Indian economy grew 3% in 2020-22, 'risks' hypernationalism: Prof Kaushik Basu

By Our Representative
Contradicting the dominant view on high GDP growth in the recent past, top economist Prof Kaushik Basu has said that India’s economic growth has been a “mixed bag” during 2020-22 – it grew by a mere 3%. Speaking at the Eighth Pravin Visaria Memorial Public Lecture, organised by the Gujarat Institute of Development Research in Ahmedabad, Prof Basu, citing World Bank calculations, said, when it is stated that the Indian economy grew by 8.7% in 2021 (or 7.5% in 2022), it is forgotten that the calculaltion is based on the GDP growth of 2020, which was (minus) – 6.6%.
Currently Carl Marks Professor of International Studies, Ithaca, New York, and former chief economist, World Bank (2012-16) and chief economic adviser, Government of India (2009-12), Prof Basu’s visual presentation of the economic growth of selected countries showed that India’s growth rate in 2020-22, the Covid period, 3%, may have been better than the world average (1.7%) and emerging markets and developing economies (27%). However, it is lower than Bangladesh (5.6%), China (4.8%), Egypt (4.3%) and Vietman (3.8%).
Speaking on “Changing Nature of the Global Economy and Labour Markets: What May the Future Hold”, Prof Basu warned against the “risks” of hyper-nationalism to the Indian economy, pointing out, today, when globalisation is becoming a reality, thanks to the digital revolution, any de-globalisation move by whipping up nationalistic sentiments would prove to be counterproductive to the economy. “We have the experience of Argentina, where hypernationalism led to collapse of the economy”, he asserted.
Giving yet another example, he said, McCarthyism in the US in early 1950s, when hypernationalism was whipped up to target anyone who differed with American policies, dubbing them all as Communists, proved to be counterproductive. People got restless before it was too late. They realised it within three years, and voted it out, and the McCarthy period ended, lest the US economy would have suffered in a big way, he added.
Pointing out that the future of world economic growth, especially after the digital revolution, which has taken firmer roots during the Covid period, heavily depends on how two soft sectors develop – health and education – Prof Basu said, already this is becoming a reality for countries like South Korea and Japan, which have lately registered largest number of patents compared to other countries. “Teachers’ salary in South Korea is one of the highest in the world”, he stated.
Coming to the US economy, Prof Basu said, it is holding high not because of the hardware – cars, real estate, machines – but because it has proved to a very strong soft power, especially in the education sector, adding, India’s future growth rate would, too, depend on how these two sectors develop and perform. India has had the precedent of strong international presence in higher learning in the past, which needs to be revived, he suggested.

Comments

Loktantra Bachao Abhiyan raises concerns over Jharkhand Adivasis' plight in Assam, BJP policies

By Our Representative The Loktantra Bachao Abhiyan (Save Democracy Campaign) has issued a pressing call to protect Adivasi rights in Jharkhand, highlighting serious concerns over the treatment of Jharkhandi Adivasis in Assam. During a press conference in Ranchi on November 9, representatives from Assam, Chhattisgarh, and Madhya Pradesh criticized the current approach of BJP-led governments in these states, arguing it has exacerbated Adivasi struggles for rights, land, and cultural preservation.

Promoting love or instilling hate and fear: Why is RSS seeking a meeting with Rahul Gandhi?

By Ram Puniyani* India's anti-colonial struggle was marked by a diverse range of social movements, one of the most significant being Hindu-Muslim unity and the emergence of a unified Indian identity among people of all religions. The nationalist, anti-colonial movement championed this unity, best embodied by Mahatma Gandhi, who ultimately gave his life for this cause. Gandhi once wrote, “The union that we want is not a patched-up thing but a union of hearts... Swaraj (self-rule) for India must be an impossible dream without an indissoluble union between the Hindus and Muslims of India. It must not be a mere truce... It must be a partnership between equals, each respecting the religion of the other.”

Right-arm fast bowler who helped West Indies shape arguably greatest Test team in cricket history

By Harsh Thakor* Malcolm Marshall redefined what it meant to be a right-arm fast bowler, challenging the traditional laws of biomechanics with his unique skill. As we remember his 25th death anniversary on November 4th, we reflect on the legacy he left behind after his untimely death from colon cancer. For a significant part of his career, Marshall was considered one of the fastest and most formidable bowlers in the world, helping to shape the West Indies into arguably the greatest Test team in cricket history.

Andhra team joins Gandhians to protest against 'bulldozer action' in Varanasi

By Rosamma Thomas* November 1 marked the 52nd day of the 100-day relay fast at the satyagraha site of Rajghat in Varanasi, seeking the restoration of the 12 acres of land to the Sarva Seva Sangh, the Gandhian organization that was evicted from the banks of the river. Twelve buildings were demolished as the site was abruptly taken over by the government after “bulldozer” action in August 2023, even as the matter was pending in court.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual.

Will Left victory in Sri Lanka deliver economic sovereignty plan, go beyond 'tired' IMF agenda?

By Atul Chandra, Vijay Prashad* On September 22, 2024, the Sri Lankan election authority announced that Anura Kumara Dissanayake of the Janatha Vimukthi Peramuna (JVP)-led National People’s Power (NPP) alliance won the presidential election. Dissanayake, who has been the leader of the left-wing JVP since 2014, defeated 37 other candidates, including the incumbent president Ranil Wickremesinghe of the United National Party (UNP) and his closest challenger Sajith Premadasa of the Samagi Jana Balawegaya.

Will Bangladesh go Egypt way, where military ruler is in power for a decade?

By Vijay Prashad* The day after former Bangladeshi Prime Minister Sheikh Hasina left Dhaka, I was on the phone with a friend who had spent some time on the streets that day. He told me about the atmosphere in Dhaka, how people with little previous political experience had joined in the large protests alongside the students—who seemed to be leading the agitation. I asked him about the political infrastructure of the students and about their political orientation. He said that the protests seemed well-organized and that the students had escalated their demands from an end to certain quotas for government jobs to an end to the government of Sheikh Hasina. Even hours before she left the country, it did not seem that this would be the outcome.

A Marxist intellectual who dwelt into complex areas of the Indian socio-political landscape

By Harsh Thakor* Professor Manoranjan Mohanty has been a dedicated advocate for human rights over five decades. His work as a scholar and activist has supported revolutionary democratic movements, navigating complex areas of the Indian socio-political landscape. His balanced, non-partisan approach to human rights and social justice has made his books essential resources for advocates of democracy.

Tributes paid to pioneer of Naxalism in Punjab, who 'dodged' police for 60 yrs

By Harsh Thakor* Jagjit Singh Sohal, known as Comrade Sharma, a pioneer of Naxalism in Punjab, passed away on October 20 at the age of 96. Committed to the Naxalite cause and a prominent Maoist leader, Sohal, who succeeded Charu Majumdar, played hide and seek with the police for almost six decades. He was cremated in Patiala.

Search This Blog