talk focused on the Getting to the Green Frontier Development Model for India that has been proposed by Mr. Sinha and laid out a Net-Zero Pathway for India in the 21st century. He also discussed climate finance options and India’s expectations from the COP 26 conference in Glasgow in November this year.

About the Speaker:

Picture of Jayant SinhaJayant Sinha, Chairperson of the Standing Committee on Finance, Parliament of India and BJP Lok Sabha Member of Parliament from Hazaribagh, Jharkhand. Mr. Sinha is a second term Member of Parliament from Jharkhand, India. Mr. Sinha won his Lok Sabha elections in 2014 and 2019 with record margins. As Chairperson of the Standing Committee on Finance, Mr. Sinha leads the 31 member Parliamentary panel that has oversight of the Ministries of Finance, Corporate Affairs, Statistics & Program Implementation, and the Niti Aayog (the government planning agency). In addition, the panel has Parliamentary responsibility for the Reserve Bank of India, the Securities & Exchange Board of India, the Insolvency & Bankruptcy Board, and the Insurance and Pension regulatory authorities. Mr. Sinha is very active in Parliament having opened the debate on India’s Annual Budget on multiple occasions as well as by introducing important Private Member Bills. In the 2021 Budget session, he introduced the Climate Change (Net Zero Carbon) Private Member Bill 2021.

Previously, Mr. Sinha served on India’s Council of Ministers from 2014 to 2019; first, as the Minister of State for Finance and then as the Minister of State for Civil Aviation. During his time as a Minister, Mr. Sinha gained wide recognition as an innovative and results-oriented policymaker with singular successes ranging from piloting the legislation that brought in India’s game-changing bankruptcy code to establishing India’s sovereign wealth fund (the National Infrastructure Investment Fund) to privatizing multiple airports under an entirely new regulatory framework. As Aviation Minister, Mr. Sinha was instrumental in upgrading safety and security across India’s fast-growing aviation system. He launched the UDAN Regional Connectivity Scheme which expanded the number of operational airports in India by 50% in just three years. Mr. Sinha also implemented several major digital initiatives such as the DigitalSky Drone policy and the DigiYatra digital traveler program.

Prior to his career in public service, Mr. Sinha was Partner at Omidyar Network (ON) and the Managing Director of Omidyar Network India Advisors, where he led overall investment strategy and operations in India from 2009 to 2013. At Omidyar, Mr. Sinha made venture capital investments in a variety of companies including two unicorns: Quikr and DailyHunt. Before joining Omidyar Network, Mr. Sinha was Managing Director at Courage Capital Management, where he led Global Technology and India-related investing for a billion dollar global special situations hedge fund. Mr. Sinha joined Courage Capital in 2006 after twelve years with McKinsey & Company, where he was a Partner in the Boston and Delhi offices, and co-led the Global Software & Services Practice.

As a global thought leader, Mr. Sinha has been published in the Financial Times, Times of India, Economic Times, Indian Express, Business Standard, Harvard Business Review, and the McKinsey Quarterly. He has pioneered new thinking on platform-based businesses, innovation-driven entrepreneurship, Climate Change, and sustainable development. Mr. Sinha’s Getting to the Green Frontier development model is gaining broad acceptance as the Net Zero pathway for India in the 21st century.

Mr. Sinha has an MBA with Distinction from the Harvard Business School, an MS in Energy Management & Policy from the University of Pennsylvania, and a BTech with Distinction from the IIT Delhi. He was awarded the Distinguished Alumni award from IIT Delhi in 2015.

About the Discussants:

Picture of Mohua MukherjeeMohua Mukherjee served for over 25 years in many roles at the World Bank in Washington DC, primarily on investment projects. Her experience with World Bank lending spans 9 different sectors in 44 countries. Her most recent responsibility at the World Bank was heading the innovative US$1 billion Solar Program for Govt of India, which covered rooftop solar, large-scale solar parks and dedicated transmission lines to transport solar energy from one part of the country to the rest. She is also an Advisor with the India Smart Grid Forum. Previously, she worked pro bono for two years to support the establishment of the International Solar Alliance and served as their Program Ambassador. Mohua retired early from the World Bank in 2017 due to family reasons, and today she works as a Consultant for various international organizations, including the World Bank.

She also worked as an investment banker during a four year sabbatical in Nairobi, Kenya, where she successively headed the Corporate Finance Departments of Citibank and ABN AMRO Bank. Mohua has a Bachelors and Masters degree in Economics and an MBA, all from Boston University on an academic scholarship, and she has a Certificate in Public Private Partnerships from Harvard University.

Picture of Nitin DesaiNitin Desai has had a long and distinguished career in the Government of India and the United Nations. He has also worked for some time in private industry and taught at two UK Universities.

In the Government of India Mr. Desai worked at senior levels in the Planning Commission from 1973 to 1987. From 1988 to 1990 Mr. Desai was the Chief Economic Adviser and Secretary in the Department of Economic Affairs in the Ministry of Finance.

Mr. Desai joined the United Nations in 1990 as Deputy Secretary General of the Rio Earth Summit and was Under Secretary General from 1993 to 2003 dealing with economic and social affairs. Mr. Desai’s international involvement has been most prominent in the development and promotion of sustainable development as the goal of policy, first as Senior Adviser and key draftsman for “Our Common Future”, the Report of the Brundtland Commission on Environment and Development and then as Deputy Secretary-General for the Rio Earth Summit, the manager of the Commission on Sustainable Development for its first decade and as the Secretary General for the Johannesburg Summit. He was also responsible for the organisation of the Copenhagen Summit on Social Development, the Monterrey Summit on Finance for Development and many other global events.

After his retirement from the UN Mr. Desai continued to remain a Special Adviser to the UN Secretary General for Internet governance and chaired the Advisory Group that organizes the annual UN Internet Governance Forum till December 2010.

He chaired a Committee on Venture Capital and Technology Innovation set up by the Planning Commission in 2005-06 and the Advisory Panel on Transparency Standards set up by the Reserve Bank of India in 2007-08. He is also the Indian co-chair with Lord Chris Patten of the Indo-UK Roundtable set up by the two governments. He is a member of the Council on Climate Change chaired by the Prime Minister and was a member of the National Security Advisory Board 2008-10. He is also a member of the News Broadcasting Standards Authority.

He is an Honorary Fellow of the London School of Economics and Political Science, UK. In India he is a Distinguished Visiting Fellow at the Energy and Resources Institute (TERI) and Honorary Professor at the Indian Council for Research in International Economic Relations (ICRIER). He is connected with the governing bodies of several NGOs and research institutions including the Institute of Economic Growth whose Governing Body he chairs. He is a trustee of Worldwide Fund for Nature (WWF) International. He writes a monthly column for the Business Standard, an Indian daily.

India’s Trade Policy: Past, Present, Future

Wednesday, June 2nd, 2021
9:00am – 10:30 am EDT
via Zoom

This was the ninth webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. This is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The ninth event featured Harsha Vardhana Singh, Chairman, IKDHVAJ Advisers LLP and Former Deputy Director-General at WTO, discussing “India’s Trade Policy: Past, Present, Future.” Dean Alyssa Ayres (GWU), Judith Dean (Brandeis), and Rajeev Kher provided discussant remarks. IIEP Co-Director Jay Shambaugh moderated.

India liberalised its trade regime in 1991 as part of a larger reform initiative. India’s trade surged and the economy grew to become the world’s 5th largest in 2019. Since 2018, India’s trade regime has become more protectionist with an aim to stem the trade deficit and promote domestic industry. India’s concern with a high trade deficit, in particular with China and ASEAN, has also impacted its approach to trade agreements. More recently, India opted out of RCEP. In 2020, India announced a new program of self-reliance (Atmanirbharta). Some fear that this is a signal of turning further inward. Yet India’s stated goals are to attract more FDI – especially as an alternative to China, enter global value chains, and encourage exports. How should we assess India’s recent policy changes and reconcile these shifts? What are the likely pathways for India’s future trade stance? Will India seek to substantively enhance growing US-India trade ties? Will its renewed interest in trade agreements with others such as the EU move forward giving some substantive results? Is it permanently out of RCEP? What steps by other nations could facilitate India’s increased trade engagements with major economies? What choices India makes will affect India and the world. Our distinguished speakers addressed these and related issues in this 9th talk on Envisioning India.

