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The Seen and the Unseen - hosted by Amit Varma
Ep 387: The Life and Times of the Indian Economy
Jun 24, 2024
The podcast features Rajeswari Sengupta, an expert on the Indian economy, discussing the challenges, successes, and policies shaping India's economic landscape post-independence. Topics range from GDP measurements, electoral influences, structural reforms, and the impacts of external shocks. The conversation dives into economic disparities, protectionist trade policies, and the importance of evaluating public policies for effective governance.
09:53:33
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Quick takeaways
- Nehru's economic model combined British democracy with Soviet planning, aiming for rapid industrialization.
- India's heavy reliance on foreign aid led to constrained decision-making and hindered self-sufficiency efforts.
- State-led economic policies under Nehru disincentivized innovation and competition, stifling progress in key industries.
- Post-1991 reforms faced challenges in implementation due to slow progress and macroeconomic shocks.
- Structural reforms introduced by the government aimed at balancing fiscal stimulus and fostering recovery amidst economic challenges.
- COVID-19's impact highlighted contrasting effects on different sectors, underscoring structural imbalances in the Indian economy.
Deep dives
Nehru's Vision for Economic Development
Nehru's economic vision post-independence aimed at industrializing the agricultural economy by promoting modern production through state-led investment. This approach combined British parliamentary democracy with Soviet-style central planning, signaling a unique blend of systems. Nehru envisioned the state playing a pivotal role across all sectors to propel India towards catching up with UK income levels, aiming for rapid economic advancement.
Challenges and Considerations in Nehru's Economic Approach
Nehru's decision for a state-led economic model needs contextual understanding to assess its impact. Factors contributing to this choice include the post-colonial economic challenges, the political environment, and the quest for rapid industrialization. The intricacies of combining democracy with central planning raised significant questions about the sustainability and effectiveness of the chosen economic strategy.
Analyzing Nehru's Economic Policies and Their Impacts
Evaluating Nehru's economic policies reveals a complex interplay of factors shaping India's economic trajectory post-independence. The emphasis on state-led investment, industrialization, and a unique blend of economic systems influenced the foundational economic landscape. Examining the successes and failures of this approach sheds light on the long-term implications for India's economic development.
The Enduring Legacy of Nehru's Economic Vision
Nehru's economic vision and policies from the early post-independence era have left a lasting impact on India's economic trajectory. The combination of state intervention and industrial focus shaped subsequent economic strategies and debates. Understanding the historical context and outcomes of Nehru's economic initiatives is crucial for comprehending India's economic evolution over the years.
Private Sector Intervention in State Planning
The Bombay Plan, proposed even before independence by leading industrialists like the Tatas and Birlas, highlighted the need for state intervention in economic development. Recognizing the limitations of the private sector in heavy industries, the document advocated for a state-led growth model, emphasizing the role of public sector enterprises to drive industrialization.
Influence of Economic Theory on Nehru
Nehru's economic policies were shaped by his Fabian socialist beliefs and distrust of capitalism. Influenced by economists like Harold Lasky, Nehru favored planned economy and state ownership of production means. His neglect of profit motive and preference for state-led industrialization aligned with prevalent socialist ideologies of the time.
State Dependence on Foreign Aid and Consequences
India's reliance on foreign aid due to insufficient domestic resources led to consequences like political influence over aid distribution. This dependency constrained India's autonomy in decision-making. The aid stringency influenced significant policy decisions, affecting vital sectors like food security. The prolonged aid dependency hindered self-sufficiency efforts, reflecting challenges of sustained economic growth.
Disincentivization of Innovation and Competition
Nehruvian policies disincentivized innovation and competition in sectors like automotive manufacturing, leading to stagnation and inefficiency. State intervention and lack of market-driven incentives restricted technological advancements and larger-scale production, exemplified by Hindustan Motors' limited innovation and output compared to global counterparts. The absence of competitive pressures stifled progress and modernization in key industries.
Nehru's Economic Policies and Criticism by Amit B. Arshanoy
Nehru's economic policies in the 1950s and 60s faced criticism from Amit B. Arshanoy. He highlighted the inflationary impact of dependence on deficit financing and the growing role of government potentially undermining democracy. The central planning focus on heavy industries led to scarcity in consumer goods and food. Despite criticism, Nehru's model delivered a GDP growth exceeding 4%, a significant improvement from pre-independence growth rates.
