Glad Basu has reached ifs and buts from being firm critical of NDA economic policy, he conviently forgetting the growth during UPA regime was based on crony capitalism, based on bad loans ...eroding banks to disaster
The rise of Adani is due to corporate capitalism. More NPA's and Government debt has been taken by NDA than UPA. India is the only country where the middle class pays more taxes than Corporations pay.
@@pardeeptandonnot true even in the US middle class pays more tax. Also Adani has not defaulted on a single loan till now unlike the UPA crony groups like GVK and GMR😂 Please talk with facts and not generic statements. There is a lot more to reform in the Indian economy but soar losers like KB will never point out cus he knows even the CONgress party will not be able to take up those reforms so easily cus it will be a political disaster.
@@pardeeptandon lol all your data is wrong. Debt is looked at as a percentage of GDP,the absolute nos. will obviously look high. Tax collected from middle class is not even close to what corporations pay. Your comment is classic whatsapp material.
The Debit to GDP ratio of the government of India has increased by about 8 % in the last 9 years. Please get your facts right before opening your Mouth, dear Hafimed Andh Bhakt.
Mr. Basu should personally visit small towns and rural areas to see that youths are engaged in various revenue generation activities. Job creation through the service industry is great.
Huge loans were given to non-viable capacity enhancement projects in 2004-11 period. This led to artificially increasing growth in those years while blowing up the NPA later. It also meant that there was overcapacity in India which led to reduced investments. Pretty sure Basu is aware.
Yes these guys have no solid inputs to improve situations. It’s true that TaTa have concentrated wealth But who is owning it what are they doing for economy This Guy is targeting Ambani and Adani
Babu has written in favor of Marx’s ideal of a society where each person gets according to their need and gives according to their ability. He argues in his book, Beyond the Invisible Hand, that the fault lies not in the Marxist aspiration but in using the wrong blue print to get to such an ideal. Some of the biggest blunders in history have been made from attempting to get to this ideal without a scientific roadmap. This is the reason why radical movements such as the one in the USSR began trying to build a humane, socialist society and ended up with crony capitalism. Kaushik Basu has recently worked on our collective moral responsibility and the role that individuals play in fulfilling them.[11]
Ok, part of the growth is a rebound, then why other countries are not getting a similar rebound? Dr. Basu has tried to sound balanced, grudgingly acknowledging progress, it is hard for him to not go beyond glass is half full. At the same time, some of the criticism, such as govt not fully releasing all data, is legitimate.
@@pardeeptandonThe growth was not sustainable and hence Bangladesh is back to IMF. Their forex reserves have halved from $40 billion to $20 billion in one year. Their growth in dollar terms seemed larger since they had artificially kept their currency artificially high. That has also burned their forex and pushed them to IMF. Their current growth rate is NOT higher than India.
At about 20 minutes, Prof Basu says GDP is per capita times population, and population times per capita is GDP so GDP is increasing because of population growth. But earlier he argues the poor are getting poorer, particularly the unemployed youth. (The population increase should actually make the per capita GDP less - population is in the denominator). Anyone agree with me that the only "youth" this uncle wants to be employed is Rahul G? When emotions come into play, even a Cornell Prof screws up. Badly.
Unemployment is measured for 15 to 24 .. 15 seriously.. govt suppossed to educate kids till 18 yrs . Could these intelligent folks share Unemployment for 18 to 26 or 28
Always intrigued by economists across is on the unemployment. Never in my life I am seen so many openings and vacancies published and advertised. The problem is not unemployment the problem is that the employable are not choosie about the job they want to do...and they enter the job market with some ridiculous expectations
The world has started investing in RECEP countries rather than in India. as RECP has become a much bigger custom-free market than India. The per capita and disposable income in RECP countries is much larger than in India. Even Indian enter pourers are setting up shop in RECP counties and not in India. No wonder over 6 lakh HNI gave up Indian nationality last year.
RECP is dominated by China. Even without RECP, so many Chinese goods are entering India and affecting local industries. If RECP was signed, there would be total annihilation of small businesses.
Dr. Basu seems to indirectly imply that Modi is favoring Tata, Ambadi and Adani due to cronyism. I disagree. The Modi government is exceptionally good at running clean tendering processes with transparent and open bids. It just so happens that Tata/Ambani/Adani tend to win most of these bids, not because they are being illegally favored, but rather because they are exceptionally good (at least by Indian standards) at project execution and thus tend to submit the most competitive bids. Is this a problem? Well, yes and no. Yes in the sense that it chokes the market and increases inequality, but no in the sense that at least the best/most efficient party gets the job.
Basu appears thoroughly biased to me. Congratulations to Siddharth for asking challenging questions to Mr. Basu -- who appears to be an "Intellectual" trained in Western skepticism on India.
I just viewed to see wether he has really changed, but to my disappointment he hasn’t. I should have known who believes RaGa is intelligent enough to interview him is definitely a RaGa stooge
Corporate tax RATE has reduced due to which a lot of global investment is coming to India. Total corporate tax is rising smartly. Fast corporate growth also leads to more jobs.