About the speakers:

Picture of Harsha SinghHarsha Vardhana Singh is Chairman, IKDHVAJ Advisers LLP, a consulting firm working on trade policy, industrial policy and regulatory issues. He has been a member of High-Level Expert Groups within India and abroad that inter alia address policy concerns related to trade policy, industrial policy, competition and regulatory policy. Earlier, he has worked at the GATT/WTO for 20 years (eight years as Deputy Director General, WTO), was Secretary Telecom Regulatory Authority of India, Executive Director of Brookings India, Senior Fellow at Think Tanks in Switzerland and Canada, taught at Universities in the US and China, and been Chair/secretary of GATT/WTO Dispute Settlement Panels. He has a Ph.D. in Economics from University of Oxford, where he went as a Rhodes Scholar from India in 1979.

As WTO Deputy Director General, he had direct responsibility for Trade in Services, Trade in Agriculture, Sanitary and Phytosanitary Measures, Trade and Environment, Technical Barriers to Trade, Chairman of the Groups on E-Commerce Program and the Cotton Development Agenda. As Economic Advisor and Secretary of Telecom Regulatory Authority of India, he was part of the small group of officials that conceptualized and implemented a number of telecom sector policy reforms, resulting in large growth in the sector.

His recent engagements include: Senior Fellow, Council on Emerging Market Enterprises, The Fletcher School, Tufts University, USA (ongoing); Member of the Advisory Board of UNCTAD’s “Transnational Corporations Journal” (ongoing); Member of the Confederation of Indian Industries (CII) International Trade Policy Council (ongoing); Non-Resident Senior Fellow, South Asia Center, Atlantic Council (ongoing); Senior Research Affiliate, Berkeley APEC Study Center, US (ongoing); Member, High Level Advisory Group on International Trade, established by Government of India; Member, Competition Law Review Committee to revise the Competition Act, established by Government of India;  Member, Expert Enquiry Committee Set Up by UK All Party Parliamentary Group on Trade Out of Poverty on “Can the Commonwealth help countries trade out of poverty?”; Member, High Level Board of Experts on the Future of Trade Governance, set up by Bertelsmann Stiftung; Senior Adviser to the Global Commission on Internet Governance on the topic, “Governance of International Trade and the Internet: Existing and Evolving Regulatory Systems”; Senior Advisor, Asia Society Policy Institute, on the topic “India and APEC: Charting a Path to Membership.”

Picture of Alyssa AyresAlyssa Ayres was appointed Dean of the Elliott School of International Affairs at George Washington University effective February 1, 2021. Ayres is a foreign policy practitioner and award-winning author with senior experience in the government, nonprofit, and private sectors. From 2013 to 2021, she was senior fellow for India, Pakistan, and South Asia at the Council on Foreign Relations (CFR), where she remains an adjunct senior fellow. From 2010 to 2013 Ayres served as deputy assistant secretary of state for South Asia. During her tenure at the State Department in the Barack Obama administration, she covered all issues across a dynamic region of 1.3 billion people at the time (Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka) and provided policy direction for four U.S. embassies and four consulates.

Her work focuses primarily on India’s role in the world and on U.S. relations with South Asia in the larger Indo-Pacific. Her book about India’s rise on the world stage, Our Time Has Come: How India is Making Its Place in the World, was published by Oxford University Press in January 2018 and was selected by the Financial Times for its “Summer 2018: Politics” list. An updated paperback edition was released in 2019. She served as the project director for the CFR-sponsored Independent Task Force on U.S.-India relations, and, from 2014 to 2016, as the project director for an initiative on the new geopolitics of China, India, and Pakistan supported by the MacArthur Foundation.

Judith Dean is the Professor of International Economics in the Brandeis International Business School. Her research focuses on international trade and economic development. Much of her work examines the relationship between trade and the environment. In a series of empirical studies using Chinese data, she has been exploring the possibility that trade growth, foreign investment and production fragmentation may have beneficial effects on the environment. In other work, she studies global value chain trade, non-tariff barriers. and trade preferences for developing countries. Her new work on India explores the impact of trade liberalization on Indian poverty. Judy came to Brandeis from the US International Trade Commission (USITC) where she was a Senior International Economist in the Research Division of the Office of Economics. Prior to joining the USITC, Judy was Associate Professor of Economics at SAIS, Johns Hopkins University, and Assistant Professor at Bowdoin College. She has been a consultant to the World Bank and the OECD, and a Visiting Scholar at the Indian Statistical Institute, New Delhi, India. She has also helped facilitate research collaboration for the USITC with Tsinghua University and the India Development Foundation. Judy was named one of six Visiting Scholars in the Clayton Yeutter International Trade Program, University of Nebraska, 2012-13. In 2018, she gave the 4th Annual John Mason Lecture at Gordon College in 2018. Judy recently completed many years of service on the Board of Directors of World Relief, and the Board of Trustees of Gordon College.

Picture of Rajeev KherRajeev Kher superannuated as Commerce Secretary, Government of India in 2015 after a career of 35 years in the Indian Administrative Service. He then worked as a Member in the Competition Appellate Tribunal for two years. He has now associated himself with some leading think tanks. He also advises a Private Equity. His field of experience includes broad areas of International Trade and Commerce, Competition Law and Policy, Sustainable Development Policy, Environmental Management, Global Governance, particularly with reference to trade and environment and Decentralised Governance. He has held several important assignments in the Central Government and the State Government of UP. Some of the more prominent once include a tenure of 9 years in the Department of Trade and Commerce, a stint of 8 years in the Ministry of Environment and The Energy and Resources Institute (TERI) in Delhi and senior level assignments in the Departments of Renewable Energy, Finance, Planning and Science and Technology, besides administering two very challenging charges of District Magistrates. He is credited with bringing in the first comprehensive Foreign Trade Policy for India. His vision on international trade issues has been well respected by the stakeholder community within India and abroad. He led negotiations on behalf of his country for Trade Agreements with major blocks such as EU, EFTA, RCEP and ASEAN. His initiatives to bring discourse on India’s competitiveness in Trade in Services, evolution of Policy on Technical Regulations and Standards and India’s position on the Global and Regional value chains in the forefront of Policy making are much recognised by the stakeholder community. He is also credited with hand holding the Pharmaceutical sector in its pursuit to become global leader in Generic Medicine and his work is highly appreciated by the industry. He has published work on India’s Patent Policy, Trade Policy, WTO Dispute Settlement Mechanism, Product standards and Technical Regulations and several other related areas.

About the Moderator:

Picture of James E. Foster

James E. Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank. Prof. Foster received his PhD in Economics from Cornell University and has a Doctorate Honoris Causa from Universidad Autónoma del Estado Hidalgo (Mexico).

This event and seminar series was jointly organized with the Oxford Poverty & Human Development Initiative (OPHI) and the UNDP Human Development Report Office.

 

India’s Environment Challenges and Impact of COVID

Wednesday, May 12, 2021
9:00 a.m. – 10:30 a.m.
via WebEx

This was the ninth webinar in the “Envisioning India” series, a platform for dialogue and debate co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The ninth event featured Sunita Narain, Director General of the Center for Science and Environment, discussing “India’s Environment Challenges and Impact of COVID.” Laveesh Bhandari and Muthukumar Mani provided discussant remarks. IIEP Co-Director Jay Shambaugh moderated.

This session with India’s leading environmentalist Sunita Narain highlighted findings of the State of India’s Environment 2021, the most comprehensive report on India’s environment produced by 60 notable experts in the subject in India by the Down To Earth magazine at the Centre for Science and the Environment. It has three special sections: an assessment of the pandemic and its impacts a year after, a data analysis of how India’s states are faring on environment and development parameters, and a tribute to the decade of biodiversity.

About the Speaker:

Sunita NarainSunita Narain is a Delhi-based environmentalist and author. She is currently the Director General of Center for Science and Environment (CSE) and Editor of the fortnightly magazine, Down To Earth. Dr. Narain plays an active role in policy formulation on issues of environment and development in India and globally. She has worked extensively on climate change, with a particular interest in advocating for an ambitious and equitable global agreement. Her work on air pollution, water and waste management as well as industrial pollution has led to an understanding of the need for affordable and sustainable solutions in countries like India where the challenge is to ensure inclusive and sustainable growth. She was a member of the Indian Prime Minister’s Council on Climate Change and has been awarded the Padma Shri. In 2005, the Centre for Science and Environment, under her leadership was also awarded the Stockholm Water Prize. In 2016, Time magazine selected her as one of the most influential people in the world. She received “The Order of the Polar Star” award from the Swedish Government in 2017. Narain also received the Edinburgh Medal 2020 conferred by the City of Edinburgh Council in the UK. She continues to serve on national and international committees on environment.

