An economist in the real world: the art of policymaking in India

The book, ‘An Economist in the Real World: The Art of Policymaking in India’ provides a useful insight on the aspect of economic policymaking. Authored by Kaushik Basu, this book reveals his two and half year tenure as the Chief Economic Advisor. This is not a mere personal perspective of Basu’s work but is a reflection on the art of policy making in the world’s largest democracy, India. It includes some interesting personal experiences, engaging discussions and bundles of information citing India’s governing structure. This book has been published by Viking publishers in 2016.

Kaushik Basu, an acclaimed academician and noted economist left the comfortable world of academics and joined the rigorous domain of policy making, back when the former Indian Prime Minister Dr. Manmohan Singh appointed him as the chief economic adviser (CEA) to the Government of India. Basu worked in that position from 2009 to 2012. These three years saw substantial transformation in the world economy and similarly in our nation's economic policies as well. Basu, in this book talks about some of the pressing issues faced by a developing economy like growth and equality, globalization and sovereignty, laws and corruption, policy making and politics. Discussing various notions ranging from macroeconomic to fiscal and monetary policies; and from the granular of designing grain auctions to the dream of ensuring every citizen has access to basic food, this book is full of economic wisdom. It also sheds light on the dinner hosted by Dr. Manmohan Singh, where President Obama joked to him, “You should give this guy some tips” and “this guy” was Timothy Geithner. Thus, this is a vital document on the features of effective economic policy making and a myriad of obstacles advisors get to face.