You are here: Home » PTI Stories » International » News
Business Standard

Kaushik Basu is now Chief Economist of World Bank

Press Trust of India  |  New York 

Basu (60) will begin his term on October 1, World Bank Group President Jim Yong Kim said in a statement.

Basu, who replaces Justin Yifu Lin, was Chief Economic Adviser in India's Finance Ministry till July.

"Having worked in the Ministry of Finance, in addition to his impressive academic achievements, Kaushik is uniquely suited to help us offer evidence-based solutions and advise to client countries and provide innovative excellence in leading our development research," Kim said.

"Kaushik brings the first hand experience from a developing country and will be a terrific asset to the institution," the World Bank statement added.

Basu, who holds a PhD from the London School of Economics, founded the Centre for Development Economics at the Delhi School of Economics in 1992.

He has also published widely and his contributions to the field span development economics, welfare economics, industrial organisation and public economics.

Raghuram Rajan, Chief Economist of IMF, has replaced Basu as India's Chief Economic Adviser.

India's Planning Commission Deputy Chairman Montek Singh Ahluwalia was also associated with the World Bank.

He joined the multilateral institution in 1968 as a Young Professional and then held various positions including Chief of the Income Distribution Division.

Kalpana Kochhar, the Chief Economist for the South Asia Region (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka), is another Indian holding a top position in the World Bank.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 05 2012. 22:25 IST