About the Discussants:

Laveesh Bhandari is a Senior Fellow at CSEP. Laveesh will lead and develop the climate change capability at CSEP. In addition, he will help define the broad macro agenda and advise on the sub-national reform. Dr Bhandari is an economist, entrepreneur and an environmentalist. He is currently the Director of Indicus Foundation and leads its Environment and Sustainable Livelihoods initiative. Laveesh has published widely on subjects related to sustainable livelihoods, industrial, economic and social reforms in India, economic geography and financial inclusion. He received his PhD in economics from Boston University for which he was awarded the Best thesis in International Economics. He has taught economics in Boston University and IIT Delhi. He has been the managing editor of Journal of Emerging Market Finance, and worked at National Council of Applied Economic Research (NCAER), New Delhi. He has built, seeded, and exited from three companies in the research, analytics and digital domain.

Muthukumar Mani is a Lead Economist in the Office of the Chief Economist in the South Asia Region (SAR) of the World Bank. In his current position, Mani has been working on climate change mitigation and adaptation issues, water and environmental issues in the SAR. He has led several regional flagship reports on climate change, glaciers, air pollution, and water. His report on “South Asia’s Hotspots,” was featured in the New York Times as a benchmark study. More recently, Mani has been supporting South Asia region’s green, resilient and inclusive recovery program in addition to co-leading the preparation of the SAR Climate Change Action Plan. Prior to joining this position, Mani was in operations with the SAR Climate Change Team, where his work program focused on leading policy dialogue in advancing inclusive green growth and climate change issues with national and sub-national governments.

About the Moderator:

Picture of Jay ShambaughJay Shambaugh is the Co-Director of the Institute for International Economic Policy and recently served as a member of the Biden transition team. His work includes analysis of the interaction of exchange rate regimes with monetary policy, capital flows, and trade flows as well as studies of international reserves holdings, country balance sheet exchange rate exposure, the cross-country impact of fiscal policy, the crisis in the euro area, and regional growth disparities. He has also served as a Member of the White House Council of Economic Advisors from 2015-2017. He also spent 3 years as the Director of the Hamilton Project at the Brookings Institution. He is also a Faculty Research Fellow at the NBER and Non-Resident Senior Fellow in Economic Studies at Brookings. Shambaugh received his Ph.D. in economics from the University of California at Berkeley, an M.A. from the Fletcher School at Tufts, and a B.A. from Yale University.

Growth Elasticity of Multidimensional Poverty in India Between 2005/06 and 2015/16

Monday, March 8, 2021
10:00am – 11:15am
via WebEx

Post-reform India has generated high economic growth, yet progress in income poverty and many other key development outcomes has remained modest. This paper seeks to explore how inclusive has Indian economic growth been in terms of reducing multidimensional poverty between 2005-06 and 2015-16, employing a constellation of elasticity and semi-elasticity measures – each capturing different forms and components of inclusivity. We assess multidimensional poverty by the well-known Multidimensional Poverty Index (MPI). A growth elasticity measure captures the percentage change (relative) in a target variable due to a one percent economic growth; whereas, a growth semi-elasticity measure captures the absolute change in a target variable due to a one percent economic growth. Our estimates show that, nationally, a one percent annual economic growth during the study period is associated with 0.0027 units (absolute) or 1.34 percent (relative) annual reduction in the MPI. Our estimates of horizontal inclusiveness, assessed by the change in state MPIs associated with a one percent of national economic growth, show a wide variation across states. For instance, for every one percent national economic growth, the MPI in Bihar falls only by 0.96 percent, but the MPI in Kerala falls by 3.79 percent. Our analyses and application in the paper demonstrate the efficacy of these tools for measuring inclusiveness of economic growth in terms of reducing multidimensional poverty as well as inform policy.

Co-sponsors:
Oxford Poverty and Human Development Initiative (OPHI)
UNDP Human Development Report Office

About the Presenter:

pic of Dr Suman SethDr. Suman Seth is an associate professor at the Leeds University Business School. He joined the business school in 2015. He is also a Research Associate at the Oxford Poverty and Human Development Initiative (OPHI) within the Oxford Department of International Development at the University of Oxford. He obtained a PhD degree in Economics from Vanderbilt University in the USA. After his PhD, he served as a Research Office and as a Senior Research Officer at OPHI between 2010 and 2015. He is primarily interested in Development Economics with a particular emphasis on measurement methodologies and policy-oriented applications. Previously, he has served as consultants to the Regional Bureau of Latin America and the Caribbean, United Nations Development Programme (UNDP), to the Development Research Groups at the World Bank, and to the Asian Development Bank.

About the Discussant:

Ajay Chhibber is Distinguished Visiting Scholar, Institute for International Economic Policy, Elliott School of International Affairs, George Washington University and Non-Resident Senior Fellow, the Atlantic Council, Washington DC.

He was the Chief Economic Advisor, Federation of Indian Chambers of Commerce and Industry (FICCI). He was earlier the first Director General (Minister of State) , Independent Evaluation Office, Government of India and Distinguished Visiting Professor at the National Institute of Public Finance and Policy (NIPFP), India – affiliated institute of the Ministry of Finance – where he completed a major study on India’s Public Sector Enterprises.

He held senior positions at the UN as Assistant Secretary General and Assistant Administrator, UNDP and managed their program for Asia and the Pacific. At the World Bank he served as Country Director in Turkey and Vietnam and Division Chief for Indonesia and the Pacific and Lead Economist, West Africa Department. He was also Director of the 1997 World Development Report on the Role of the State. He also worked in the World Bank’s Research Department, as Advisor to the Chief Economist of the World Bank and at the Public Economics Division.

He has a Ph. D from Stanford University, a Masters from the Delhi School of Economics. He also has attended advanced management programs at the Harvard Business School, Harvard University and INSEAD, France. He taught at Georgetown University and at the University of Delhi. He has published widely including 5 books in development economics, and is a contributor (columnist) to several newspapers.

He is now writing a book on “India: A Reset for the 21st Century” under contract with Harper-Collins.

About the Moderators:

Picture of Sabina AlkireSabina Alkire directs the Oxford Poverty and Human Development Initiative (OPHI), a research centre within the Oxford Department of International Development, University of Oxford. Dr Alkire works on a new approach to measuring poverty and well-being that goes beyond the traditional focus on income and growth. This multidimensional approach to measurement includes social goals, such as health, education, nutrition, standard of living and other valuable aspects of life. She devised a new method for measuring multidimensional poverty with her colleague James Foster (OPHI Research Associate and Professor of Economics at George Washington University) that has advantages over other poverty measures and has been adopted by the Mexican Government, the Bhutanese Government in their ‘Gross National Happiness Index’ and the United Nations Development Programme. Dr Alkire has been called upon to provide input and advice to several initiatives seeking to take a broader approach to well-being rather than just economic growth, for example, the Commission on the Measurement of Economic Performance and Social Progress (instigated by President Sarkozy); the United Nations Human Development Programme Human Development Report Office; the European Commission; and the UK’s Department for International Development.

Picture of James E. FosterJames E. Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank. Prof. Foster received his PhD in Economics from Cornell University and has a Doctorate Honoris Causa from Universidad Autónoma del Estado Hidalgo (Mexico).

About the Event Series

The Institute for International Economic Policy (IIEP) at George Washington University and the Oxford Poverty and Human Development Initiative (OPHI), with the support of the United Nations Development Programme’s Human Development Report office (UNDP HDRO), are pleased to host a special seminar series on the global Multidimensional Poverty Index (global MPI). Goal 1 of the Sustainable Development Goals (SDGs) is to end poverty in all its forms and dimensions. The global MPI 2020 offers a tool to make progress towards this goal.

Produced in partnership with the UNDP HDRO, the global MPI 2020 compares acute multidimensional poverty for 107 countries in developing regions and provides a detailed image of who is poor and how they are poor. It offers both a global headline and a fine-grained analysis covering 1,279 sub-national regions, and important disaggregation such as children, and people living in urban or rural areas, together with the indicator deprivations of each group. Bringing together the academic and policy spheres, this series of seminars will highlight topics such as sensitivity analyses, overlapping deprivations, changes over time (poverty trends), and inequality using the global data. The sessions will also include work that applies the global MPI methodology, the Alkire Foster method, to innovative measures.

The seminars are taking place online on Mondays at 10 a.m. EST. They will be hosted by IIEP Co-Director Professor James Foster and are open to everyone focused on improving the lived experience of those who are deprived.

 

India’s Federal Finances in COVID Times: The 15th Finance Commission

Wednesday March 10th, 2021
9:00 – 10:30am EST
via Webex

This was the eighth webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The eighth event on “India’s Federal Finances in COVID Times: The 15th Finance Commission” featured NK Singh, Chairman of India’s 15th Finance Commission, with Junaid Kamal Ahmad of the World Bank and Indira Rajaraman as discussants. The discussion was moderated by IIEP Co-Director Jay Shambaugh.