During Manmohan Singh's decade, our GDP grew by 2.83 times, while in the last 9 years, it has grown only 1.67 times. Even our GDP per capita grew faster during the Sardar era than it has during the 4thi pass chai wala era.
@@RONAKkedia-px8cw Froget the Globe, even our Muslim neighbour had a GDP per capita 45 % less than what India had in 2014, and today it is higher than India.
@@RONAKkedia-px8cw: India is primarily a domestic economy, as we export very little. In 2014, our neighbour Bangladesh had a GDP per capita of 45 % less than India's. Today, it is higher than that of India. Before we try commenting with the world, we should first compete with our Muslim Neighbour.
Modi government should ask public sector banks to give loans to anyone and everyone to start any business and employ a lot of people. That will grow the GDP. As for repayment banks can always roll over the bad loans with fresh loans just like that phone banking phase upto 2008 when the GDP grew
Banking system of India is very stable and performing very well vs devastated Banking system with huge NPA were during corrupted ineffective UPA era! 😅
I think they all Modi bashers had got together to vent out their suppressed feelings of why this government is doing well without our advice and us being not involved in it.😢😅 It will be good for their health to get together regularly for such venting.
The root cause of unemployment is because of the reservations in India, whereby one gets a free seat to college whether they really can do or deserve. Later the same students may not be able to perform and fail or complete courses in more time than required. Say in 6 years than 4 years for engineering. Instead of running for higher salary without enough performance, they could actually get into something which they could perform. But its a fad since the seats are free... and those who really have super brains (and there are many in backward class many doing well financially also, don't need reservation actually). This is low level politics by the politicians trying to show themselves as protectors of so called backward classes and thats where the backward classes also are victims of it.
Basu can think myopically at classic colonial jobs 5:38 and not at the micro enterprises. Basu complains of lack of stats data, so he fabricates his own data and opines. Human capital got eroded in the same period of 2005-2014.
Concentration of “wealth” is a function of capital markets. Also happened when US grew at the beginning of 20th century to its world leader status or the chæbols of SKorea. My namesake is a frustrated relic of the past.
Congratulations to Siddharth Z on asking for specifics of how cronyism has increased now as compared to when prof Basu was overseeing the worst kind of cronyism during 2010.
Haha instead of seeing decrease in corruption, phenomenonal rise in investment, infrastructure be it railway, road, port, border etc... Or current geopolitical rise of india, SUCCESS of g20, (100% consensus even many opposed India's position in Ukraine crisis) while last UPA govt internationally embarrassed INDIA during COMMONWEALTH GAMES 2011, ( corruption worth 70,000 crore rs). SHAKTI KANTA DAS became d best governor, 4 his management, u got to highlight this😄. Some people see d tiny blemish in a large paper and aome other see that clear large paper. Choice😊
I have zero faith in all these guys who, when at the helm of power, didn't do much and instead took the first flight out overseas to take a cushy position at some western university to judge/critique others who commit themselves to India! brown sahibs colonial mindset legacy is well at work and on display here! Also on display is the interventionist mindset/gaze of these so called western self proclaimed champions of all things right!!!
I request Mr. Basu to give clear 10 points which government should do. They should be practical, implementable and under the gamut of WTO legislation. Let's put this in public domain. I can argue with him.with proper data in public domain.
He was Chief Economic Adviser in MMS government. At that time India became part of fragile 5. It had 5 years of double digit inflation. The NPAs blew up.
Siddharth, you are so intelligent and always impressed by your journalism Bringing biased Basu on th8s show downgrades your podcast Youth unemployment - China told IMF and World. Bank etc to buzz off and no statics will be given India has published numerous indicators on the efforts taken to enhance Youth Unemployment and the process is transparent as well fast Chief Economist Basu 8s Dumb and or deaf or distorted when he is harping on this subject Youth unemployment is a serious concern across the World and the initiatives taken by India are unique and among the highest in the World Modi government has much more the brain and genuinty than Chidu team which Basu belonged to Post Covid he says India fell the most and that's why Growth is lo9king better Basuji are you serious Economist Simple GDP growth absolute numbers or relative to the World are impressive and praised by top brains across the World Anyway Basu is a write off l8ke Bhagania. Thank Goa they were not part of Modi government
There is no use of crying about growing Adani and Ambani, instead intiatives should be taken to encourage upcoming and small business to grow and operate in the country. Our ease of doing business ranking has improved; more intiatives need to be taken to improve credit availability for small businesses.
I am not sure if cronyism is all that bad. Korea, the Asian success story, is well known for its nexus between companies and politicians. But despite that, it has some world beating companies such as Samsung, Hyunai, Kia, LG, etc.
I have been running a MSME in TN & have been it’s Assn secretary for 5 years. Let me inform your guest that in TN & Karnataka there is an acute shortage of labour. Google search tells me that there are 15 lakhs migrant workers here mainly from the north east and Bihar/ I wonder where is the youth unemployment?? Also I would like to inform the learned guest that India has 40% labour in the unorganised sector most of which is not accounted for. Generalisation of views only confuses the listener/ analyst. A specific percentage on the state & sector where the youth is idle will help in decision making, else it ends up like a talk show. My state and all southern states including Maharashtra & Gujarat seem to be doing extremely well. The others can surely take a cue and make corrective measures.
