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Institute Lecture Series

Title : What Ails the World Economy and What should India Do?

Speaker : Prof. Kaushik Basu

Professor of Economics and Carl Marks Professor of International Studies

Cornell University

The institute organized an institute lecture by Prof. Kaushik Basu on the 1st of August, 2018 at the P.C. Saxena auditorium, IIT Bombay. The talk forayed into some interesting areas in the realm of world economics.

Since 2008 the world economy has been lurching from one crisis to another. It will be argued in this lecture that these disparate crises are manifestations of major shifts in the structure of the world economy, which are caused by globalization and advances in technology, reminiscent of the Industrial Revolution. The lecture will then go on to examine how India has performed in recent times and what these global changes mean for India. It will be shown that these changes create both hurdles and opportunities. How well India is able to seize the opportunities will depend on the kinds of economic policies the nation adopts. Done right the nation can become a major driver of global growth. The lecture will discuss the mix of policies that can take us there.

About the speaker:

Prof. Kaushik Basu is Professor of Economics and Carl Marks Professor of International Studies at Cornell University, Ithaca (New York) and former Chief Economist of the World Bank and Chief Economic Adviser to the Indian Government. Basu's research interest spans development economics, welfare economics, game theory and industrial organization. As a policymaker, he was engaged in macro fiscal policymaking, multilateral policy coordination and development policy work in several continents.

Prof. Basu has been conferred with the Padma Bhushan in 2008 by the President of India.