India’s economic situation has completely transformed and the country has arrived at a new age since Prime Minister Narendra Modi took reigns, said renowned Indian-American economist Jagdish Bhagwati at the Kautilya Economic Conclave in Delhi on Oct 4.
“Leadership is key, and we must look to the Prime Minister. India was held back by inward policies and poor production quality. The entire system needed to change, and we were very fortunate PM Modi stepped in at the right time,” Bhagwati was quoted as saying.
“In the old days, the World Bank used to tell India what to do, but now India tells the World Bank what to do. We have completely arrived at a new age,” he added.
A professor of economics and law at Columbia University and a senior fellow in International Economics at the Council on Foreign Relations, Bhagwati 90, is widely regarded as the intellectual father of the Indian economic reforms of 1991.
There is no dearth of gifted people in India, but the system has to move, he said at the event.
“The Prime Minister made this clear from the start. Once, I asked him what message he wanted to convey. He replied ‘Building a bus stop only needs cement, but I also want the conductor to treat the poor with respect.’ I had never heard anyone, not even from Cambridge think like that—it endeared me to him,” he added.
Bhagwati is one of the few professors in American academia to have a chair named after him while still teaching at the university. He is one among only 10 scholars who hold the title of University Professor at Columbia University.
Married to Padma Desai, also a Columbia economist and Russia specialist, Bhagwati first went to see Modi when he was the chief minister of Gujrat.
“When I went to see Modi as chief minister, he remembered my wife Padma was in the audience and made sure to greet her. That personal touch is amazing. For me and Padma, Prime Minister Modi’s vote is for life,” he said.
“I have similar stories from many women he has encountered. Women’s issues have always been important to him, and I could write a whole book on it,” he added.
The third edition of the Kautilya Economic Conclave is organized by the Institute of Economic Growth in partnership with the Ministry of Finance from Oct 4 to 6.
This year’s conclave is focusing on themes such as financing the green transition, geo-economic fragmentation, the implications for growth, and principles for policy action to preserve resilience among others.
Both Indian and international scholars and policymakers will discuss some of the most important issues confronting the Indian economy and economies of the global south. Notably, speakers from across the world are taking part in the conclave.
“We are on an onward track and there is nothing that bothers me right now when I look at what is going on. It seems to me that trying to advise this government is very difficult because most of what is being done is very good and proper,” he said.
“A lot of young people are coming up and there is a great deal of enthusiasm in the country as well. I never thought I would see this in my lifetime. I am glad that I have lived long enough to witness this transformation and feel good about it.” he added.