Forex Crisis and Famine Impact
India faced forex crises starting from 1957 due to heavy import reliance with exports falling short. The focus on heavy industrialization led to shortages in food grains, sparking famines and dependence on US food aid. Indira Gandhi's era saw further economic challenges with central planning exacerbating crises like food shortages and forex issues.
Impact of Draconian Laws Under Indira Gandhi
Indira Gandhi's economic policies saw the imposition of high tax rates, stringent import tariffs, and nationalization of key sectors including banking. Draconian laws like the MRTP Act, FERA, and labor regulations stifled private enterprise, impeded job creation, and kept millions in poverty. The move leftward during Indira's tenure hindered economic growth and perpetuated economic challenges for the nation.
Shift in Economic Mindset towards Liberalization
The shift in economic discourse post-1977 towards liberalization and softening of central planning led to incremental changes in policy. There was a gradual move away from deeply entrenched socialist mindset as evidenced by the Operation Forward document prepared by Indira Gandhi in 1982. However, despite some progress, the socialist influence remained a significant obstacle to comprehensive reform.
Impact of Prolonged Socialist Policies
Over 40 years, the focus on industrialization, self-sufficiency, and poverty alleviation under socialist policies failed to yield desired outcomes. Agriculture still employs a high percentage of the workforce, self-sufficiency was not achieved leading to foreign aid dependencies, and poverty levels remained high despite economic objectives. The socialist mindset hindered the economy's progress and limited the effectiveness of subsequent reforms.
Legacy of Socialist Ideals and Challenges in Economic Transformation
The socialist ideology embedded words like 'socialist' in the Constitution, influencing subsequent policies with a pro-state and protectionist leaning. The deeply ingrained socialist beliefs created barriers to modernization, technological advancement, and integration with the global economy. Overcoming this legacy became a significant challenge in accelerating economic growth and embracing market-oriented reforms.
Slow implementation and state capacity challenges
The post-1991 reforms faced challenges in implementation due to slow progress and the need for robust state capacity. The complexity of real-world implementation, involving multiple stakeholders and incentives, added to the time required for reforms to yield significant results. State capacity and institutional building were recognized as crucial aspects that needed time to develop, impacting the pace of reform outcomes.
Impact of macroeconomic shocks post-1991
The period after 1991 saw a series of macroeconomic shocks impacting India, such as the East Asian currency crisis, Kargil War, sanctions post nuclear tests, dot-com bubble burst, and the 9/11 attacks. These shocks, along with the transformative reforms undertaken, contributed to economic turbulence and instability, affecting private sector investment and overall growth rates.
First NPA crisis of 1999 in the banking sector
A significant event post-1991 was the first NPA crisis in the banking sector around 1999-2002. Changes in banking regulations and the entry of private and foreign banks led to the recognition of non-performing assets (NPAs). The combination of expanded private sector capacity, external shocks, and regulatory changes resulted in NPAs reaching 18% of total loans, highlighting challenges and impacts on the banking sector.
Link to the economic policy
The economic crisis and subsequent reforms post-1991 challenged India's economic landscape, bringing about slow implementation and facing macroeconomic shocks that impacted growth. The NPA crisis signaled challenges in the banking sector due to regulatory changes and expanded private sector capacity. These events reflect the complexities of enacting reforms and navigating through an evolving economic environment.
Economic Boom and Consequences of the Reforms
From 2004 onwards, the Indian economy experienced a significant economic boom driven by reforms and foreign investment. The surge in economic growth, credit expansion, and macroeconomic stability marked this period. However, the reliance on credit-fueled growth and lack of expertise in evaluating long-term infrastructure projects led to the buildup of vulnerabilities. The interventions in the exchange rate to stabilize the currency and the lack of countercyclical measures left the economy exposed to external shocks, impacting the financial sector.
Impact of 2008 Global Financial Crisis and Terrorist Attacks
The global financial crisis of 2008 had limited direct impact on India due to its economy not being fully integrated into the crisis-causing markets. However, risk aversion led to foreign capital outflows and temporary disruptions in the local financial markets. The 2008 Mumbai terrorist attacks prompted a government reshuffle, with Chidambaram moving to the Home Ministry and Pranab Mukherjee taking over Finance. Subsequent policy decisions under Mukherjee's tenure, including retrospective taxation and the NPA crisis, eroded investor confidence and further derailed economic stability.
