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Changemakers: Indian economists who transformed India into financial hub of world

New Delhi: India is among the major economies of the world. By nominal GDP, it is the fifth-largest economy in the world, and by purchasing power parity, it is the third-largest (PPP). India ranks 128th by nominal GDP and 142nd by nominal GDP in terms of per capita income, respectively, according to the International Monetary […]

Edited By : Vikas Kumar | Updated: Aug 7, 2022 17:18 IST
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New Delhi: India is among the major economies of the world. By nominal GDP, it is the fifth-largest economy in the world, and by purchasing power parity, it is the third-largest (PPP). India ranks 128th by nominal GDP and 142nd by nominal GDP in terms of per capita income, respectively, according to the International Monetary Fund (IMF) (PPP). Successive governments advocated protectionist economic policies with significant state intervention and economic regulation from the time of independence in 1947 until 1991. The License Raj is considered to be a kind of dirigism. The adoption of a comprehensive economic liberalisation in India was prompted by the end of the Cold War and a severe balance of payments crisis in 1991.

 

Amartya Sen
Dr. Amartya Sen, a graduate of Presidency University (Kolkata), won the Nobel Prize in Economic Sciences in 1998. In 1999, he was also given the Bharat Ratna. His book Inequality Examined and the important research he has conducted in the field of economic philosophy include Development as Freedom. Sen has worked to comprehend the economic divide between the classes from a historical perspective and to find ways to close or bridge it in the present. Sen has maintained his prominence in the media despite having a busy academic career that includes teaching at numerous colleges across the world. Sen has been involved in a number of political debates.

Dr. Manmohan Singh
Dr. Manmohan Singh – Former Prime Minister Dr. Manmohan Singh is one of India’s prominent economists and is widely regarded as the driving force behind India’s socioeconomic reforms and economic liberalisation. Before becoming the Finance Minister in the P. V. Narasimha Rao administration, Singh, who holds a doctorate in economics from the University of Oxford, held the positions of Governor of the Reserve Bank of India and Chief Economic Adviser of India. Despite his outstanding performance as finance minister and his standing as a reform-minded economist, Singh failed miserably in his position as prime minister of India, and his administration was still plagued by numerous scams and highly corrupt actions.

Dr. Raghuram Rajan
Dr. Raghuram Rajan, who was previously the Chief Economic Adviser for the Ministry of Finance, was the 23rd RBI governor in India. Between 2003 and 2006, he established himself as the International Monetary Fund’s chief economist. One of the few economists in the world, Rajan, foresaw the 2008 financial crisis. As governor of the RBI, Rajan is credited with stabilising the nation’s fluctuating currency and maintaining credit rates under tight control to stimulate economic growth.

Dr. Arvind Subramanian
Dr. Arvind Subramanian holds an MBA from the Indian Institute of Management, Ahmedabad, as well as a D.Phil. from the University of Oxford. He has previously held positions at the GATT and the International Monetary Fund’s director of research. He is one of the key players in the current Indian economic environment due to his connection to RBI Governor Rajan and his viewpoint on the growth of Indian trade. He was listed among the top 30 Masters of the Mind in India over the previous three decades by India Today magazine.

Dr. Raja Chelliah
Dr. Raja Chelliah, the founder and Chairman of Madras School of Economics, was one of the country’s top economists. Chelliah went on to become one of the top public finance consultants in the entire globe after earning a PhD in economics from the University of Pittsburgh and a master’s in economics from the University of Madras. Chelliah was the pioneer of direct taxation changes in early India and worked as an advisor to the governments of Papa New Guinea and several other nations. He passed away in 2009 after receiving the Padma Vibushan in 2007.

Dr. C. Rangarajan
Dr. C. Rangarajan served as Governor of the Reserve Bank of India from 1992 until 1997. In addition to this, he has performed numerous public duties. Rangarajan served as the Governor of Andhra Pradesh from 1997 to 2003 in addition to serving as a Rajya Sabha member from 2008 to 2009. Rangarajan received the Padma Vibhushan in 2002. Rangarajan, who had a forward-looking perspective, led the Twelfth Finance Commission of India in 2003–2004 and did an outstanding job. He presently serves as the Economic Advisory Council for the Prime Minister’s chairman.

Dr. Shankar Acharya
Dr. Shankar Acharya began working for the World Bank after receiving his PhD from Harvard University and an Oxford University degree. He served as the Government of India’s Chief Economic Adviser between 1993 and 2001. In this role, he oversaw several macroeconomic reforms and stoked industrial growth during a key time. Acharya also served as a member of the Prime Minister’s Economic Advisory Council between 2001 and 2003. In 2003–2004, he also served as a member of the Twelfth Finance Commission.

Dr. Vijayendra Kasturi Ranga Varadaraja Rao
Dr. Vijayendra Kasturi Ranga Varadaraja Rao was one of the most eminent economists and academicians this country has produced. Having been awarded a PhD in economics from the University of Cambridge in 1937, Rao went on to popularise study of economics in India by setting up institutions such as Delhi School of Economics.  Rao served in a variety of positions, including those of Director of the Institute of Economic Growth and Vice Chancellor of Delhi University, before being appointed Union Minister for Education in 1971. He received the Padma Vibhushan in 1974 for exceptional public service. Rao directed the construction of numerous significant trade routes in southern India, roads that gave the country’s fledgling economy life.

First published on: Aug 07, 2022 05:17 PM IST

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