Page 5 - Economists

Indian-American economist Raj Chetty awarded top Harvard University prize

Prominent Indian-American economist Raj Chetty has been awarded the coveted George Ledlie Prize for wielding big data to break myths about who achieves the American Dream and the obstacles faced by others. Along with Chetty, Biologist Michael Springer, professor of systems biology at Harvard Medical School, who created a better, faster COVID test system to help deal with the spread of COVID, was also honoured with the coveted Harvard University's George Ledlie Prize. Springer also helped design and operate the new Harvard University Clinical Laboratory (HUCL), which managed testing and samples. Chetty, Professor of Economics at Harvard University is also director of Opportunity Insights, a group of economists based at Harvard who study inequality. Raj's groundbreaking work on economic mobility and his efforts to share this data with policymakers are making the American Dream more accessible to all, said University Provost and Chief Academic Officer Alan M. Garber. Mike and Raj are

Prominent economists criticise Fitch Rating's decision to downgrade US

Former Treasury Secretary Summers said while there are reasons for concern about the long-run trajectory of the US deficit, the country's ability to service its debts wasn't in doubt

Heatwaves endanger workers, reduce productivity: ILO's senior economist

Data from the UN's World Meteorological Organization reveals this July is set to be the hottest month ever recorded

India to become third largest economy by 2027, say SBI economists

Economists at the country's largest lender SBI on Thursday advanced their estimate on the Indian economy becoming the third largest in the world by two years to 2027. In a note that comes a day after Prime Minister Narendra Modi exuded confidence of winning a third term and India galloping to being the third largest till 2029, SBI economists said India's real GDP will grow at over 6.5 per cent in FY24. "The path taken by India since 2014 reveals that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023, a movement of 7 places upwards since 2014, when India was ranked 10th and two years earlier than our previous forecast of 2029," the economists said in the note. PM Modi-led NDA government came to power in 2014. The RBI estimates the real GDP to grow at 6.5 per cent, which is one of the highest estimates by any watchers. At present, India is the fifth largest economy in the world. The SBI report said the GDP will gro

Women economists called traitors for meeting Treasury Secretary Yellen

China on Monday called on the US to take "practical action" in response to its "major concerns" about sanctions on Chinese firms, after Yellen wrapped up meetings with senior officials in Beijing

India lags regional peers on fiscal consolidation: S&P Global's Louis Kuijs

In a Q&A, the Asia Pacific Chief Economist of S&P Global Ratings charts the key reforms India needs ahead of the general elections next year

Govt plans to hire agency to estimate actual size of digital economy

The government is planning to hire an agency to measure the actual size of the digital economy which is estimated to be around USD 1 trillion by 2025, according to an official document. The selected agency will be roped in for a period of nine months for the assignment. The agency will need to submit the draft report on estimation of the size of the digital economy and projections from the current financial year till 2029-30 to Ministry of Electronics and IT (MeitY) within 32 weeks from the date of selection. "The RFP aims to invite proposal in the area of estimation and measurement of India's digital economy including formulation of measurement framework, capturing data and identifying digital interventions," the document said. The report will also look into state rankings and their share in the digital economy, along with the impact of e-commerce and emerging technology on such economy. "Collective action is required in a team India spirit with collaboration between government a

The ideas of economists

Former RBI governor C Rangarajan's memoir is a testament to the crucial role economists can play in shaping public policies and people's lives

China has $3 trillion of 'hidden' currency reserves, says US economist

A lot of the country's foreign-exchange reserves don't show up in the official books of the People's Bank of China, the former US trade and Treasury official wrote in a report

India's current account balance likely turned to surplus in Jan-March: Poll

The latest survey of 22 economists showed the current account balance likely recorded a surplus of $3.3 billion, or 0.4% of gross domestic product (GDP), in the last quarter of the 2022/23 fiscal year

Adam Smith's enduring legacy

In the tercentenary of the father of economics, it is worth exploring the impact and relevance of his ideas on economics in today's world