This is guy is not worth a salt. Cornell should really evaluate if they should have economists like these. The ground reality is very different. Consumption in India is driven by the masses not just by the rich.
Waste of time This economist? should check the upa cronies looted banks Unemployment is because people want government jobs. Piyush ji has mentioned that at TN there are vacancies of 60k in garment industry but people don't want to toil. Agriculture don't get enough man power
Our population growth has fallen below 1% per year now. It was growing much faster between 2003 to 2011. Was it the reason why we were growing faster at that time?
This man has been criticising Modi and relentlessly belittling our country’s progress. This was in spite of the fact that the world is in recession and there are two major conflicts at hand to deal with.
This is from a guy who led the economic policy when scams and cronyism were at its peaks. Industrial concentration is not proof enough to flag cronyism.
Do educate us ignorant and tell us which scams you refer to and how many trials are completed and how many are underway and how many accused have been convicted. Meaningless assertions is what everyone here makes with no proof provided and ad hominem is the overwhelming reply on all these channels. Rare to find a serious comment anywhere across all ideologies. Happy Sunday.
@@kitkat253 Sorry, I take back my words as according to you no convictions means no scam :) On the political right - There are no convictions on babri masjid demolition as well. Doesn't mean it did not happen. It is proven by sheer numbers of evergreening of loans in 2008 to 2013 period (read about it). Banks operate under RBI. The famous economist doing media rounds these days was at the helm. His delayed response led to higher NPAs in later years. managing Inflation is an important mandate under him and it was at very high levels (much higher than current levels, read about it numbers are there) without any external reasons (no wars, oil prices had reduced past the economic crisis of 2007). Under Kaushik Basu's stewardship India ended up in fragile five (again read about it). Happy Sunday!
The question from Siddharth on cronyism was a good one. What Prof Basu said was that there is increasing concentration among top corporation per data. Point taken. But that could be because of many different reasons! Unless you have shown in your research some evidence of cronyism it is irresponsible to talk about it Prof Basu.
According to Dr. Basu, GDP = per capita GDP* population So when population increases quickly, GDP climbs quickly too. So since the population was climbing far quicker between 1947-1991 compared to 2014-2023 the growth rate must have been higher then?
This guy kaushik Basu is a Theoretical economist....i have read his baook ...if don't forget" Beyond invisible Hand"..😂..he is simply annoying....that's it.
Look who is schooling the people on Bharath's economy....Bharath was one of the worst economic performers and was grouped in 'Fragile Five' economies when Kausik Basu was the CEA of GOI.
In 2004, India was the 11th largest economy. In 2014, it was the 10th largest. It had only climbed one rank in 10 UPA years. It is now the 5th largest economy and has climbed 5 ranks in 9 years. Most likely it will be 6 ranks in 10 years.
He explains current good gdp by saying the base figures are low - it is an absolute LIE . The Q2 gdp fig of 7.8% is compared to Q2 FY 23 which was not low at all . He is a lier .
Basu is totally biased and tilted towards Congress. If population growth brings the GDP growth then Pakistan should see increasing GDP, I think what matters is that how much productive a person is .
Basu and RRR are the joker economic anaylsts/specialists on India’s economy - no one bothers with their views look back on their comments tweets over the past 10 years
India is not against the China only the against only one way ticket to India and only one way ticket to India and deficit the import vs export and also damaging the local Indian economy with the low cost goods, which even are religious beliefs, like the Diwali festivals etc. If China sets up factories and manufactures the good for India IN india, then it would be more accomodative than exporting from China to India.
It seems the audience in the comment section wants to live in an echo-chamber and hence they're so defensive against any constructive criticism. About cronyism speaker has to come out with specifics, but he dodged it with the mention of "Dr. Viral Acharya".
Mr Siddharth shud point out when is intellectual dishonest guy explains away the the good GDPI figures that when India did well during UPA period the world growth too was very good whereas currently the I dian gdp is good despite poor world gdp figures .
I laugh at this specialist…. Wait and watch how this pple will flip within 5 years hahha …laughing stock…great for building narrative but will gradually fade out
Need to understand the source of youth unemployment data…from the ground level, I feel there is plenty of jobs available and only right candidates are not available…
The banner for this video says 'Modinomics is working'... which implies that the Prof said something on those lines, but that cannot be further from the truth. In my opinion the govt has done many things right in terms of managing economy, my point is towards the misleading banner and trying to suggest that the expert on show is saying that.
India is held to a standard in every sphere which no other country is put to. In a 35 min interview this economist couldn't find 1 positive thing to say about this nation. The ills that 🇮🇳 suffers from aren't unique and the road of industrialisation for 🇮🇳 is following the steps that many other economies have treaded. This man is completely biased. 🤔
To look smart be a critic, optimists are considered as unsmart uneducated. So this entire episode is. Cronyism, Corruption, Wealth/Income inequality is highest in USA due to capitalism. Polarization LMAO
He does not have any Technical, logical or pure economical arguments. He just is making political arguments and even when he wants to academically make a point he relies on NGO, world forum, bank etc data but not the official data. Basu’s credentials are highly doubtful and his thoughts are politically coloured. Good riddance for india as during his time in Indian govt, India saw the worst economic indicators be it inflation, currency, employment, corruption, cronyism, gdp growth, balance of payments, Bank NPAs etc etc. I don’t know with his track record how he managed to get employment in Cornell!! Cronyism maybe.