The concept of the Finance Commission is embedded in the constitutional history of India. In a sense, it is even older than our Constitution. The Finance Commission has been described as the balancing wheel in the Constitution because it is designed to correct the structural and inherent imbalances between the resources and the expenditure of the Union and the States. The correction of this imbalance would constitute the basis for a fair vertical devolution.

The Fifteenth Finance Commission (FC-XV) was constituted by the President under Article 280 of the Constitution on 27 November 2017.The title of the report ‘Finance Commission in Covid Times’, submitted to the President for the period 2021-26, itself speaks of the onerous task it had in hand when the pandemic had significantly impacted the economy and shrunk the overall pie of resources. The Union government, in its action taken report on the commission’s report tabled in Parliament on 1st February 2021 accepted most of the recommendations.

About the Speaker:

photo of N.K. SinghN.K. Singh is a prominent Indian economist, academician, and policymaker. He is currently Chairman of the 15th Finance Commission. Prior to this position, he served as a member of Parliament in the Rajya Sabha, from 2008 to 2014. He also presided as Chairman of the Fiscal Responsibility and Budget Management Review Committee (FRBM) in 2016.

 

 

About the Discussants:

photo of Junaid Kamal AhmadJunaid Kamal Ahmad is the Country Director for the World Bank in India. He joined the World Bank’s Delhi office on 1 September 2016. Junaid, a Bangladeshi national, was formerly the Chief of Staff to World Bank Group President Jim Yong Kim. He joined the World Bank in 1991 as a Young Professional and worked on infrastructure development in Africa and Eastern Europe. He has since held several management positions, leading the Bank’s program in diverse regions including Africa, the Middle East and North Africa, as well as in India and South Asia. He holds a PhD in Applied Economics from Stanford University, an MPA from Harvard University, and a BA in Economics from Brown University.

Indira Rajaraman holds a PhD in Economics from Cornell University. She was previously Professor of Economics at the Indian Institute of Management Bangalore, and Reserve Bank of India Chair Professor at the National Institute of Public Finance and Policy, Delhi. She also served as a member of the 13th Finance Commission; and Member of the Central Board of Directors, Reserve Bank of India and of the Technical Advisory Committee for Monetary Policy. She has over 75 research publications in international and national journals and edited volumes and writes regularly in the financial press. She was a member of several official committees that shaped the process of financial and fiscal reform over the last three decades.

India’s Farm Laws

Friday, February 26, 2021
9:00 a.m. – 10:30 a.m.
via WebEx

This was the seventh webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The seventh event on “India’s Farm Laws” featured Kaushik Basu, Mahendra Dev, and Sudha Narayanan. The discussion was moderated by IIEP Co-Director Jay Shambaugh.

In September 2020, the Indian Parliament passed 3 farm acts: The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020; Essential Commodities (Amendment) Act, 2020. The laws allow farmers to sell outside regulated government markets, allow contractual farming and remove cereals, onion, potato and oil seed from the essential commodities list. The laws ostensibly designed to modernize the farm sector have generated huge protests in India, led to violence on India’s Republic Day, January 26, and continue unabated. Farm Associations and many experts consider them anti-farmer, whereas others think these reforms are necessary to move Indian agriculture forward. India’s farm sector provides only 15% of India’s GDP but provides livelihood for almost 50% of the population. The stakes are indeed high.

Our distinguished panel of experts debate the laws, place them in a broader context of India’s agricultural sector problems and suggest possible solutions.

About the speakers: 

Kaushik Basu is Professor of Economics and Carl Marks Professor of International Studies at Cornell University. He is currently the President of the International Economic Association and a nonresident senior fellow in the Global Economy and Development program at the Brookings Institution. He recently served as Chief Economist at the World Bank and before that was Chief Economic Adviser to the Government of India. During his four years at the Bank he co-taught a popular course in the Elliott School with James Foster, entitled Introduction to Game Theory and Strategic Thinking, which every week brought 150 GW students and many visitors from the Bank and other neighboring institutions to the Harry Harding Auditorium of the Elliott School. One class per term was held in Preston Auditorium of the World Bank. As one student commented “Being taught by Prof. Basu was definitely an only at GW moment!” He has now returned to Cornell but fondly remembers his time in DC – especially his weekly chats with GW students and his daily strolls across the GW campus from home to work in the Bank, and back again.

Professor Basu has research interests that span across development economics, welfare economics, game theory, industrial organization, and law. As a professor at the Delhi School of Economics, he founded the Centre for Development Economics in 1992 and served as its first Executive Director. Kaushik Basu holds a B.A. in Economics from St. Stephen’s College, Delhi University, and M.Sc. and PhD in Economics from the London School of Economics, and several honorary degrees, including doctorates from IIT Bombay, Fordham University New York, Bath University, England, and the University of Florence. His recent books are “An Economist in the Real World” and “The Republic of Beliefs.”

S. Mahendra Dev has been the Director and Vice Chancellor of the Indira Gandhi Institute of Development Research (IGIDR) in Mumbai, India, since 2010. Prior to this, he was Chairman of the Commission for Agricultural Costs and Prices for the Ministry of Agriculture of the Government of India, Director of the Centre for Economic and Social Studies in Hyderabad, and Acting Chairman of the National Statistical Commission of the Government of India. He is a recipient of the Malcolm Adiseshiah Award for outstanding work on development studies and has approximately 120 research publications in international and national journals in the areas of agricultural development, poverty, public policy, inequality, food security, nutrition, employment guarantee schemes, social security and farm and nonfarm employment. He has written or edited 20 books, including Inclusive Growth in India. He is a member of the Board of Trustees of the International Food Policy Research Institute and was nominated to serve as Vice Chair of the Board beginning in 2018. He has been a consultant and adviser to many international organizations, including the United Nations Development Programme, the World Bank, the International Labour Organization, the Food and Agriculture Organization of the United Nations, United Nations Economic and Social Commission for Asia and the Pacific, UNICEF, UNESCO, the UK Department for International Development, and the Organization for Economic Cooperation and Development. He received his PhD from the Delhi School of Economics and completed his postdoctoral research at Yale University.

Sudha Narayanan joined IFPRI’s South Asia Regional Office in December 2020 as a research fellow. Sudha’s research interests straddle agriculture, food and nutrition policy, and human development. She is particularly interested in survey-based research using micro econometric approaches to understand broader questions of agrarian change and state delivery systems for nutrition security. Her research focuses on contract farming, agrifood value chains, technology adoption in agriculture, public policies for food security and employment and agriculture-nutrition linkages.

She was previously an Associate Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai. She obtained a PhD from Cornell University in 2011, specialising in agricultural economics. She earlier obtained M.A. and M.Phil. degrees in Economics from the Delhi School of Economics, India. Prior to studying for a doctoral degree, Sudha worked with the Institute of Economic Growth, Delhi, the Right to Food Campaign in India and Cornell University, among others.

 

Schooling in India’s New Education Policy and Impact of COVID on Learning Outcomes

Wednesday February 10th, 2021
9:30 AM-11:00AM EST
via WebEx

We are pleased to share with you the sixth webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. This is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The sixth event, “Schooling in India’s New Education Policy and Impact of COVID on Learning Outcomes” featured Karthik Muralidharan and Rukmini Banerji. The discussion was moderated by Professor James Foster, with an introduction by Dr. Ajay Chhibber.”

Improving the quality of education is a critical investment for enabling “inclusive growth” in India. It matters both for growth at the aggregate level, and for enabling citizens to broadly participate in this growth process at the individual level.  India’s National Education Policy (NEP) 2020 is the first major overhaul of education policy in nearly 35 years.  Karthik discussed the main learnings from two decades of research on school education in India and present key principles for the way ahead. 

Rukmini provided her perspective on these issues based on her work on learning outcomes at Pratham since 2005 and will also present findings from the 2020 Annual Survey of Education Results (ASER) the first ever phone based ASER survey. Conducted in September 2020, the sixth month of national school closures, the survey explores provision of and access to distance education mechanisms, materials and activities for children in rural India, and the ways in which children and families are engaging with these remote learning alternatives from their homes.

About the Speakers:

rukmini banerjiDr. Rukmini Banerji is the CEO of Pratham Education Foundation. Trained as an economist, Dr. Banerji completed her B.A. at St. Stephen’s College and attended the Delhi School of Economics (DSE). She was a Rhodes Scholar at Oxford University and earned her Ph.D. at the University of Chicago.

