It has been long debated by politicians, the family of economics and finance and the ‘elite’ of the country that it is Modi’s policy of being deaf to the advisers which is making them leave their prestigious and responsible seats to teach elsewhere in the world.
Economics and finance in India has been the debated topic among the youth who have become aware of the policies in India. Though completely scattered from the issue and often led to Modi’s politics, Policies have been at the least of importance when they are debated.
From Raghuram Rajan to Arvind Panagariya to Arvind Subramanian everyone have been the most educated, but not in the thought of India in specific. Raghuram Rajan’s policy of increasing the interest rates on loans for keeping a pace of increase in GDP has only been a disaster that ended up in decreasing purchasing power of the small and medium scale industrialists.
Arvind Subramanian has given few most intelligent and disruptive ideas like Universal basic income and Bad bank. But are they possible in the context of India which is just growing its GDP at around 7% and is still a developing country? It is certainly a big NO. Universal basic income can be made in countries which are self-sufficient and really not in much need of working for survival. That can’t be implemented in a country where there is exuberant number of employable youth, which just makes them greedy and lazy. Not that the policy of UBI will not benefit, It does benefit, but the scrap it creates for manufacturing one unit is really high and can’t be afforded by country like India.
India needs an economist who learnt Indian thought and knows what exactly India needs than what he has studied as an economist that India needs.