Most boring interview ... thanks to the interviewer !!! Opposing for the sake of opposing and jumping subjects (read headlines) should be the byline ... Dr.B repeatedly said headline data looks OK but underneath its ugly .. SOP of Modi Sarkar
Kaushik. Basu was. Chief Economist during Congress period. So how far he is impartial w r t Modi regime? He is giving figures during earlier period being exceptioally good.
Stupid mam he is becoz im current economics research scholar ,let see in 2011 india electicity rate only 28% now 2024 71% bina iske koi develpment hi ni hota.
Mr Basu started with criticism on Youth Unemployment and crony capitalism but when asked pointed questions was beating a hasty retreat. He himself oversaw one of the high points of cronyism and Banking mismanagement and has nothing to say about that. Probably he is preparing intellectual ground for the Congress tool kit on Adani Ambani!
weird!! wealth distribution took place after 1947 and we went broke at 1991! basically distribution of poverty was a commendable economic measures it seems.
This has been a tough interview for the channel! They've had to pick out one word here and another there to make up largely misleading banners that just DO NOT sync with the interview itself! Laughable!
Wow, this man keeps on blabbering and not answering he solely relies on world data by some foreign company or organisation but does not want to believe on EFPO data. It’s just a case of sour grapes for this selfish economist. Maybe he is not getting a policy job in Govt, or govt is not recommending him to world bank or other such organisations
Siddharth Zarabi came across as a far more objective, intelligent and evidence driven economist than Basu who seemed biased, intellectually light and agenda driven. The wrong guy has the PhD here.
this is a case of pot calling the kettle black. Dr. Basu had the worst form of cronyism while he was advising our government. Dr. Basu fails to point to the root cause he gets away by saying sophistication and few other complicated words. Let us remember Dr, Basu is only a talker not a doer.
How does otherwise an intelligent economist become a stooge of a political party if he wills to be wed to a particular ideology. He is regurgitating the lines now so well-known by constant recantation. The old man keeps shifting the goal post- if you talk of unemployment he will start talking of youth unemployment and if you rebut him with data concerning youth he will shift to political parties' unemployment. Shamelessness has no bound as intelligence has.
NDA = no data available, because our prime minister don't understand ABCD , i am sure he can't say 26 letters in one go it is a challenge, because he never visited elementary school even during rain to take shelter
Mr. Sidharth, however you try to whitewash Modi govt. the professor is telling the facts about India which are not very pleasant to your godhi channel.
India's population is flatning in recent yrs. Look at China its one child policy has done great damage to demography. India on this account has done great positive effect.
Why interview someone who have political agenda. When Niti Ayog report says 13.5 crore people came out of poverty and he is twiting rich are getting richer and poor are getting poor
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Glad Basu has reached ifs and buts from being firm critical of NDA economic policy, he conviently forgetting the growth during UPA regime was based on crony capitalism, based on bad loans ...eroding banks to disaster
The rise of Adani is due to corporate capitalism. More NPA's and Government debt has been taken by NDA than UPA.
India is the only country where the middle class pays more taxes than Corporations pay.
Yes gomuthra nagpur half knickers you are right
@@pardeeptandonnot true even in the US middle class pays more tax. Also Adani has not defaulted on a single loan till now unlike the UPA crony groups like GVK and GMR😂
Please talk with facts and not generic statements.
There is a lot more to reform in the Indian economy but soar losers like KB will never point out cus he knows even the CONgress party will not be able to take up those reforms so easily cus it will be a political disaster.
@@pardeeptandon lol all your data is wrong. Debt is looked at as a percentage of GDP,the absolute nos. will obviously look high. Tax collected from middle class is not even close to what corporations pay.
Your comment is classic whatsapp material.
The Debit to GDP ratio of the government of India has increased by about 8 % in the last 9 years. Please get your facts right before opening your Mouth, dear Hafimed Andh Bhakt.
India become FASTEST growing economy from FRAGILE FIVE economy in 2012 🇮🇳😅❤
Yeah sure … with a 15% inflation
@@ayushc5704 Don't spreading lies, India has the one of the lowest inflation across globe!
Mr. Basu should personally visit small towns and rural areas to see that youths are engaged in various revenue generation activities. Job creation through the service industry is great.
Huge loans were given to non-viable capacity enhancement projects in 2004-11 period. This led to artificially increasing growth in those years while blowing up the NPA later. It also meant that there was overcapacity in India which led to reduced investments. Pretty sure Basu is aware.
Yes these guys have no solid inputs to improve situations.
It’s true that TaTa have concentrated wealth
But who is owning it what are they doing for economy
This Guy is targeting Ambani and Adani
The richest person in the Tata group does not even figure in the top 100 in India. He is at 421! Think!!