Mixed Results and Institutional Weaknesses Post-2008 Crisis
The aftermath of the 2008 crisis revealed a mix of challenges and policy missteps in India's economic landscape. Issues like retrospective taxation, corruption scandals like the 2G and coalgate, and the weakening state capacity highlighted the importance of strong institutions over individual leadership. The series of missteps post-crisis impacted investor confidence, slowed policy momentum, and exposed institutional weaknesses within the governance structure.
Balancing the Business Investments
Businesses faced challenges in the economy, particularly due to policy paralysis and inflation, leading to a struggle in acquiring clearances and undertaking investments, causing loan burdens and project delays, further exacerbated by interest rate hike and bank loans complications.
Impact of Fiscal Stimulus and Structural Reforms
The government navigated a challenging economic environment by introducing structural reforms like inflation targeting, insolvency and bankruptcy code, and goods and services tax, balancing fiscal stimulus during the global financial crisis, reflecting nuanced economic strategies and institutional transformations.
Economic Downturn and Banking Sector Crisis
The economy faced a downturn post -2014 due to a balance sheet crisis in the banking and non -banking financial sector, with rising NPAs, stagnant private sector investment, and NBFC defaults, resulting in economic stagnation, fueling challenges in growth and investment.
Health Setback and Resilient Recovery
The episode highlights a health emergency faced by one of the speakers, drawing a parallel to the critical times in the Indian economy, signifying the need for quick interventions, strategic reforms, and rejuvenated economic measures, showcasing resilience and recovery post -challenges.
Closure of the Episode
The session culminates with reflections on the personal health scare and the broader economic narrative, underlining the importance of decisive actions, paradigm shifts, and an enduring commitment to addressing economic woes and fostering recovery amidst uncertainties and shocks.
Impact of Structural Changes on the Indian Economy
The episode delves into the structural changes in India's economy from 2011 to 2019, highlighting the impact of reforms from the early 1990s. It mentions how these reforms lifted millions out of poverty, integrated India into the global economy, and fueled significant economic growth. However, challenges arose post-2011, such as the NPA crisis, demonetization, and the implementation of GST, leading to a slowdown in growth and various economic issues.
Challenges Faced in Economic Data Measurement
The podcast points out the complexity in measuring GDP data due to changes in calculation methodology post-2013 and the divergence in understanding economic growth from high-frequency indicators. It emphasizes the importance of accurate data for effective policy-making and critiques the lack of transparency in the statistical system, highlighting the need for reforms and consultation with the knowledge community.
Impact of COVID-19 on the Indian Economy
COVID-19's impact on India's economy is discussed, noting how the pandemic provided a temporary reprieve for banks and large businesses by suspending loan classification as NPAs and offering breathing space. While benefiting large corporations in terms of cost-cutting and increased market share, it adversely affected the informal sector and MSMEs, exacerbating existing challenges. The pandemic's contrasting effects on different sectors underscored the structural shifts and imbalances in the Indian economy.
Strategies for Economic Recovery
The episode suggests a need for comprehensive strategies to address the economic imbalances exacerbated by COVID-19, emphasizing the importance of balancing policy responses across sectors and promoting transparency in economic data measurement. It advocates for targeted interventions to revive the informal sector and MSMEs, in addition to sustained efforts to address long-standing structural issues and encourage inclusive economic growth.
Evaluation Framework for Public Policy
When evaluating public policy, it is crucial to first define the problem the policy aims to solve and assess its significance and impact, particularly on vulnerable sections of society. Understanding how well the policy aligns with addressing the identified problem is essential, supported by evidence-based analysis. Conducting a cost-benefit analysis to determine if the policy's benefits outweigh its costs provides valuable insights. Emphasizing evidence-based decision-making, stakeholder engagement, and a comprehensive evaluation process can enhance the effectiveness of public policy.
Committee-Based Approach to Policy Formulation
A committee-based approach to policy formulation, involving eminent thinkers, domain experts, and extensive stakeholder consultations, allows for diverse perspectives, rigorous analysis, and informed decision-making. This process facilitates thorough discussions, consultations, and feedback, leading to well-informed policy recommendations and reforms. Engaging in in-depth research, debate, and consultation through committee structures enhances the robustness and effectiveness of policy development in a democratic setting.
