Economists From India

"[To help combat climate change] Give up meat for one day (per week) initially, and decrease it from there. In terms of immediacy of action and the feasibility of bringing about reductions in a short period of time, it clearly is the most attractive opportunity."

"We are consuming the past, present, and future of this biosphere, our only home, in an unthinking rush for profits and GDP that we call 'progress', belying our species name homo sapiens."

"The Nobel Peace Prize for 2007 is to be shared, in two equal parts, between the Intergovernmental Panel on Climate Change (IPCC) and Albert Arnold (Al) Gore Jr. for their efforts to build up and disseminate greater knowledge about man-made climate change, and to lay the foundations for the measures that are needed to counteract such change."

"Nobody on this planet is going to be untouched by the impacts of climate change."

"I have no doubt that the elimination of poverty and deprivation is possible by 2020."

"With wolves, solidarity is first but when they hunt, they change roles. The implicit hierarchy depends on who does what. In an organization one unique person makes a difference, but you need teamwork to make it happen."

"Imagining the future may be more important than analyzing the past I daresay companies today are not resource-bound, they are imagination-bound."

"BoP consumer problems cannot be solved with old technologies."

"Democratization of commerce is based on everyone having the right to exercise their roles as micro consumers, micro producers, micro entrepreneurs, micro investors, and micro innovators. Access to information removes the first impediment to building this brave, new world. Information asymmetry has always been at the heart of poverty."

"Assume responsibility for outcomes as well as for the processes and people you work with. How you achieve results will shape the kind of person you become."

"If we stop thinking of the poor as victims or as a burden and start recognizing them as resilient and creative entrepreneurs and value-conscious consumers, a whole new world of opportunity can open up."

"The future lies with those companies who see the poor as their customers."

"The lackluster nature of most multinational corporations emerging market strategies over the past decade does not change the magnitude of the opportunity. The real source of market promise is not the wealthy few in the developing world, or even the emerging middle-income consumers: It is the billions of aspiring poor who are joining the market economy for the first time."

"Strategy is about stretching limited resources to fit ambitious aspirations."

"If your aspirations are not greater than your resources, you’re not an entrepreneur."

"Executives are constrained not by resources but by their imagination."

"In the generation (or two generations) before mine, the leading Indian historians (judged in terms of scholarly books and papers written and read) included Irfan Habib, R. S. Sharma, Ranajit Guha, Romila Thapar, Bipan Chandra, Amalendu Guha, Sumit Sarkar, and Sabyasachi Bhattacharya, all of whom were influenced to a lesser or greater degree by Marxism; and Ashin Dasgupta, Dharma Kumar, Parthasarathy Gupta, Amales Tripathi, Rajat Kanta Rai, Mushirul Hasan, and Tapan Roychowdhury, all of whom were liberals. The leading political scientists included the liberals Rajni Kothari, Basheeruddin Ahmed and Ramashray Ray; the Marxists Javed Alam and Partha Chatterjee; and Ashis Nandy, an admirer of Tagore and Gandhi who like them stoutly resists being classified in conventional terms. The pre-eminent sociologists of that generation were M. N. Srinivas and André Béteille, both of whom would own the label ‘liberal’; and T. N. Madan, who while working on classically conservative themes such as family, kinship and religion would most likely see himself as a liberal too. Even the best-known or most influential economists of the 1960s and 1970 tended to be on the left of the spectrum, as the names of K. N. Raj, Amartya Sen, V. M. Dandekar, Amit Bhaduri, Krishna Bharadwaj, Pranab Bardhan, Prabhat and Utsa Patnaik, and Ashok Rudra (among others) signify."

"Contrary to what is sometimes claimed in the press, there are many fine historians in India. From my own generation of scholars, I can strongly recommend — to student and lay reader alike — the work of Upinder Singh on ancient India, of Nayanjot Lahiri on the history of archaeology, of Vijaya Ramaswamy on the bhakti movement, of Sanjay Subrahmanyam on the early history of European expansion, of Chetan Singh on the decline of the Mughal State, of Sumit Guha on the social history of Western India, of Seema Alavi on the social history of medicine, of Niraja Gopal Jayal on the history of citizenship, of Tirthankar Roy on the economic consequences of colonialism, of Mahesh Rangarajan on the history of forests and wildlife, and of A. R. Venkatachalapathy on South Indian cultural history."