Babu has written in favor of Marx’s ideal of a society where each person gets according to their need and gives according to their ability. He argues in his book, Beyond the Invisible Hand, that the fault lies not in the Marxist aspiration but in using the wrong blue print to get to such an ideal. Some of the biggest blunders in history have been made from attempting to get to this ideal without a scientific roadmap. This is the reason why radical movements such as the one in the USSR began trying to build a humane, socialist society and ended up with crony capitalism. Kaushik Basu has recently worked on our collective moral responsibility and the role that individuals play in fulfilling them.[11]
Wish Basu would have spoken on banking sector and correction impact
Ok, part of the growth is a rebound, then why other countries are not getting a similar rebound? Dr. Basu has tried to sound balanced, grudgingly acknowledging progress, it is hard for him to not go beyond glass is half full. At the same time, some of the criticism, such as govt not fully releasing all data, is legitimate.
USA growth rate is 4.9%, even after FED doing everything possible to limit growth to manage inflation
Bangladesh has grown at a faster clip than India has in the last decade.
@@pardeeptandon so has somalia and nauru
@@pardeeptandonThe growth was not sustainable and hence Bangladesh is back to IMF. Their forex reserves have halved from $40 billion to $20 billion in one year.
Their growth in dollar terms seemed larger since they had artificially kept their currency artificially high. That has also burned their forex and pushed them to IMF. Their current growth rate is NOT higher than India.
@@manh9105India is the fastest growing large (as in G20) economy
At about 20 minutes, Prof Basu says GDP is per capita times population, and population times per capita is GDP so GDP is increasing because of population growth. But earlier he argues the poor are getting poorer, particularly the unemployed youth. (The population increase should actually make the per capita GDP less - population is in the denominator). Anyone agree with me that the only "youth" this uncle wants to be employed is Rahul G? When emotions come into play, even a Cornell Prof screws up. Badly.
Unemployment is measured for 15 to 24 .. 15 seriously.. govt suppossed to educate kids till 18 yrs . Could these intelligent folks share Unemployment for 18 to 26 or 28
Technology is causing concentration of wealth with top echelon.
Always intrigued by economists across is on the unemployment.
Never in my life I am seen so many openings and vacancies published and advertised.
The problem is not unemployment the problem is that the employable are not choosie about the job they want to do...and they enter the job market with some ridiculous expectations
It's like watching Raghuram Rajan. Same rehoteric and propaganda.
Guys it’s a classic case. Take it with ha pitch of salt. We need people like these
The world has started investing in RECEP countries rather than in India. as RECP has become a much bigger custom-free market than India. The per capita and disposable income in RECP countries is much larger than in India. Even Indian enter pourers are setting up shop in RECP counties and not in India. No wonder over 6 lakh HNI gave up Indian nationality last year.
What about democracy and rule of law in those countries? Indonesia, Vietnam, Thai etc
RECP is dominated by China. Even without RECP, so many Chinese goods are entering India and affecting local industries. If RECP was signed, there would be total annihilation of small businesses.
Economists have no perfect solution for unequal income.
There is no solution. It is and will always be a fact of life.
❤ for you Mr Zarabi
Dr. Basu seems to indirectly imply that Modi is favoring Tata, Ambadi and Adani due to cronyism. I disagree. The Modi government is exceptionally good at running clean tendering processes with transparent and open bids. It just so happens that Tata/Ambani/Adani tend to win most of these bids, not because they are being illegally favored, but rather because they are exceptionally good (at least by Indian standards) at project execution and thus tend to submit the most competitive bids.
Is this a problem? Well, yes and no. Yes in the sense that it chokes the market and increases inequality, but no in the sense that at least the best/most efficient party gets the job.
Basu appears thoroughly biased to me. Congratulations to Siddharth for asking challenging questions to Mr. Basu -- who appears to be an "Intellectual" trained in Western skepticism on India.
A lot of things he is saying makes sense. We should listen carefully till we have time.
The numbers that KB is talking of are all poorly captured.
Amazing how you can clearly make out his anti BJP agenda 😂.... I wonder why
I just viewed to see wether he has really changed, but to my disappointment he hasn’t.
I should have known who believes RaGa is intelligent enough to interview him is definitely a RaGa stooge
The government has reduced corporate tax while taking the middle-class professor who now pays higher taxes.
Corporate tax RATE has reduced due to which a lot of global investment is coming to India. Total corporate tax is rising smartly. Fast corporate growth also leads to more jobs.
During Manmohan Singh's decade, our GDP grew by 2.83 times, while in the last 9 years, it has grown only 1.67 times. Even our GDP per capita grew faster during the Sardar era than it has during the 4thi pass chai wala era.
WHAT WAS GLOBAL GROWTH DURING UPA VS NDA??
@@RONAKkedia-px8cw Froget the Globe, even our Muslim neighbour had a GDP per capita 45 % less than what India had in 2014, and today it is higher than India.
@@RONAKkedia-px8cw: India is primarily a domestic economy, as we export very little. In 2014, our neighbour Bangladesh had a GDP per capita of 45 % less than India's. Today, it is higher than that of India. Before we try commenting with the world, we should first compete with our Muslim Neighbour.