Importance of Evidence-Based Policy Making
Prioritizing evidence-based policy making ensures that policy decisions are grounded in data, research, analysis, and stakeholder inputs. Making informed policy choices based on comprehensive evaluations of the problem statement, feasibility of solutions, and cost-benefit assessments enhances the efficacy of public policies. Embracing evidence-based approaches fosters transparency, accountability, and effectiveness in addressing complex societal challenges and fostering sustainable development.
The Importance of Understanding the Indian Economy
Understanding the dynamic Indian economy is crucial, and reforms aimed at reducing state intervention are vital. While navigating academia's requirements, staying plugged into real-world issues is essential for impactful research.
Building a Community of Purpose-Driven Economists
Young economists aspiring to make a real-world impact should maintain a balance between academic pursuits and real-world engagement. By seeking mentorship, fostering a community, and pursuing meaningful research topics, they can contribute significantly to understanding and addressing pressing economic challenges in India.
Fulfillment in Meaningful Conversations and Contributions
Engaging in deep discussions and sharing insights about the Indian economy can be immensely fulfilling. Collaborating with like-minded individuals, exploring diverse perspectives, and striving for genuine understanding can lead to meaningful contributions to economic discourse and policy decisions.
35.
Impact of Protectionist Trade Policies and Import Tariffs on the Indian Economy
7min
Our greatest moral imperative is to solve the problem of poverty -- and after over 75 years, we still have some distance to travel. Rajeswari Sengupta joins Amit Varma in episode 387 of The Seen and the Unseen for a deep dive into how we got here, where we went wrong, what we got right, and how we should look at the Indian economy going forward. (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out:1. Rajeswari Sengupta's homepage. 2. Demystifying GDP — Episode 130 of The Seen and the Unseen (w Rajeswari Sengupta). 3. Twelve Dream Reforms — Episode 138 of The Seen and the Unseen (w Shruti Rajagopalan, Rajeswari Sengupta & Vivek Kaul). 4. Two-and-a-Half Bengalis Have an Economics Adda -- Episode 274 of The Seen and the Unseen (w Rajeswari Sengupta and Shrayana Bhattacharya). 5. Talks & Discussions on the Indian Economy featuring Rajeswari Sengupta. 6. Rajeswari Sengulta's writings on the Indian economy. 7. Rajeswari Sengupta's writing for Ideas for India. 8. Rajeswari Sengupta's writing on the Leap Blog. 9. Rajeswari Sengupta's pieces on GDP: 1, 2, 3, 4, 5. 10. Rajeswari Sengupta's pieces on fiscal policy: 1, 2, 3. 11. Rajeswari Sengupta's pieces on the banking crisis: 1, 2, 3, 4, 5. 12. Rajeswari Sengupta's pieces on the financial sector: 1, 2, 3, 4, 5, 6, 7. 13. Rajeswari Sengupta's pieces on Covid: 1, 2, 3, 4. 14. Getting the State out of Our Lives -- Rajeswari Sengupta's TEDx talk. 15. Why Freedom Matters -- Episode 10 of Everything is Everything. 16. The Reformers -- Episode 28 of Everything is Everything. 17. The Importance of the 1991 Reforms — Episode 237 of The Seen and the Unseen (w Shruti Rajagopalan and Ajay Shah). 18. The Life and Times of Montek Singh Ahluwalia — Episode 285 of The Seen and the Unseen. 19. The Forgotten Greatness of PV Narasimha Rao — Episode 283 of The Seen and the Unseen (w Vinay Sitapati). 20. India’s Lost Decade — Episode 116 of The Seen and the Unseen (w Puja Mehra). 21. The Life and Times of KP Krishnan -- Episode 355 of The Seen and the Unseen. 