US AAA credit rating may be downgraded by Fitch on debt-limit impasse

Economists project a US default could trigger a recession, with widespread job losses and a surge in borrowing costs

Economists, health experts pitch for higher taxes on tobacco products

Economists and public health experts have welcomed the duty hike on cigarettes in this year's budget and pitched for higher taxes on more tobacco products to make them unaffordable and India tobacco-free in "Amrit Kaal". The hike in national calamity contingent duty on cigarettes by 16 per cent clearly shows the government's intent to further strengthen the tobacco control policy and levy higher tax on "sin" products that claim more than 13 lakh lives in the country every year, noted economist and BJP spokesperson Gopal Krishna Agarwal said. Participating in a discussion on "Amrit Kaal: A Journey towards Tobacco-Free India", organised by Tobacco Free India, a citizen group platform, Agarwal said a hike in prices on such harmful products through tax policy is the most effective way to reduce tobacco consumption. "This can be done by implementing 'triple A' concept: cutting down 'affordability' and 'availability' of tobacco items by hiking tax while making people 'aware' of its harmfu

India on cusp of returning to high-growth trajectory: Arvind Panagariya

Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy so it's another five years. We are already in (the year) 2023. So 2027-28, India should be the third-largest economy, Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview here. A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India's GDP growth at 6.5 per cent in 2023-24. The International Monetary Fund's World Economic Outlook update Tuesday said growth in India is set to "decline from 6.8 per cent in 2022 to 6.1 per cent in 2023 before picking up to 6.8 per cent in 2024, with resilient domestic demand despite external headwinds. Last week, the UN said in its flagship World Economic Situation an

India's FY24 gross borrowing could be less than expected: Economists

There are chances of the central bank paying the government a higher dividend, which could allow for a surprise at the budget presentation on Feb 1

Big states lag on capital expenditure front despite Centre's support

Economists say many poll-bound states chose to focus on scheme and subsidy spending

PM Modi to meet economists at NITI Aayog today ahead of Union Budget

Prime Minister Narendra Modi is scheduled to hold a meeting with economists at NITI Aayog on Friday, sources said

Trust has to be built among people of different religions: Amartya Sen

Noted economist and Nobel laureate Amartya Sen has said that there is a need to "build trust" to overcome "terrible misunderstandings" among people of different religions. Sen, who was in Kolkata to attend a private function organised for school children by his trust -- Pratichi -- also said that "ignorance and illiteracy" have led to some of these differences. "We live in a world where terrible misunderstandings are very common between religions... We have all kinds of differences. Some of the differences come from illiteracy and ignorance," Sen said, speaking at the event arranged by 'Pratichi Trust' in collaboration with another organisation, 'Know Your Neighbour'. "(There is a) need for building trust. If a Muslim gentleman takes a different view, we need to ask the question, why is he taking a different view?" Sen said. The economist, to put across his point that views may differ from one person to another, referred to an incident when he had taken his daughter Antara for a ..

India's FY24 growth to dip to 5.5% from 6.8% in FY23, says HSBC economist

India's economy is expected to grow 5.5% in the next financial year, a notch below the expected potential rate of 6%, as growth momentum in the country was slowing gradually, an economist at HSBC said

Economists urge hike in tobacco tax for reaching PM's $5 trn economy vision

A substantial hike in tax on all tobacco items and stronger laws will not only bring the best out of human capital by ensuring better health of citizens, but also help in achieving Prime Minister Narendra Modi's vision of a five trillion dollar economy by 2025, experts have asserted. Noting that the health care burden due to tobacco consumption in India is around 1.04 per cent of GDP, pushing many into poverty, Arvind Mohan, Professor and Head, Department of Economics, University of Lucknow said a substantial increase in tax on these lethal items will close the gap. Speaking at a webinar, he echoed views of the World Health Organisation (WHO) as well as many other international bodies like World Bank that tobacco taxation is an efficient tool, reducing tobacco consumption faster than any other single measure. Mohan explained that presently, health is a big challenge for human development as at least 70 per cent of the health expenditure is being met by the public themselves, while .