NIAS Wednesday Discussion: "“Two stones in a river – GST, demonetization and processes in the Indian economy”" by Narendar Pani, JRD Tata Auditorium, NIAS, 0930 hrs

NIAS Wednesday Discussion


“Two stones in a river – GST, demonetization and processes in the Indian economy”



Narendar Pani

Professor & Head, RBI Programme on Interdisciplinary Approaches to Economic Issues, NIAS 


Chairperson: Kshitija Joshi, Assistant Professor, RBI Programme on Inter-Disciplinary Approaches to Economic Issues, NIAS,

8th November, 2017, 9.30 am, JRD Tata Auditorium, NIAS

Abstract:  Unless there is another economy-shattering initiative over the next year the economic policy of the Modi government’s term in office will be identified almost exclusively with two measures: demonetization and the implementation of GST. If in demonetizing 86 percent of the currency at one stroke the Prime Minister chose to ignore economists, in GST he was only implementing the stated goal of most economists. Despite their diverse pedigree both measures have had a substantial negative impact on growth.  Conventional wisdom has it that the disruption is nothing more than the short-term pains of transition, and we will soon be back to our high growth path. But the problem may lie a little deeper. Both measures ignored two important processes that help define the Indian economy: the transition away from agriculture, and the unequal competition between local manufactures and imported products. This talk will trace the influence of these larger transitions on the two policy measures, arguing that the underlying processes are often strong enough to bypass the policies, if not destroy them.

About the Speaker: Prof Narendar Pani heads the NIAS UNDP Policy Research Initiative on Inequality and Human Development at the National Institute of Advanced Studies, Bengaluru. He has been commenting on the Indian economy over the last four decades.  His books include ‘Inclusive Economics: Gandhian Method and Contemporary Policy’. Among his co-edited works is a forthcoming book from Routledge, ‘Reasoning Indian Politics: Philosopher Politicians to Politicians Seeking Philosophy’.

All are cordially invited

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For further info, please contact Sangeetha Menon [ or] Coordinator of NIAS Wednesday Discussion Meetings.

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Wednesday, November 8, 2017