22. Lant Pritchett Is on Team Prosperity -- Episode 379 of The Seen and the Unseen. 23. Josh Felman Tries to Make Sense of the World — Episode 321 of The Seen and the Unseen. 24. Rohit Lamba Will Never Be Bezubaan -- Episode 378 of The Seen and the Unseen. 25. Yugank Goyal Is out of the Box — Episode 370 of The Seen and the Unseen. 26. The State of Our Farmers — Ep 86 of The Seen and the Unseen (w Gunvant Patil, in Hindi). 27. India’s Agriculture Crisis — Ep 140 of The Seen and the Unseen (w Barun Mitra & Kumar Anand). 28. The Tragedy of Our Farm Bills — Episode 211 of The Seen and the Unseen (w Ajay Shah). 29. The Art and Science of Economic Policy — Episode 154 of The Seen and the Unseen (w Vijay Kelkar & Ajay Shah). 30. Two Economic Crises (2008 & 2019) — Episode 135 of The Seen and the Unseen (w Mohit Satynanand). 31. The Indian Economy in 2019 — Episode 153 of The Seen and the Unseen (w Vivek Kaul). 32. Subhashish Bhadra on Our Dysfunctional State -- Episode 333 of The Seen and the Unseen. 33. The Importance of Data Journalism — Episode 196 of The Seen and the Unseen (w Rukmini S). 34. Rukmini Sees India’s Multitudes — Episode 261 of The Seen and the Unseen (w Rukmini S). 35. Pramit Bhattacharya Believes in Just One Ism — Episode 256 of The Seen and the Unseen. 36. Understanding the State -- Episode 25 of Everything is Everything. 37. When Should the State Act? -- Episode 26 of Everything is Everything. 38. Public Choice Theory Explains SO MUCH -- Episode 33 of Everything is Everything. 39. Our Population Is Our Greatest Asset -- Episode 20 of Everything is Everything. 40. What's Wrong With Indian Agriculture? -- Episode 18 of Everything is Everything. 41. The Long Road to Change -- Episode 36 of Everything is Everything. 42. India Needs Decentralization -- Episode 47 of Everything is Everything. 43. Beware of These Five Fallacies! -- Episode 45 of Everything is Everything. 44. Stay Away From Luxury Beliefs -- Episode 46 of Everything is Everything. 45. Graduating to Globalisation -- Episode 48 of Everything is Everything (on I18N). 46. Ask Me ANYTHING! -- Episode 50 of Everything is Everything. 47. Four Papers That Changed the World -- Episode 41 of Everything is Everything. 48. The Populist Playbook -- Episode 42 of Everything is Everything. 49. The 1991 Project. 50. The quest for economic freedom in India — Shruti Rajagopalan. 51. What I, as a development economist, have been actively “for” — Lant Pritchett. 52. National Development Delivers: And How! And How? — Lant Pritchett. 53. Economic growth is enough and only economic growth is enough — Lant Pritchett with Addison Lewis. 54. Is India a Flailing State?: Detours on the Four Lane Highway to Modernization — Lant Pritchett. 55. Is Your Impact Evaluation Asking Questions That Matter? A Four Part Smell Test — Lant Pritchett. 56. The Perils of Partial Attribution: Let’s All Play for Team Development — Lant Pritchett. 57. Some episodes of The Seen and the Unseen on the state of the economy: 1, 2, 3, 4, 5. 58. Accelerating India’s Development — Karthik Muralidharan. 59. Unshackling India -- Ajay Chhibber and Salman Soz. 60. India Grows At Night -- Gurcharan Das. 61. India’s Problem is Poverty, Not Inequality -- Amit Varma. 62. Mohit Satyanand's newsletter post on the informal sector. 63. Pratap Bhanu Mehta's column on mission mode interventions. 64. The Hedonistic Treadmill. 65. 77% low-income households saw no income increase in the past 5 yrs -- Vasudha Mukherjee. 66. Pandit’s Mind — The 1951 Time magazine cover story on Jawaharlal Nehru. 67. Economic Facts and Fallacies -- Thomas Sowell. 68. An Autobiography -- Jawaharlal Nehru. 69. The Double 'Thank You' Moment -- John Stossel. 