Dr. Banerji worked as a programme officer at the Spencer Foundation in Chicago for several years before returning to India in 1996 to join Pratham as part of the leadership team. There, she led the organisation’s research and assessment efforts, which have included the internationally acknowledged Annual Status of Education Report (ASER) since 2005, and served as director of the ASER Centre in New Delhi for 10 years.

In 2008, she was the inaugural recipient of the Maulana Abul Kalam Shiksha Puraskar Award conferred by the Government of Bihar, India. Over the years, she has represented Pratham and ASER Centre in various national and international forums and is a member of committees both in India and abroad. She writes frequently on education in India and enjoys creating books and stories for children.

Karthik Muralidharan is the Tata Chancellor’s Professor of Economics at the University of California, San Diego (UCSD). He is a Research Associate of the NBER, and on the Board of Directors of the Poverty Action Lab at MIT where he is co-chair of the education research program. His research spans development, public, and labor economics with a focus on improving the quality of public expenditure – especially in the social sector.

Born and raised in India, Prof. Muralidharan earned a bachelor’s degree in economics from Harvard University (summa cum laude), an M.Phil. in economics from Cambridge University (ranked first), and a Ph.D. in economics from Harvard University.

 

About the Moderator: 

Picture of James E. Foster James E. Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank. Prof. Foster received his PhD in Economics from Cornell University and has a Doctorate Honoris Causa from Universidad Autonoma del Estado Hidalgo (Mexico).

 

“Saving Indian Capitalism from its Capitalists” featuring Pranab Bardhan

Wednesday, December 9th, 2020

11 a.m. – 12:30 p.m. EST

This was the fourth webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The fourth event, “Saving Indian Capitalism from Its Capitalists” featured Pranab Bardhan, Professor of Economics at University of California-Berkeley, with Jean Dreze of Ranchi University and Michael Walton of the Harvard Kennedy School as discussants. The discussion was moderated by Professor James Foster, with an introduction by Dr. Ajay Chhibber. 

There are often conflicts in the interests of capital, between the individual capitalist and the capitalist class as a whole, or between the short-term and long-term interests of capital. In this talk Prof. Bardhan will give examples of this from the Indian debates on labor reform, health policy, policy relating to vocational education, and from the adverse effects of the growing concentration of capital and wealth distribution.

The Indian Government recently enacted a major labor reform that has been widely acclaimed in the business press and by many reform-mongering economists. The attempt to bring some order to the tangled mess that the old labor laws were in is welcome, as is more ‘flexibility’ in labor employment, but as part of a package deal with a reasonable scheme of unemployment benefits for workers; instead the new laws make the already insecure life of workers even more insecure. Capitalists envisioning a longer horizon should be aware that an insecure, disgruntled and unstable labor force is a sure bet for low productivity. Health Policy and Vocational Education also show cases where a more prudent corporate sector would have encouraged serious alternatives; this will be elucidated in the talk.

More broadly, in India the data suggest that corporate concentration and inequality in wealth distribution are galloping, and this is bound to have a negative effect on overall productivity and innovations, which is against the  long-term interests of capitalism, even though it may give a boost to short-term earnings of individual capitalists. Compared to some other capitalist countries, India is more of a crony oligarchy that is cozy with the current regime, which is not conducive to a healthy development of capitalism in India. Nor is the rise in inequality that exacerbates demand deficiency, or the brazen dilution of environmental regulations that poisons and uproots community life.

About the Speakers: 

pranabPranab Bardhan is Professor of Graduate School at the Department of Economics at the University of California, Berkeley.

He was educated at Presidency College, Kolkata and Cambridge University, England. He had been at the faculty of MIT, Indian Statistical Institute and Delhi School of Economics before joining Berkeley. He has been Visiting Professor/Fellow at Trinity College, Cambridge, St. Catherine’s College, Oxford, and London School of Economics. He held the Distinguished Fulbright Siena Chair at the University of Siena, Italy in 2008-9. He was the BP Centennial Professor at London School of Economics for 2010 and 2011. He got the Guggenheim Fellowship in 1982.

He has done theoretical and field studies research on rural institutions in poor countries, on political economy of development policies, and on international trade. A part of his work is in the interdisciplinary area of economics, political science, and social anthropology. He was Chief Editor of the Journal of Development Economics for 1985-2003. He was the co-chair of the MacArthur Foundation-funded Network on the Effects of Inequality on Economic Performance for 1996-2007.

He is the author of 16 books and editor of 14 other books, and author of more than 150 journal articles including in leading Economics journals (like American Economic Review, Quarterly Journal of Economics, Econometrica, Journal of Political Economy, Review of Economic Studies, Economic Journal, American Economic Journal, Journal of Development Economics, Journal of Public Economics, Economic Development and Cultural Change, Oxford Economic Papers, etc.).

He has also contributed essays to popular outlets like New York Times, Scientific American, Financial Times, Die Zeit, Boston Review, Los Angeles Review of Books, Project Syndicate, Yale Global Online, Times of India, Economic Times, Business Standard, Bloomberg Quint, Hindustan Times, Ideas for India, Economic and Political Weekly, Indian Express, Ananda Bazar Patrika (in Bengali), etc. From 2018 he has started writing a periodic column for a New York-based blog, 3 Quarks Daily.

 

Picture of Jean DrezeJean Dreze studied Mathematical Economics at the University of Essex and did his Ph.D. at the Indian Statistical Institute, New Delhi. He has taught at the London School of Economics and the Delhi School of Economics, and is currently Visiting Professor at Ranchi University as well as Honorary Professor at the Delhi School of Economics. He has made wide-ranging contributions to development economics and public policy, with special reference to India. His research interests include rural development, social inequality, elementary education, child nutrition, health care and food security. Jean Drèze is co-author (with Amartya Sen) of Hunger and Public Action (Oxford University Press, 1989) and An Uncertain Glory: India and Its Contradictions (Penguin, 2013)”, and also one of the co-authors of the Public Report on Basic Education in India, also known as “PROBE Report”.

 

michael_waltonMichael Walton is Senior Lecturer in Public Policy at the Harvard Kennedy School, where he has taught since 2004 and is a visiting fellow at the Centre for Policy Research, Delhi.  He also works with the non-profit IMAGO Global Grassroots whose goal is to take established grassroots organizations to the next level, working especially in India, Latin America and the United States.  In addition to core teaching in HKS’ MPA in International Development, he leads the signature on-line course on Policy Design and Delivery.  Michael was VKRV Rao Professor at the Institute for Social and Economic Change, Bangalore in 1998 and 1999, and visiting professor at the Delhi School of Economics in 1998. Before academia, Michael worked for 20 years at the World Bank, including on Brazil, Indonesia, Mexico, and Zimbabwe. While there he led two and worked on two other World Development Reports (on Poverty in 1990 and 2000, on Labor in 1995, and Inequality in 2005). Book publications include co-edited volumes on Culture and Public Action, and No Growth without Equity? on Mexico.  Current research in India, includes work on Self Help Groups and on scaling up of social enterprises of the Self Employed Women’s Association.  Michael is also a dancer.  He has a B.A. in Philosophy and Economics and an M.Phil. in Economics from Oxford University.

 

This event was sponsored with the Sigur Center for Asian Studies.

Theory and Practice: The Economics of Implementation and India’s Covid-19 Response

Thursday, November 12, 2020
9:00 am – 10:30 am EDT
WebEx

This was the third webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The third event, “Theory and Practice: The Economics of Implementation and India’s Covid-19 Response” featured Rohini Pande, Henry J. Heinz II Professor of Economics and Director of the Economic Growth Center at Yale University, Ravi Kanbur, T.H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, and Professor of Economics at Cornell University, and Jayati Ghosh, former Chair of the Centre for Economic Studies and Planning at the Jawaharal Nehru University.

The onset of Covid-19 has changed the trajectory of global poverty reduction, especially in South Asia. India is now predicted to see large increases in the number of people living in extreme poverty. And, in an environment of low economic growth, this heightened socio-economic inequality is likely to persist unless the state can redistribute adequate resources towards the poor. As a short-run response during the lockdown, India announced gender-targeted cash transfers and increased free food rations. However, with the `unlocking’ of the economy now near complete, the Indian state is largely relying on labor markets, undergirded by the employment guarantee program in rural areas, to provide the poor and vulnerable the resources they need. How well did India’s social protection system protect the vulnerable in the short-run? What did we learn about the relative success of food versus cash transfers when state capacity is low? In the medium-run, are labor markets succeeding in protecting the poor? How are the less powerful – especially women – faring in the covid-19 economy? Looking ahead, how should we factor in considerations of state capacity and accountability in evaluating policy proposals, such as Universal Basic Income and urban employment guarantees? Or, in devising policies to eventually put an end to the pandemic?

