Economists Kaushik Basu, Arvind Panagriya Face-Off Over Indian Economy
We attempt to decode the paradox of the Indian economy with 2 leading academics. Kaushik Basu, the former Chief Economic Advisor, and Aravind Panagariya, the former vice chairman of the Niti Aayog. On one hand the Indian economy seems to be on the ascendant emerging from its Covid downturn with news coming in that India is now the 5th largest economy in the world crossing great Britain. This just days after India posted a growth of 13.5% in the last financial quarter, the second highest ever. But is the rising tide lifting all boats? Jobs and incomes are a worry. New jobs data shows unemployment in August at 8.3%, a 12-month high. As the economist Rathin Roy noted India is getting bigger but not richer.