70. Profit = Philanthropy — Amit Varma. 71. India After Gandhi -- Ramachandra Guha. 72. The China Dude Is in the House -- Episode 231 of The Seen and the Unseen (w Manoj Kewalramani). 73. The Dragon and the Elephant -- Episode 181 of The Seen and the Unseen (w Hamsini Hariharan and Shibani Mehta). 74. Caste, Capitalism and Chandra Bhan Prasad — Episode 296 of The Seen and the Unseen. 75. The Collected Writings and Speeches of Dr Babasaheb Ambedkar. 76. Population Is Not a Problem, but Our Greatest Strength -- Amit Varma. 77. How to assess the needs for aid? The answer: Don’t ask -- William Easterly. 78. The White Man's Burden -- William Easterly. 79. The Elusive Quest for Growth -- William Easterly. 80. The Tyranny of Experts -- William Easterly. 81. Planners vs. Searchers in Foreign Aid — William Easterly. 82. Pandit’s Mind — The 1951 Time magazine cover story on Jawaharlal Nehru. 83. 75 Years of India’s Foreign Exchange Controls -- Bhargavi Zaveri Shah. 84. Breaking the Mould: Reimagining India’s Economic Future — Raghuram Rajan and Rohit Lamba. 85. The History of the Planning Commission — Episode 306 of The Seen and the Unseen (w Nikhil Menon). 86. Adam Smith on The Man of System. 87. The Use of Knowledge in Society — Friedrich Hayek. 88. Price Controls Lead to Shortages and Harm the Poor -- Amit Varma. 89. The Great Redistribution -- Amit Varma. 90. Backstage: The Story behind India’s High Growth Years -- Montek Singh Ahluwalia. 91. The Indian State Is the Greatest Enemy of the Indian Farmer -- Amit Varma piece, which contains the Sharad Joshi shair. 92. India’s Massive Pensions Crisis — Episode 347 of The Seen and the Unseen (w Ajay Shah & Renuka Sane). 93. The Economic Legacies of Colonial Rule in India -- Tirthankar Roy. 94. The Semiconductor Wars — Episode 358 of The Seen and the Unseen (w Pranay Kotasthane & Abhiram Manchi). 95. BR Shenoy on Wikipedia and Indian Liberals. 96. BR Shenoy: Stature and Impact -- Peter Bauer. 97. The Foreign Exchange Crisis and India's Second Five Year Plan -- VKRV Rao. 98. India’s Water Crisis — Episode 60 of The Seen and the Unseen (w Vishwanath S aka Zenrainman). 99. The Delhi Smog — Episode 44 of The Seen and the Unseen (w Vivek Kaul). 100. Fixing Indian Education — Episode 185 of The Seen and the Unseen (w Karthik Muralidharan). 101. Education in India — Episode 77 of The Seen and the Unseen (w Amit Chandra). 102. The Profit Motive in Education — Episode 9 of The Seen and the Unseen (w Parth Shah). 103. Our Unlucky Children (2008) — Amit Varma. 104. Where Has All the Education Gone? — Lant Pritchett. 105. Every Act of Government Is an Act of Violence -- Amit Varma. 106. Narendra Modi takes a Great Leap Backwards -- Amit Varma on DeMon & Mao killing sparrows. 107. The Emergency: A Personal History — Coomi Kapoor. 108. Coomi Kapoor Has the Inside Track — Episode 305 of The Seen and the Unseen. 109. Seven Stories That Should Be Films -- Episode 23 of Everything in Everything, in which Amit talks about the Emergency. 110. Milton Friedman on the minimum wage. 111. The Commanding Heights -- Daniel Yergin and Joseph Stanislaw. 112. Bootleggers and Baptists: The Education of a Regulatory Economist -- Bruce Yandle. 113. Raees: An Empty Shell of a Gangster Film — Amit Varma. 114. Josh Felman on Twitter, Project Syndicate, JH Consulting and The Marginal Economist. 115. Obituaries of SV Raju by Niranjan Rajadhyaksha and Samanth Subramanian. 116. Breaking Out -- Padma Desai. 117. Breaking Through -- Isher Judge Ahluwalia. 118. India’s Far From Free Markets (2005) — Amit Varma in the Wall Street Journal. 119. Naushad Forbes Wants to Fix India — Episode 282 of The Seen and the Unseen.