Modi government should ask public sector banks to give loans to anyone and everyone to start any business and employ a lot of people. That will grow the GDP. As for repayment banks can always roll over the bad loans with fresh loans just like that phone banking phase upto 2008 when the GDP grew
@@sampathkumar-ej7xl So you agree that a 4thi pass is managing our economy !!!
Banking system of India is very stable and performing very well vs devastated Banking system with huge NPA were during corrupted ineffective UPA era! 😅
I think they all Modi bashers had got together to vent out their suppressed feelings of why this government is doing well without our advice and us being not involved in it.😢😅 It will be good for their health to get together regularly for such venting.
The root cause of unemployment is because of the reservations in India, whereby one gets a free seat to college whether they really can do or deserve. Later the same students may not be able to perform and fail or complete courses in more time than required. Say in 6 years than 4 years for engineering. Instead of running for higher salary without enough performance, they could actually get into something which they could perform. But its a fad since the seats are free... and those who really have super brains (and there are many in backward class many doing well financially also, don't need reservation actually). This is low level politics by the politicians trying to show themselves as protectors of so called backward classes and thats where the backward classes also are victims of it.
Basu can think myopically at classic colonial jobs 5:38 and not at the micro enterprises. Basu complains of lack of stats data, so he fabricates his own data and opines.
Human capital got eroded in the same period of 2005-2014.
Unbelievable !!
He is a proffesor...
More like a gossip columnist...
World is always screwed by these intellectuals who tell about problems and do not have solutions.
Anti Intellectualism.. Nobody and there grand-dads (including Andh Bhakts) have solutions !! Just that #Sanghis get it wrong almost always
Concentration of “wealth” is a function of capital markets. Also happened when US grew at the beginning of 20th century to its world leader status or the chæbols of SKorea.
My namesake is a frustrated relic of the past.
Congratulations to Siddharth Z on asking for specifics of how cronyism has increased now as compared to when prof Basu was overseeing the worst kind of cronyism during 2010.
He is biased guy. The type of people Salvatore Babones says Anti India elite. 😂😂
Think Adani
Haha instead of seeing decrease in corruption, phenomenonal rise in investment, infrastructure be it railway, road, port, border etc...
Or current geopolitical rise of india, SUCCESS of g20, (100% consensus even many opposed India's position in Ukraine crisis) while last UPA govt internationally embarrassed INDIA during COMMONWEALTH GAMES 2011, ( corruption worth 70,000 crore rs).
SHAKTI KANTA DAS became d best governor, 4 his management, u got to highlight this😄.
Some people see d tiny blemish in a large paper and aome other see that clear large paper. Choice😊
@@johnsupreem9917 adani like what and where ? Was it Kerala ?
@@johnsupreem9917 make yourself literate
Waste of time. Making statements without any back up and offering no solutions
I have zero faith in all these guys who, when at the helm of power, didn't do much and instead took the first flight out overseas to take a cushy position at some western university to judge/critique others who commit themselves to India! brown sahibs colonial mindset legacy is well at work and on display here! Also on display is the interventionist mindset/gaze of these so called western self proclaimed champions of all things right!!!
Same chutiyappa argument are given great economist professor Raghuram Rajan 👍and both are jewel of UPA era when world lable us fragile five....😎
Basu must explain the cronies during his time 😂
You wasted our time. This guy should be checked into a museum
I request Mr. Basu to give clear 10 points which government should do. They should be practical, implementable and under the gamut of WTO legislation. Let's put this in public domain. I can argue with him.with proper data in public domain.
He was Chief Economic Adviser in MMS government. At that time India became part of fragile 5. It had 5 years of double digit inflation. The NPAs blew up.
Why would we always need stamp of approval from western scholars and universities. They don't live here. India also has good home grown economists.
Siddharth, you are so intelligent and always impressed by your journalism
Bringing biased Basu on th8s show downgrades your podcast
Youth unemployment - China told IMF and World. Bank etc to buzz off and no statics will be given
India has published numerous indicators on the efforts taken to enhance Youth Unemployment and the process is transparent as well fast
Chief Economist Basu 8s Dumb and or deaf or distorted when he is harping on this subject
Youth unemployment is a serious concern across the World and the initiatives taken by India are unique and among the highest in the World
Modi government has much more the brain and genuinty than Chidu team which Basu belonged to
Post Covid he says India fell the most and that's why Growth is lo9king better
Basuji are you serious Economist
Simple GDP growth absolute numbers or relative to the World are impressive and praised by top brains across the World
Anyway Basu is a write off l8ke Bhagania. Thank Goa they were not part of Modi government
There is no use of crying about growing Adani and Ambani, instead intiatives should be taken to encourage upcoming and small business to grow and operate in the country. Our ease of doing business ranking has improved; more intiatives need to be taken to improve credit availability for small businesses.
To help small businesses, govt launched OCEN api to help MSME develop credit history.
I am not sure if cronyism is all that bad. Korea, the Asian success story, is well known for its nexus between companies and politicians. But despite that, it has some world beating companies such as Samsung, Hyunai, Kia, LG, etc.
I have been running a MSME in TN & have been it’s Assn secretary for 5 years.