About the Panelists:

Picture of Panelist Rohini Pande Rohini Pande is the Henry J. Heinz II Professor of Economics and Director of the Economic Growth Center, Yale University. She is a co-editor of American Economic Review: Insights. Pande’s research is largely focused on how formal and informal institutions shape power relationships and patterns of economic and political advantage in society, particularly in developing countries. She is interested in the role of public policy in providing the poor and disadvantaged political and economic power, and how notions of economic justice and human rights can help justify and enable such change. Her most recent work focuses on testing innovative ways to make the state more accountable to its citizens, such as strengthening women’s economic and political opportunities, ensuring that environmental regulations reduce harmful emissions, and providing citizens effective means to voice their demand for state services. In 2018, Pande received the Carolyn Bell Shaw Award from the American Economic Association for promoting the success of women in the economics profession. She is the co-chair of the Political Economy and Government Group at Jameel Poverty Action Lab (J-PAL), a Board member of Bureau of Research on Economic Development (BREAD) and a former co-editor of The Review of Economics and Statistics. Before coming to Yale, Pande was the Rafik Harriri Professor of International Political Economy at Harvard Kennedy School, where she co-founded Evidence for Policy Design. Pande received a Ph.D. in economics from London School of Economics, a BA/MA in Philosophy, Politics and Economics from Oxford University and a BA in Economics from Delhi University.

Ravi Kanbur is the T.H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, Professor of Economics, Cornell University. He researches and teaches in development economics, public economics and economic theory. He has served on the senior staff of the World Bank including as Chief Economist for Africa. He has also published in the leading economics journals, including Journal of Political Economy, American Economic Review, Review of Economic Studies, Journal of Economic Theory and Economic Journal. He is Co-Chair of the Food Economics Commission and Co-Chair of the Scientific Council of the International Panel on Social Progress. The positions he has held include: Chair of the Board of United Nations University-World Institute for Development Economics Research, member of the OECD High Level Expert Group on the Measurement of Economic Performance, President of the Human Development and Capability Association and President of the Society for the Study of Economic Inequality.

Picture of Panelist Jayati Ghosh Jayati Ghosh taught economics at Jawaharlal Nehru University, New Delhi for nearly 35 years. From January 2020 she will join the University of Massachusetts at Amherst, USA. She has authored and/or edited 19 books (including “Never Done and Poorly Paid: Women’s Work in Globalising India”, Women Unlimited, New Delhi 2009; the co-edited “Elgar Handbook of Alternative Theories of Economic Development, 2014, “Demonetisation Decoded”, Routledge 2017 and “Women workers in the informal economy”, Routledge forthcoming) and nearly 200 scholarly articles. She has received several prizes, including for distinguished contributions to the social sciences in India in 2015; the International Labour Organisation’s Decent Work Research Prize for 2010; the NordSud Prize for Social Sciences 2010, Italy. She has advised governments in India and other countries, including as Chairperson of the Andhra Pradesh Commission on Farmers’ Welfare in 2004, and Member of the National Knowledge Commission of India (2005-09). She is the Executive Secretary of International Development Economics Associates, an international network of heterodox development economists. She has consulted for international organisations including ILO, UNDP, UNCTAD, UN-DESA, UNRISD and UN Women and is member of several international commissions, including the International Commission for the Reform of International Corporate Taxation (ICRICT) and the Commission for Global Economic Transformation of INET. She writes regularly for popular media like newspapers, journals and blogs.

 

About the Organizers:

Picture of James E. Foster James E. Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His joint 1984 Econometrica paper (with Joel Greer and Erik Thorbecke) is one of the most cited papers on poverty. It introduced the FGT Index, which has been used in thousands of studies and was employed in targeting the Progresa CCT program in Mexico. Other research includes work on economic inequality with Amartya Sen; on the distribution of human development with Luis Felipe Lopez-Calva and Miguel Szekely; on multidimensional poverty with Sabina Alkire; and on literacy with Kaushik Basu.

Professor Foster’s work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank.

Picture of Ajay Chhibber Ajay Chhibber is a Distinguished Visiting Scholar, Institute of International Economic Policy, George Washington University and Non-Resident Senior Fellow, the Atlantic Council, Washington DC. He was earlier Director General, Independent Evaluation Office, Government of India and Distinguished Visiting Professor at the National Institute of  Public Finance and Policy (NIPFP), India. He held senior positions at the UN as Assistant Secretary General and Assistant Administrator, UNDP and managed their program for Asia and the Pacific. He also served in senior positions at the World Bank. He has a Ph.D. from Stanford University, a Masters from the Delhi School of Economics. He taught at Georgetown University and at the University of Delhi.

India’s COVID-19 Challenge: Outcomes and Options

Thursday, October 15, 2020
10:30 am – 12:00 pm EDT
WebEx

This was the second webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The second event, “India’s COVID-19 Challenge: Outcomes and Options” featured Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago, and Bina Agarwal, Professor of Development Economics and Environment at the University of Manchester. The discussion was moderated by Professor James Foster, with an introduction by Dr. Ajay Chhibber.

India has been hit hard by the Coronavirus. Today it has amongst the highest number of cases world-wide and daily rising death rates. One of the world’s strictest lockdowns in March, with no warning, flattened the economy instead of flattening the Covid-19 curve. In Q1 FY 2020-21 (April to June), India’s GDP fell by almost 24%, while the FY 2020-21GDP growth is projected to be between -5% and -10%, amongst the largest drop globally. The economy was already ailing prior to Covid, with growth falling for 7 previous quarters. COVID will set it back further, perhaps by at least 5 years and push millions out of work and into poverty. India’s ambitious goal of becoming a $5 Trillion economy by 2025 seems a distant dream now.

The lockdown also forced millions of urban migrants to return to their rural homes, under great hardship, carrying with them the virus and the despair of joblessness. India’s woefully inadequate public health system is now overwhelmed. Central and State finances are in deep trouble and the GST (as a sign of Cooperative Federalism) is beset with intense political friction. The already struggling financial system is likely to sink even deeper into the mire. The Rs 20 Trillion (10% of GDP) package announced by the government with much fanfare under the Atma Nirbhar Bharat Abhiyan (Self-reliant India scheme), is too small – especially its fiscal component -to repair the economic damage or revive livelihoods. The package includes a series of reforms in agricultural markets and labor markets as well as a greater push for “ Make in India”. But will these reforms help India at this stage?

India is between a rock and a hard place. Did it have to get so bad? Is there any good news? A silver lining anywhere? Is there scope for some transformative change? Or do we, as with the virus, have to brace ourselves to “live with” this economic downturn for a long stretch ahead?

Our distinguished panelists discussed these challenges and possible options and solutions.

About the Panelists:

Picture of Raghuram Rajan, panelist

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He was the Governor of the Reserve Bank of India between 2013 and 2016, and also served as Vice-Chairman of the Board of the Bank for International Settlements between 2015 and 2016. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.

Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. He co-authored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. His most recent book, The Third Pillar: How Markets and the State hold the Community Behind was published in 2019.

Dr. Rajan was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty. In 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Deutsche Bank Prize for Financial Economics in 2013, Euromoney magazine’s Central Banker of the Year Award 2014 and The Banker magazine’s Global Central Banker of the Year award in 2016.

Picture of Bina Agarwal, Panelist Bina Agarwal is Professor of Development Economics and Environment at the Global Development Institute, University of Manchester, UK, and former Professor and Director, Institute of Economic Growth, Delhi. She has been President,  International Society for Ecological Economics; Vice-President, International Economic Association; President,                    International Society for Feminist Economics; and held distinguished positions at the Universities of Cambridge, Harvard,    Princeton, Michigan, Minnesota, and the New York University School of Law. Dr. Agarwal’s publications include the multiple award-winning book, A Field of One’s Own: Gender and Land Rights in South Asia (Cambridge University Press, 1994), Gender and Green Governance (OUP, 2010) and Gender Challenges (OUP, 2016), a three volume compendium of her selected papers on Agriculture, Property, and the Environment. Her pioneering work on gender inequality in property and land and on environmental governance, has had global impact. Her many awards include a Padma Shri, 2008; book prizes; the Leontief Prize 2010; Louis Malassis Scientific Prize 2017; and the International Balzan Prize, 2017.