"Ramachandra Guha himself claims that he’s a lapsed Marxist, a claim that’s suspect because this Hindu piece faithfully follows the Marxist template. The reason Guha attributes a symmetry between Hinduism and Christianity is because of Marx’s diktat that religion is the opium of the masses. And here’s a religion that refuses to conform to Marx’s definition of religion, which was primarily Christianity. Guha is thus forced to force-fit Hinduism into that definition. And that process necessitates intellectual dishonesty."

"I was a student at the Delhi School at the very end of its Golden Age. The departments of economics and sociology were still world-class. Amartya Sen had left for England and M. N. Srinivas had retired to Bangalore; but Sukhamoy Chakravarty and André Béteille remained. There were also other brilliant scholars on the faculty—such as A. L. Nagar and Kaushik Basu in economics, and Veena Das and J. P. S. Uberoi in sociology. Both departments had active research programmes."

"Three men did most to make Hinduism a modern faith. Of these the first was not recognized as a Hindu by the Shankaracharyas; the second was not recognized as a Hindu by himself; the third was born a Hindu but made certain he would not die as one. These three great reformers were Mahatma Gandhi, Jawaharlal Nehru, and B. R. Ambedkar. Gandhi and Nehru, working together, helped Hindus make their peace with modern ideas of democracy and secularism. Gandhi and Ambedkar, working by contrasting methods and in opposition to one another, made Hindus recognize the evils and horrors of the system of Untouchability. Nehru and Ambedkar, working sometimes together, sometimes separately, forced Hindus to grant, in law if not always in practice, equal rights to their women. The Gandhi-Nehru relationship has been the subject of countless books down the years. Books on the Congress, which document how these two made the party the principal vehicle of Indian nationalism; books on Gandhi, which have to deal necessarily with the man he chose to succeed him; books on Nehru, which pay proper respect to the man who influenced him more than anyone else. Books too numerous to mention, among which I might be allowed to single out, as being worthy of special mention, Sarvepalli Gopal’s Jawaharlal Nehru, B. R. Nanda’s Mahatma Gandhi, and Rajmohan Gandhi’s The Good Boatman. In recent years, the Gandhi-Ambedkar relationship has also attracted a fair share of attention. Some of this has been polemical and even petty; as in Arun Shourie’s Worshipping False Gods (which is deeply unfair to Ambedkar), and Jabbar Patel’s film Ambedkar (which is inexplicably hostile to Gandhi). But there have also been some sensitive studies of the troubled relationship between the upper caste Hindu who abhorred Untouchability and the greatest of Dalit reformers. These include, on the political side, the essays of Eleanor Zelliott and Denis Dalton; and on the moral and psychological side, D. R. Nagaraj’s brilliant little book The Flaming Feet. By contrast, the Nehru-Ambedkar relationship has been consigned to obscurity. There is no book about it, nor, to my knowledge, even a decent scholarly article. That is a pity, because for several crucial years they worked together in the Government of India, as Prime Minister and Law Minister respectively."

"Hind Swaraj is probably not the right place to start an exploration of Gandhi’s ideas. In the Cambridge edition, Anthony Parel warns the reader against the ‘vast sea of Gandhian anthologies’, but it is to these anthologies that those who wish to properly appreciate Gandhi must necessarily turn. The more thoughtful, the more informed, and the more essential Gandhi are to be found in his articles, editorials, and letters of the 1920s, 1930s, and 1940s, written as he came to more fully understand the people and practices of the country he was to lead to self-rule. The three selections from Gandhi’s writings that I would myself recommend are those made by Nirmal Kumar Bose, Raghavan Iyer (in its three-volume rather than single-volume rendition), and Gopalkrishna Gandhi. Having read these compilations, one can then turn to Hind Swaraj, perhaps to admire its precocious defence of non-violence and religious pluralism, while puzzling over its silence on caste and its demonization of the West."

"Nevertheless, these quarrels aside, we have to admit that Prof. Ramachadra Guha is an Indian patriot and, in a real sense, a Hindu."

