Prime Minister appointed economist Arvind Panagariya as the Vice Chairman of NITI Aayog

Arvind PanagariyaWho: Arvind Panagariya
What: Appointed as the Vice Chairman of NITI Aayog
When: 5 January 2015

Here’s all you want to know about Arvind Panagariya:

1. 62-year-old Arvind Panagariya is an Indian-American economist and professor of economics at Columbia University.

2. Panagariya has earlier been the chief economist of the Asian Development Bank and a professor of economics and co-director, Center for International Economics, University of Maryland at College Park.

 

3. He holds a PhD degree in Economics from Princeton University, Panagariya.

4. He also worked for the World Bank, International Monetary Fund, World Trade Organization, and the United Nations Conference on Trade and Development in various capacities.

5. Arvind Panagariya, as vice-chairman, would have a vital role in coordinating economic strategy and will hold Cabinet rank.

6. Arvind Panagariya’s market-friendly, pro-growth economics has helped shape Narendra Modi’s outlook and is seen by many as a Margaret Thatcher-like attack on overbearing labour regulations and state-run companies.

7. ​Arvind Panagariya last year has said that he rejected such comparisons, saying India needed to restore space to markets but that there was still a need for growth in social spending in a country that has about a third of the world’s extremely poor.

8. Arvind Panagariya, mentored by trade economist Jagdish Bhagwati, is one of the main brains behind the recent labour reforms in Rajasthan. He was vice-chairman of Rajasthan chief minister’s economic advisory council.

9. Panagariya and Bhagwati, in a book co-authored by them and named India’s Trust with Destiny: Debunking Myths that Undermine Progress and Addressing New Challenges’, used ‘Gujarat Model’ as a metaphor for development primarily driven by growth and private entrepreneurship.

On the other hand, they used ‘Kerala Model’ as a metaphor for primarily redistribution and state-driven development. During the last Lok Sabha elections in 2014, Modi’s ‘Gujarat Model’ was one of the main poll planks of his party.

10. Panagariya graduated from Rajasthan University and has authored over 15 books, including, Why Growth Matters, (with Jagdish Bhagwati). The government had earlier honoured Panagariya with Padma Bhushan.

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