 

About the Organizers:

Picture of James E. Foster James E. Foster is the Oliver T. Carr, Jr. Professor of International Affairs, Professor of Economics, and Co-Director of the Institute for International Economic Policy at the George Washington University. He is also a Research Associate at the Oxford Poverty and Human Development Initiative at Oxford University. Professor Foster’s research focuses on welfare economics — using economic tools to evaluate and enhance the wellbeing of people. His joint 1984 Econometrica paper (with Joel Greer and Erik Thorbecke) is one of the most cited papers on poverty. It introduced the  FGT Index, which has been used in thousands of studies and was employed in targeting the Progresa CCT program in Mexico. Other research includes work on economic inequality with Amartya Sen; on the distribution of human development with Luis Felipe Lopez-Calva and Miguel Szekely; on multidimensional poverty with Sabina Alkire; and on literacy with Kaushik Basu.

Professor Foster’s work underlies many well-known social indices including the global Multidimensional Poverty Index (MPI) published annually by the UNDP in the Human Development Report, dozens of national MPIs used to guide domestic policy against poverty, the Women’s Empowerment in Agriculture Index (WEAI) at USAID, the Gross National Happiness Index of Bhutan, the Better Jobs Index of the InterAmerican Development Bank, and the Statistical Performance Index of the World Bank.

Ajay Chhibber is a Distinguished Visiting Scholar, Institute of International Economic Policy, George Washington University and Non-Resident Senior Fellow, the Atlantic Council, Washington DC. He was earlier Director General, Independent Evaluation Office, Government of India and Distinguished Visiting Professor at the National Institute of Public Finance and Policy (NIPFP), India. He held senior positions at the UN as Assistant Secretary General and Assistant Administrator, UNDP and managed their program for Asia and the Pacific. He also served in senior positions at the World Bank. He has a PhD from Stanford University, a Masters from the Delhi School of Economics. He taught at Georgetown University and at the University of Delhi.

Fiscal Dominance: A Theory of Everything in India

Wednesday, September 9, 2020
10:00 am – 11:30 am EDT
WebEx

Read Prof. Acharya’s responses to our discussants here.

This was the first webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invited you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The first talk in the Envisioning India Series was “Fiscal Dominance: A Theory of Everything in India” and featured Viral V. Acharya of NYU-Stern.

He discussed the following: Financial stability is perhaps the most important prerequisite for stable growth. It is surprisingly also the most compromised one. Encouraging cheap credit and rapid balance-sheet growth in the financial sector is a temptation that many governments find hard to resist to register well on the short-run growth scorecard. Post 1991 reforms, India undertook an upward and onward march in economic progress for close to two decades. Since then, lack of financial stability has emerged as its Achilles’ heel. The reasons for this are many but a first and foremost contributor has been the increasing dominance of banking and financial sector regulation by the unyielding deficit situation of the consolidated government balance-sheet. Reining in this fiscal dominance requires not just a strengthening of the institutional framework of financial sector regulation but also the right balance between the role played by the government, the central bank, the markets, and the private sector in the economy.

 

About the Speaker:

Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. Viral was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI will release in the end of July 2020 in the form of a book titled “Quest for Restoring Financial Stability in India” (SAGE Publications India), with a new introductory chapter “Fiscal Dominance: A Theory of Everything in India”. Viral completed Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was at London Business School (2001-2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007-09) and a Senior Houblon-Normal Research Fellow at the Bank of England (Summer 2008). Viral’s primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences. He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial Intermediation, Rand Journal of Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is currently associate editor of the Review of Corporate Finance Studies (RCFS, 2011-) and Review of Finance (2006-), and was an editor of the Journal of Financial Intermediation (2009-12) and associate editor of the Journal of Finance (2011-14).

 

Discussants:

Liaquat Ahamed is the author of the critically acclaimed best-seller, Lords of Finance: The Bankers Who Broke the World, about central bankers during the Great Depression of 1929-1932. The book won the 2010 Pulitzer Prize for History, the 2010 Council on Foreign Relations Arthur Ross Gold Medal, and the 2009 Financial Times-Goldman Sachs Best Business Book of the Year Award. Ahamed was a professional investment manager for twenty-five years. He has worked at the World Bank in Washington, D.C., and the New York-based partnership of Fischer Francis Trees and Watts, where he served as chief executive. He is currently a director of the Putnam Funds. He is on the board of trustees of the Journal of Philosophy, the Sun Valley Writers’ Conference and a former trustee of the Brookings Institution and the New America Foundation. He has degrees in economics from Harvard and Cambridge.

Rakesh Mohan is one of India’s senior-most economic policymakers and an expert on central banking, monetary policy, infrastructure and urban affairs. Most recently he was executive director at the International Monetary Fund in Washington, D.C., representing India, Sri Lanka, Bangladesh and Bhutan, and chairman, National Transport Development Policy Committee, Government of India, in the rank of a Minister of State. He is also a former deputy governor of the Reserve Bank of India. As deputy governor he was in charge of monetary policy, financial markets, economic research and statistics. In addition to serving in various posts for the Indian government, including representing India in a variety of international forums such as Basel and G20, Mohan has worked for the World Bank and headed prestigious research institutes. He is also Senior Advisor to the McKinsey Global Institute and Distinguished Fellow of Brookings India. Mohan has written extensively on urban economics, urban development, Indian economic policy reforms, monetary policy and central banking.

Diagnosing and Addressing India’s Post-2011 Growth Slowdown

Friday, January 22nd, 2021
8:30 a.m. – 10:00 a.m. EST
WebEx

This was the fifth webinar in the “Envisioning India” series, co-sponsored by the Sigur Center for Asian Studies and the Institute for International Economic Policy. It is a platform for dialogue and debate. We invite you to engage with us in this series of important discussions.

The “Envisioning India” series is organized under the stewardship of IIEP Co-Director James Foster, Oliver T. Carr, Jr. Professor of International Affairs and Professor of Economics, and IIEP Distinguished Visiting Scholar Ajay Chhibber. The fifth event, “Diagnosing and Addressing India’s Growth Slowdown Since 2011” featured Vijay Kelkar and Ajay Shah. The talk was based on their book In Service of the Republic: The Art and Science of Policy-Making in India, named a Top 20 Book of 2020 by Bloomberg. Ashima Goyal from IGIDR and Devesh Kapur from SAIS provided discussant remarks. The discussion was moderated by Professor James Foster, with an introduction by Dr. Ajay Chhibber.

India’s GDP has crashed in 2020 due to the pandemic – but it was showing a decline even before that. Private investment surged in India from 2003 to 2012, and has declined thereafter. In 2020 rupees, the stock of under implementation private projects has dropped from Rs.83 trillion in 2012 to Rs.35 trillion today. The most important puzzle in Indian economics today consists of diagnosing and addressing the disenchantment of the private sector, the change in conditions when compared with the high growth of the 1991-2011 period. Most GDP growth, and almost all jobs, are made when private persons choose to invest in building firms. What happened to the promise? Where have we faltered? How do we change course? How do we overcome the dangers of the middle-income trap and get rich before we grow old? What do we need to do to make our tryst with destiny?

This requires going back to first principles, in public economics and public administration, to rethink the foundations of public policy in India, to rethink the concept of the Indian state and its engagement with private persons. Vijay Kelkar and Ajay Shah wrote an ambitious book, “In service of the Republic: The art and science of economic policy“, around these questions.

 

About the Authors: 

Picture of Vijay KelkarVijay Kelkar served the Government of India as petroleum secretary, finance secretary and chairman of the Thirteenth Finance Commission of India. He also served as director of the United Nations Conference on Trade and Development (UNCTAD) and as executive director of the International Monetary Fund. In 2011, the President of India conferred the Padma Vibhushan upon him. He has a masters from the University of Minnesota and a PhD from the University of California, Berkeley.

 

Picture of Ajay ShahAjay Shah has worked at the Centre for Monitoring Indian Economy, the Indira Gandhi Institute for Development Research, the Ministry of Finance and the National Institute of Public Finance and Policy (NIPFP). His areas of research include economics, law and public administration. He has a BTech in aeronautical engineering from IIT, Bombay, and a PhD in economics from the University of Southern California, Los Angeles.

 

 

About the Discussant: 

Picture of Ashima GoyalAshima Goyal, professor IGIDR, Mumbai, is widely published in institutional and open economy macroeconomics, international finance and governance, edits a Routledge journal, has received many fellowships, national and international awards, is active in the Indian public debate with a monthly column at Hindu Business Line, and has a served on several boards and policy committees including the Prime Minister’s Economic Advisory Council. Currently she is a member of the Monetary Policy Committee of India’s Central Bank.

 

 

pic of Devesh Kapur Devesh Kapur, is the Starr Foundation South Asia Studies Professor and Director of Asia Programs at the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University. His recent books include Navigating the Labyrinth: Perspectives on India’s Higher EducationThe Other One Percent: Indians in AmericanRethinking Public Institutions in IndiaThe Costs of Democracy: Political Finance in India and Regulation in India: Design, Capacity, Performance. Prior to joining Johns Hopkins, he held appointments at the Brookings Institution, Harvard University and University of Pennsylvania. He holds a B. Tech in Chemical Engineering from IIT (BHU) Varanasi; an M.S. in Chemical Engineering from the University of Minnesota; and a Ph.D. in public policy from Princeton. 