Let me inform your guest that in TN & Karnataka there is an acute shortage of labour. Google search tells me that there are 15 lakhs migrant workers here mainly from the north east and Bihar/
I wonder where is the youth unemployment??
Also I would like to inform the learned guest that India has 40% labour in the unorganised sector most of which is not accounted for.
Generalisation of views only confuses the listener/ analyst. A specific percentage on the state & sector where the youth is idle will help in decision making, else it ends up like a talk show.
My state and all southern states including Maharashtra & Gujarat seem to be doing extremely well. The others can surely take a cue and make corrective measures.
20:32 India’s GDP is increasing gradually. Really. From 1947 it went down.
This is guy is not worth a salt. Cornell should really evaluate if they should have economists like these. The ground reality is very different. Consumption in India is driven by the masses not just by the rich.
Waste of time
This economist? should check the upa cronies looted banks
Unemployment is because people want government jobs.
Piyush ji has mentioned that at TN there are vacancies of 60k in garment industry but people don't want to toil. Agriculture don't get enough man power
He should join Mamta as a finance minister so that its gdp will become like our good neighbor Pakistan
Our population growth has fallen below 1% per year now. It was growing much faster between 2003 to 2011. Was it the reason why we were growing faster at that time?
This man has been criticising Modi and relentlessly belittling our country’s progress. This was in spite of the fact that the world is in recession and there are two major conflicts at hand to deal with.
This is from a guy who led the economic policy when scams and cronyism were at its peaks. Industrial concentration is not proof enough to flag cronyism.
Do educate us ignorant and tell us which scams you refer to and how many trials are completed and how many are underway and how many accused have been convicted. Meaningless assertions is what everyone here makes with no proof provided and ad hominem is the overwhelming reply on all these channels. Rare to find a serious comment anywhere across all ideologies. Happy Sunday.
@@kitkat253 Sorry, I take back my words as according to you no convictions means no scam :)
On the political right - There are no convictions on babri masjid demolition as well. Doesn't mean it did not happen.
It is proven by sheer numbers of evergreening of loans in 2008 to 2013 period (read about it). Banks operate under RBI. The famous economist doing media rounds these days was at the helm. His delayed response led to higher NPAs in later years. managing Inflation is an important mandate under him and it was at very high levels (much higher than current levels, read about it numbers are there) without any external reasons (no wars, oil prices had reduced past the economic crisis of 2007).
Under Kaushik Basu's stewardship India ended up in fragile five (again read about it).
Happy Sunday!
The question from Siddharth on cronyism was a good one. What Prof Basu said was that there is increasing concentration among top corporation per data. Point taken. But that could be because of many different reasons! Unless you have shown in your research some evidence of cronyism it is irresponsible to talk about it Prof Basu.
According to Dr. Basu,
GDP = per capita GDP* population
So when population increases quickly, GDP climbs quickly too.
So since the population was climbing far quicker between 1947-1991 compared to 2014-2023 the growth rate must have been higher then?
This guy kaushik Basu is a Theoretical economist....i have read his baook ...if don't forget" Beyond invisible Hand"..😂..he is simply annoying....that's it.
Strange, he doesn’t think that growing up the list of top economies is good 😅
Look who is schooling the people on Bharath's economy....Bharath was one of the worst economic performers and was grouped in 'Fragile Five' economies when Kausik Basu was the CEA of GOI.
In 2004, India was the 11th largest economy. In 2014, it was the 10th largest. It had only climbed one rank in 10 UPA years. It is now the 5th largest economy and has climbed 5 ranks in 9 years. Most likely it will be 6 ranks in 10 years.
He explains current good gdp by saying the base figures are low - it is an absolute LIE . The Q2 gdp fig of 7.8% is compared to Q2 FY 23 which was not low at all . He is a lier .
Basu is totally biased and tilted towards Congress. If population growth brings the GDP growth then Pakistan should see increasing GDP, I think what matters is that how much productive a person is .
Basu is blabbering against the NDA government without any data, it appears his ideological bias is overshadowing his logic and sense
Basu and RRR are the joker economic anaylsts/specialists on India’s economy - no one bothers with their views look back on their comments tweets over the past 10 years
India is not against the China only the against only one way ticket to India and only one way ticket to India and deficit the import vs export and also damaging the local Indian economy with the low cost goods, which even are religious beliefs, like the Diwali festivals etc. If China sets up factories and manufactures the good for India IN india, then it would be more accomodative than exporting from China to India.
It seems the audience in the comment section wants to live in an echo-chamber and hence they're so defensive against any constructive criticism. About cronyism speaker has to come out with specifics, but he dodged it with the mention of "Dr. Viral Acharya".
Mr Siddharth shud point out when is intellectual dishonest guy explains away the the good GDPI figures that when India did well during UPA period the world growth too was very good whereas currently the I dian gdp is good despite poor world gdp figures .
He keeps saying data is not available - he does not point out which one .
I laugh at this specialist…. Wait and watch how this pple will flip within 5 years hahha …laughing stock…great for building narrative but will gradually fade out
Need to understand the source of youth unemployment data…from the ground level, I feel there is plenty of jobs available and only right candidates are not available…
Jewel of UPA era who was predicting all gloom and doom earlier. I think he sad that Bangladesh is better than India etc. Arm chair economist
Mr Basu could not list what government should do to end inequality and what evidence he has seen for cryonism.
