Meghnad Desai, known for his frank views on the state of the economy, says the world is looking at tough times. An Emeritus Professor of Economics at the London School of Economics and Political Science (LSE), Desai believes that India should concentrate on its creamy layer of 200 million people as the growth of these wealthy individuals will propel the economy and lift the bottom 40 per cent out of poverty. The 82-year-old, who sits on the board of Elara Capital, says that economics is all about people's lives and livelihoods, and not about debt-to-GDP ratios or deficit finance. In an interaction with Business Today's Anand Adhikari, Desai speaks on a host of issues confronting India. Edited excerpts:
Q: What impact do you see of historically high global inflation and high interest rates on emerging markets, including India?
A: I hold a somewhat unorthodox view. I lived through the previous stagflation crisis of the 1970s. It was very similar because oil prices had quadrupled in 1973. The OPEC countries, which had not changed the price of oil since 1918, after 55 years decided to increase prices. At that time, many people said that this monopoly would never last, and that there would be competition. It, however, totally changed the whole paradigm of economics and of the global economy. The oil price rise didn't end for 20 years. Inflation went up to 22 per cent in England. Margaret Thatcher [became PM] in 1979, and she let all the pain be inflicted. She had a simple view: inflation cannot go unless you inflict pain on the public. This is what monetary policy is all about. It was about deflating the economy until the economy stopped growing and people stopped buying or bought the [bare] minimum. And that’s how inflation gets out of the system.
この記事は Business Today India の November 13, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Today India の November 13, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.