"Tagore’s poems and stories are mostly set in Bengal. However, in his non-fiction, that is to say in his letters, essays, talks, and polemics, he wrote extensively on the relations between the different cultures and countries of the world. Tagore, notes Humayun Kabir, ‘was the first great Indian in recent times who went out on a cultural mission for restoring contacts and establishing friendships with peoples of other countries without any immediate or specific educational, economic, political or religious aim. It is also remarkable that his cultural journeys were not confined to the western world’. He visited Europe and North America, but also Japan, China, Iran, Latin America, and Indo-China. That these travels were undertaken without any instrumental purpose marks Tagore out from the other members of our great quartet. Gandhi studied law in London and later went to South Africa to work. After he finally returned to India, in 1915, he visited England, once, to negotiate with the British Government. Apart from a short trip to Sri Lanka (then known as Ceylon), he did not otherwise travel abroad in the last three decades of his life. As a young man, Ambedkar went to the United States and the United Kingdom to acquire advanced degrees in law and economics. Then he came back to a life of social activism in India. In later years, his trips overseas were to participate in political or academic conferences. At first glance, Nehru seems to have matched Tagore as a world traveller. Nehru first went overseas as a boy, to study at an English public school. Later, in the nineteen twenties and thirties, he travelled through Europe to forge links between the Indian freedom struggle and the world socialist movement. Still later, as Prime Minister of India between 1947 and 1964, he visited many different countries and continents. He went in his official capacity, representing and negotiating for his nation. Before and after Independence, Nehru’s journeys abroad were thus wholly political. (The one exception was when his wife fell seriously ill, and had to be taken to Europe for treatment.) On the other hand, Tagore travelled to other lands out of curiosity, simply to see and speak with humans of a cultural background other than his own."

"[On “truly frightening” right-wing Hindu nationalism (by an Indian questioner), whether it will always be a force:] As a citizen, I detest right-wing Hindu nationalism, I will vote for any other party. As a historian, I would say; so long as you have Pakistan, you will have Hindu nationalism. If the political class is alert, it will weaken, but if the political class is weak, Hindu nationalism will be in the ascendant. The Jihadis bomb Bombay to provoke Hindu-Muslim violence. The Kashmiri movement started for rights, was taken over by Jihadis, and expelled Hindus from the Valley."

"Most Indians – and, following Attenborough's film, many non-Indians too – are moderately well acquainted with the colleagues and critics of the mature Gandhi. Yet they know very little about those who worked with him in South Africa. Here, his closest friends outside his family were two Hindus (a doctor turned jeweller and a liberal politician respectively); two Jews (one a journalist from England, the other an architect originally from Eastern Europe); and two Christian clergymen (one a Baptist, the other an Anglican). These six men were, so to speak, the South African analogues of Gandhi's famous colleagues in the Indian freedom struggle – Jawaharlal Nehru, Vallabhbhai Patel, Subhas Chandra Bose, Madeleine Slade (Mira Behn), C. Rajagopalachari, Maulana Azad, et al. They are much less recognized (in some cases, unrecognized), although their impact on Gandhi's character and conduct may have been even more decisive, for they came into his life when he was not yet a great public figure or 'Mahatma' – as he was in India – but a struggling, searching activist."

"Where do Goldman and Eaton and Trautmann and Zelliot and Gold figure in the canon of South Asian Studies? Judging from the country where they work in, the United States of America, not very high. Were they to enter a seminar room at the Association of Asian Studies meetings there would not be the buzz that would certainly accompany the entrance of diasporic scholars ten times as glamorous but not half as accomplished."

"A ‘fifth-generation dynast’ Rahul Gandhi has no chance in Indian politics against ‘hard-working and self-made’ Narendra Modi, and Kerala did disastrous thing by electing Congress leader to Parliament...Narendra Modi’s great advantage is that he is not Rahul Gandhi. He is self-made. He has run a state for 15 years, he has administrative experience, he is incredibly hard-working and he never takes holidays in Europe...“India is becoming more democratic and less feudal, and the Gandhis just don’t realise this. You (Sonia) are in Delhi, your kingdom is shrinking more and more, but still, your chamchas (sycophants) are telling you that you are still the Badshah.”... the fact that they loved other nations more than India. The rise of aggressive nationalism worldwide and “the rise of Islamic fundamentalism in neighbouring countries are some other reasons behind the evident leap of Hindutva in India in recent times..."