The banner for this video says 'Modinomics is working'... which implies that the Prof said something on those lines, but that cannot be further from the truth. In my opinion the govt has done many things right in terms of managing economy, my point is towards the misleading banner and trying to suggest that the expert on show is saying that.
How does population grows gdp but not production??? Are you really a professor
Clickbait thumbnail
Cong propaganda economist
Siddharth, you did corner him on Youth unemployment figs of last one year and he had no response .
Kaushik Basu data on Indian GDP earlier was questioned by most Indian economists. He is part of Godi media
Leftist Basu must be saddened from inside 😂 3:01 India doing ok, china is not doing well
India is held to a standard in every sphere which no other country is put to. In a 35 min interview this economist couldn't find 1 positive thing to say about this nation. The ills that 🇮🇳 suffers from aren't unique and the road of industrialisation for 🇮🇳 is following the steps that many other economies have treaded. This man is completely biased. 🤔
Another Raghu Rajaram, pessimists both of them.
To look smart be a critic, optimists are considered as unsmart uneducated. So this entire episode is. Cronyism, Corruption, Wealth/Income inequality is highest in USA due to capitalism. Polarization LMAO
Sidharth send him the comments
Siddhartha you are not asking right questions today, why ????
Stupidly talks about divisive politics that is not even felt by public, he might be hearing this from opposition parties
He is part of UPA ecosystem like Raghuram R
He does not have any Technical, logical or pure economical arguments.
He just is making political arguments and even when he wants to academically make a point he relies on NGO, world forum, bank etc data but not the official data.
Basu’s credentials are highly doubtful and his thoughts are politically coloured.
Good riddance for india as during his time in Indian govt, India saw the worst economic indicators be it inflation, currency, employment, corruption, cronyism, gdp growth, balance of payments, Bank NPAs etc etc.
I don’t know with his track record how he managed to get employment in Cornell!! Cronyism maybe.
Most boring interview ... thanks to the interviewer !!! Opposing for the sake of opposing and jumping subjects (read headlines) should be the byline ... Dr.B repeatedly said headline data looks OK but underneath its ugly .. SOP of Modi Sarkar
Kaushik. Basu was. Chief Economist during Congress period. So how far he is impartial w r t Modi regime? He is giving figures during earlier period being exceptioally good.
Stupid mam he is becoz im current economics research scholar ,let see in 2011 india electicity rate only 28% now 2024 71% bina iske koi develpment hi ni hota.
15-22 year olds aren't working because they are studying 🙄
Mr Basu started with criticism on Youth Unemployment and crony capitalism but when asked pointed questions was beating a hasty retreat. He himself oversaw one of the high points of cronyism and Banking mismanagement and has nothing to say about that. Probably he is preparing intellectual ground for the Congress tool kit on Adani Ambani!
weird!! wealth distribution took place after 1947 and we went broke at 1991! basically distribution of poverty was a commendable economic measures it seems.
During Basu's time as CEA, ZERO economic reforms done and now he's contesting our numbers.... pathetic
This has been a tough interview for the channel! They've had to pick out one word here and another there to make up largely misleading banners that just DO NOT sync with the interview itself! Laughable!
Wow, this man keeps on blabbering and not answering he solely relies on world data by some foreign company or organisation but does not want to believe on EFPO data.
It’s just a case of sour grapes for this selfish economist. Maybe he is not getting a policy job in Govt, or govt is not recommending him to world bank or other such organisations
This economidt sits in america and predicts indian economy
Siddharth Zarabi came across as a far more objective, intelligent and evidence driven economist than Basu who seemed biased, intellectually light and agenda driven. The wrong guy has the PhD here.
this is a case of pot calling the kettle black. Dr. Basu had the worst form of cronyism while he was advising our government. Dr. Basu fails to point to the root cause he gets away by saying sophistication and few other complicated words. Let us remember Dr, Basu is only a talker not a doer.
Such a horrible guy.
He is saying I don't believe Indian govt data but brings international reports.
Would you go and say the same thing to USA?
the anchor looks like a paid bhakt of Modani
How does otherwise an intelligent economist become a stooge of a political party if he wills to be wed to a particular ideology. He is regurgitating the lines now so well-known by constant recantation. The old man keeps shifting the goal post- if you talk of unemployment he will start talking of youth unemployment and if you rebut him with data concerning youth he will shift to political parties' unemployment. Shamelessness has no bound as intelligence has.
This is one of the Man behind bad loan of banks
NDA = no data available, because our prime minister don't understand ABCD , i am sure he can't say 26 letters in one go it is a challenge, because he never visited elementary school even during rain to take shelter
Mr. Sidharth, however you try to whitewash Modi govt. the professor is telling the facts about India which are not very pleasant to your godhi channel.
India's population is flatning in recent yrs. Look at China its one child policy has done great damage to demography. India on this account has done great positive effect.
Why interview someone who have political agenda. When Niti Ayog report says 13.5 crore people came out of poverty and he is twiting rich are getting richer and poor are getting poor