Ex-CEA Kaushik Basu shares vignettes of policymaking at Majha House
Amritsar, August 2
Kaushik Basu, former chief economist at the World Bank and Chief Economic Advisor (CEA) during the UPA government, has always been known for his sense of clarity, a virtue also reflected in his latest book ‘The Policy Maker’s Journal: From New Delhi to Washington, DC’.
He participated in an online discussion around his book hosted by Majha House. Addressing the audience, Basu said, “I do a lot of reasoning inside my head, which helps me in making decisions. There has to be absolute clarity in my mind, which isn’t political in any way and is backed solely by logic and reasoning. You can compare it to having a Game Theory in your mind, if you will.”
In conversation with Amrita Dhillon, professor of Economics at King’s College, London, Basu said since the book’s contents are personal experiences, its narrative, too, is personal yet not that of an economist. “The book is far from a serious account of economic policies. It’s a personal journal. You have to know how to interact and react with people with different natures and perspectives; they can infuriate you with their parochial and closed views. Writing a diary was like therapy for me, a way to vent out my anger and frustration,” he shared.
Defending Dr Manmohan Singh’s stint as a Prime Minister, Basu said, “People allege that he was a weak Prime Minister; that he was ‘controlled’. But let me make it clear that wherever economical decisions were concerned he had a free hand. All progressive economical ideas like globalisation that took India ahead in world economics can be attributed completely to his acumen and vision.”
The book also contains anecdotes about his meetings with Barack Obama, Sheikh Hasina and Rahul Gandhi. He said Rahul Gandhi always come across as an intelligent, honest person; open to ideas regarding policies.
Speaking about the lacunas in India’s progress as a formidable economical power, he blamed the bureaucracy that hampers Indian economics at every step. “I call it frozen ideas; you are in a comfort zone with certain ideas and you just don’t want to change your perspective. That is why the ease of starting a business, the business index, in India can be very low as compared to other countries,” he said.
Preeti Gill, founder, Majha House, said, “The book provides an insider’s view of the vast difference between the flat world of academia and the government. It has the immediacy of a diary and is full of witty anecdotes about his meetings with different people across the world.”— TNS