"Incidentally, the Reserve Bank of India (RBI) Governor, Raghuram Rajan, has single-handedly brought a huge slowdown to the Indian manufacturing sector and exports. As a doctor, he has believed that the best way to bring down the temperature of a patient (i.e., inflation) is to kill him (investment starvation)."

"Mr Raghuram Rajan is an outstanding man who understands central banking. He is probably only one in the world among the crowds of professors at central banks that actually has a good grip on monetary policies and what you can or cannot achieve with them. He should get the Noble Prize in economics but the others are all money printers at heart, all of them."

"Indeed, if what you do offends me but does not harm me otherwise, there should be a very high bar for prohibiting your act. After all, any ban, and certainly any vigilante acts to enforce it, may offend you as much, or more, than the offence to me. Excessive political correctness stifles progress as much as excessive license and disrespect."

"A 007 James Bond image is very dangerous for a central banker to have."

"Improving the opportunities across the board is extremely important to sustain the legitimacy of wealth. If a whole horde of people, whole sections of society don't feel they have the opportunities, then the focus is going to be on those who have it and who have made it and say that is illegitimate."

"Expectations are high. Clearly I am not a superman. There is a little bit of euphoria in India. I have a wife and two kids."

"Promoters do not have a divine right to stay in charge regardless of how badly they mismanage an enterprise, nor do they have the right to use the banking system to recapitalize their failed ventures."

"If you are an outsider looking at India, learn to filter out both the irrational exuberance and the excessive pessimism. We're subject to both. You will become manic-depressive if you follow our moods."

"I think we have still to get to a place where we feel satisfied. We have this saying - "In the land of the blind, the one-eyed man is king". We are a little bit that way."

"Not taking risks one doesn't understand is often the best form of risk management."

"If Rajan gets one more term you can safely say bye to all investment and therefore high growth in this country … he’s from [University of] Chicago so he is not fit for this country … there they believe that more free market the better but in India market failures take place and you’ve got to correct for that."

"On the retail side, I particularly want to emphasize the use of the unique ID, Aadhaar, in building individual credit histories. This will be the foundation of a revolution in retail credit."

"When Nanda was Union home minister in the early '60s, he set up a special cell to lodge complaints against corrupt officials and politicians. He came under pressure to wind up the cell but didn't yield. Subsequently, a riot in Delhi - which he later discovered was engineered - led him to resign."

"Appointed vice-chairman of the Planning Commission by Nehru, he played a vital role in the drawing up of the First Five Year Plan and headed important ministries till 1971."

"As a child, his grandson once drew a sketch and went to show it to his grandfather. After praising him for his effort, he [Nanda] admonished him for using the official stationery. One can't even dream of this kind of honesty."

"Formed the Majoor Mahajan, believed to be the country's oldest labour organisation. His political activities led to internment in various jails."

"Authored the First Five Year Plan, and was a key member of Jawaharlal Nehru's trusted inner circle."

"Just before he went to Dhulia Jail in 1931, he promised the 10-year-old Pushpaben [his daughter] a wristwatch if she came first in class. Taking him at his word, says Pushpaben: "When I demanded my gift from him, [[w:Jamnalal Bajaj|Jamnalal Bajaj, who was his jailmate, jokingly came up with a ghada (a water pitcher) instead of a ghadi (watch)."

"No praise will be too high for the pioneer work he did in the cause of Labor. He introduced the principle of arbitration in settling industrial disputes. Every year the Association spends Rs. 50,000 to provide educational facilities for the workers. It has marshaled a volunteer corps of 1000 strong. As a result of his efforts the highest wages are paid to the workers and there are fewer strikes. The Labor Association has the largest membership in India."

"He had constituted the Kurukshetra Development Board which set up Panorama and Museum and Light programme depicting the history of Mahabharata. By setting up a library and a museum, the people visiting this holy pilgrimage would get a glimpse of the life of the great leader..."

"A conviction of virtue, a spirit of service and a habit of mental rectitude bear witness to his work. Treasures of tenderness shine (d) within his being."

"About the two occasions when her father was interim prime minister - after the death of Nehru and later after Lal Bahadur Shastri's demise - Pushpaben says: "On both, he took it as part of his duty. On the second occasion, there were some in the Cabinet who wanted him to continue as prime minister but he didn't allow himself to become part of a power game."