India and USA: Shared Prosperity, Opportunities, and Challenges

Tuesday, March 19th, 2019

10:30 AM – 12:00 PM

Location: City View Room

About the Event:

This event is hosted by the Institute for International Economic Policy (IIEP), the Federation of India’s Chambers of Commerce and Industry (FICCI), and the Sigur Center for Asian Studies. Elliott School Dean Reuben Brigety III will provide welcoming remarks, which will be followed by a fireside chat with H.E. Amb. Shringla moderated by IIEP Visiting Scholar and FICCI Chief Economic Advisor, Ajay Chhibber. A panel of experts on education, infrastructure investments, and pharmaceuticals will conclude the event.

Schedule:

Welcome remarks………………… Professor Maggie Chen
                                                                   Director, Institute for International Economic Policy, GWU
                                      ………………… Ambassador Reuben E. Brigety II
                                                                  Dean, Elliot School of International Affairs, GWU
Fireside chat………………………… H.E. Harsh Vardhan Shringla
                                                                  Ambassador of India to the United States of America
                          …………………………. Ajay Chhibber
                                                                  Visiting Scholar, Institute for International Economic Policy, GWU
                                                                  Chief Economic Advisor, Federation of Indian Chambers of
                                                                  Commerce and Industry
Expert panel……………………..… Subir V. Gokarn
                                                           Executive Director for Bangladesh, Bhutan, India and SriLanka, International Monetary  Fund
                           …………………..…… Sofia Mumtaz
                                                                President, Lupin Limited
                          ……..………………… Adrian Mutton
                                                               Founder & CEO, Sannam S4 Group of companies & U.S.
                                                              Business Centers
Moderated by………………….… Ridhika Batra
                                                              Country Head / Director, Federation of Indian Chambers of
                                                             Commerce and Industry, U.S.

Poverty in India: Issues and Policies

S. Mahendra Dev 

Indira Gandhi Institute for Development Research

International Economic Policy Forum

Co-hosted by the International Tax and Investment Center and the GW Department of Economics

Wednesday, November 16, 2016

12:30 pm to 2:00 pm

 

Elliott School of International Affairs
Room 505
1957 E Street NW
Washington, DC 20052

 

Please find the presentation from Prof. Smith here, and Prof. Dev here.

S. Mahendra Dev is the director (Vice Chancellor) of the Indira Ghandi Institute of Develpment and Research (IGIDR). He previously served as the chair of the Commission for Agriculture Costs and Prices of the Government of India. He also worked as director at the Centre for Economic and Social Studies, and as senior fellow at the Rajiv Ghandi Foundation. He has written extensively on topics such as agricultural development, food security, and poverty and public policy. He received his PhD from the Delhi School of Economics and completed postdoctoral research at Yale University’s Economic Growth Center.

Prof. Dev has more than 100 research publications in national and international journals. Oxford University Press has recently published his book  Inclusive Growth in India. He has been a consultant and adviser to many international organizations, such as UNDP, World Bank, International Food Policy Research Institute, ILO, FAO, and ESCAP. He also conducted collaborative projects with IFPRI on food security and poverty. He has been a member of several government committees including the Prime Minister’s Task Force on Employment and Rangarajan Commission on Financial Inclusion.

S. Mahendra Dev

Inclusive and Sustainable Growth in India: Policy Challenges and Prospects

Wednesday, October 5, 2016

Elliott School of International Affairs
Lindner Commons, 6th floor
1957 E Street NW
Washington, DC 20052
Watch the conference videos

Click here to access the morning speakers

Click here to access the afternoon speakers

Click here to access all other remarks

To prepare for the future, India emphasizes addressing inclusive and sustainable growth, eliminating poverty, and expanding their urban sphere. The growth-orientated government faces challenges in creating efficient policy reforms to fit their agenda. Issues including poverty, inequality, lack of infrastructure, and an unfinished plan for reform limit the country’s tremendous growth prospects.

How can India utilize macro economic policy for faster growth? What additional policies are needed to boost infrastructure and urbanization? How is India responding to climate change and sustainability? How can revised policy and programs aid in eradicating poverty?

The Institute for International Economic Policy at the Elliott School of International Affairs and India’s National Institute of Public Finance and Policy hosted a conversation with top academic researchers, officials from the IMF, NIPFP, and World Bank, and current and former advisors of the Indian governments.

View the Schedule
8:30 – 9:00AM: Continental Breakfast
9:00 – 10:00AM: Opening Session
  • Welcome Address
    • Ambassador Reuben Brigety, Dean of the Elliott School
  • Key Note Address: “India’s Reform Challenges and Unfinished Reform Agenda”
    • Arvind Subramaniam, Chief Economic Advisor, Government of India 
10:00 – 11:15AM: Session I – “Macro Economic Policy for Faster Growth”
  • Chair: Dr. Ajay Chhibber, IIEP & NIPFP
  • Dr. Subir Gokarn, Exective Director, India IMF
  • Dr. Rathin Roy,  Director, NIPFP, “A Macro-Fiscal Snapshot
11:15 – 11:30AM: Coffee Break
11:30AM – 1:00PM: Session II – “India’s Commitment to Climate Change and Sustainable Growth”
1:00 – 2:00PM: Lunch: Luncheon Address
  • Dr. Junaid Kamal Ahmad, Country Director, India, World Bank 
2:00 – 3:15PM: Session III – “Infrastructure and Urban Drivers of Growth”
3:15 – 3:30PM: Coffee Break
3:30 – 4:45PM: Session IV – “Equitable Growth and Poverty Eradication: Measurement, Programs, and Policies”
4:45 – 5:30PM: Closing Address: “Getting India back to the Growth Turnpike: What will it take?
  • Dr. Rakesh Mohan, Yale University, and former Executive Director, India, IMF 
  • Dr. Ajay ChhibberIIEP & NIPFP

Inaugural Conference on India’s Economy

Monday, April 13, 2015

8:15am to 5:00pm

Elliott School of International Affairs
Lindner Commons, 6th floor
1957 E Street NW
Washington, DC 20052

The Indian economy is showing signs of revival after several years of slowdown. A new growth oriented government has just presented a budget to boost recovery, inflation is on the decline and India looks poised for faster growth. Yet challenges remain as India must reduce poverty, create jobs for a young and rapidly urbanizing population while increasing its resilience to global headwinds as it continues to open up to the international economy. How can India revive growth with limited fiscal space? What reforms are needed in factor markets: land, labor and finance to ramp up private investment both domestic and foreign? What additional policies and programs are needed to address poverty? How can India become more competitive in global markets, and participate in global and regional trade partnerships? How can the promise of U.S.-India partnership be taken forward concretely? The Institute for International Economic Policy at the Elliott School of International Affairs, George Washington University, invites you to a conversation with top academic researchers, officials from the IMF, World bank, OECD, and the UN, and current and former high level policy makers in the U.S. and Indian governments.

9:00-10:30 am – Session One: Economic Outlook and Macro Economic Policies

11:00 am-12:30 pm – Session Two: Finance, Urbanization, and Growth

12:30-2:00 pm – Lunch and Keynote Speaker

  • Arun Kumar, Assistant Secretary of Commerce for Global Markets and Director General of the U.S. and Foreign Commercial Service “India-U.S. Economic Relations: Prospects and Promise”

2:00-3:30 pm – Session Three: Poverty Eradication and Participation

  • James Foster & Sabina Alkire (GWU, OPHI): Multi Dimensional Poverty Indicators for India
  • Vijayendra Rao (World Bank): The Anatomy of Failure: An Ethnography of A Randomized Trial to Deepen Democracy in Rural India
  • Chair: Stephen Smith (GWU)
  • Discussants: Thangavel Palanivel (UNDP) and Yue Li (World Bank)

3:45-5:00 pm – Closing Session

  • Piritta Sorsa (OECD): Stronger and Better Growth in India
  • Discussants: Swami Nathan Aiyar (Economic Times and Cato Institute), Rakesh Mohan (IMF, RBI), and Ajay Chhibber (IIEP, India) on challenges facing India today

For more information, please contact Kyle Renner at iiep@gwu.edu or 202-994-5320.

Cosponsored by:


View the videos from the sessions here

12:30-2:00 pm – Lunch and Keynote Speake

 

2:00-3:30 pm – Session Three: Poverty Eradication and Participation