120. The Struggle And The Promise — Naushad Forbes. 121. Half-Lion -- Vinay Sitapati's biography of PV Narasimha Rao. 122. A Game Theory Problem: Who Will Bell The Congress Cat? — Amit Varma. 123. India Transformed -- Rakesh Mohan. 124. Highway to Success: The Impact of the Golden Quadrilateral -- Ejaz Ghani, Arti Grover Goswami and William R Kerr. 125. The Cantillon Effect. 126. The Lost Decade -- Puja Mehra. 127. Modi’s Domination – What We Often Overlook — Keshava Guha. 128. XKDR Forum. 129. Beware of the Useful Idiots — Amit Varma. 130. Some of Amit Varma's pieces and episodes against Demonetisation: 1, 2, 3, 4, 5, 6, 7, 8. 131. Episode of The Seen and the Unseen on GST: 1, 2, 3. 132. Miniature episodes of The Seen and the Unseen on PSBs, NPAs and NBFCs. 133. The Bankable Wisdom of Harsh Vardhan -- Episode 352 of The Seen and the Unseen. 134. Politics of Economic Growth in India, 1980-2005 -- Atul Kohli. 135. The Economic Consequences of the Peace -- John Maynard Keynes. 136. India's GDP Mis-estimation: Likelihood, Magnitudes, Mechanisms, and Implications -- Arvind Subramanian. 137. What a Long Strange Trip It’s Been -- Episode 188 of The Seen and the Unseen (w Arvind Subramanian). 138. Episodes of The Seen and the Unseen on Covid-19: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14. 139. A Venture Capitalist Looks at the World -- Episode 213 of The Seen and the Unseen (w Sajith Pai). 140. The Indus Valley Playbook — Sajith Pai. 141. India’s Trade Policy Is Working Great — for Vietnam -- Andy Mukherjee. 142. A Trade Deficit With a Babysitter -- Tim Harford. 143. The City & the City — China Miéville. 144. A Decade of Credit Collapse in India -- Harsh Vardhan. 145. The Low Productivity Trap of Collateralised Lending for MSMEs -- Harsh Vardhan. 146. Economic Learnings of India for Make Benefit Glorious Nation of Bihar -- Episode 345 of The Seen and the Unseen (w Mohit Satyanand and Kumar Anand). 147. They Stole a Bridge. They Stole a Pond -- Amit Varma. 148. Yes Minister and Yes Prime Minister -- Jonathan Lynn and Antony Jay. 149. The Right to Property — Episode 26 of The Seen and the Unseen (w Shruti Rajagopalan). 150. Episodes of The Seen and the Unseen on agriculture: 1, 2, 3, 4, 5, 6, 7, 8. 151. Some of Amit Varma's pieces on agriculture: 1, 2, 3. 152. The Crisis in Indian Agriculture — Brainstorm on Pragati. 153. Where are the Markets? — Kumar Anand. 154. Empower Women Farmers -- Mrinal Pande. 155. The Mystery of Capital — Hernando De Soto. 156. India Unbound -- Gurcharan Das. 157. In Service of the Republic — Vijay Kelkar & Ajay Shah. 158. We, The Citizens: Strengthening the Indian Republic — Khyati Pathak, Anupam Manur and Pranay Kotasthane. 159. Making Policy Fun with Khyati Pathak and Friends -- Episode 374 of The Seen and the Unseen. 160. Seeing Like a State — James C Scott. 161. Free To Choose — Milton Friedman and Rose Friedman. 162. Classical Liberalism- A Primer -- Eamonn Butler. 163. Friedrich Hayek: The ideas and influence of the libertarian economist -- Eamonn Butler. 164. Milton Friedman: A concise guide to the ideas and influence of the free-market economist -- Eamonn Butler. 165. Public Choice – A Primer -- Eamonn Butler. 166. Adam Smith – A Primer: Eamonn Butler. 167. The Clash of Economic Ideas -- Lawrence H White. 168. Just a Mercenary?: Notes from My Life and Career -- D Subbarao. 169. Who Moved My Interest Rate? -- D Subbarao. 170. Advice & Dissent: My Life in Public Service -- YV Reddy. 171. A Business History of India -- Tirthankar Roy. 172. Courage to Act: A Memoir of a Crisis and Its Aftermath -- Ben Bernanke. 173. Whole Numbers And Half Truths -- Rukmini S. 174. Fragile by Design -- Charles Calomiris and Stephen Haber. 175. Universal Man: The Seven Lives of John Maynard Keynes -- Richard Davenport-Hines. 176. A Life in Our Times -- John Kenneth Galbraith. 177. The Age of Uncertainty -- John Kenneth Galbraith. 178. Fixing the Knowledge Society -- Episode 24 of Everything is Everything. Amit’s newsletter is active again. Subscribe right away to The India Uncut Newsletter! It’s free! Amit Varma and Ajay Shah have launched a new video podcast. Check out Everything is Everything on YouTube. Check out Amit’s online course, The Art of Clear Writing. Episode art: ‘It's Complicated’ by Simahina.Get the Snipd
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