really, really usually its own you feeling yourselves the infamous battalion responsible for the atrocity included over 100 ukranian nationalists from west and you've been very happy to talk with them with you and see what you guys are looking for versus the new e phone that so a lot of those to you guys pursuing your up a showing i'm, i'm with them. us casa de classified criminal cases from the central archive of the k g, b, a better rules shed light on the atrocity. and on so numerous questions that have remained an onset for many years. watch on it, see the last 30 years we have been gathering base. yes. and now we have anything that tipping point with place in the world is changing theater. young nation. and we had a poor nation with being not just building an economy, we had rebuilding the civilization. so the problem seems to be not in the way

developments, that's right. and india being a potential source of them, like all kinds of different kinds of things, flourish all over going to be that's perfectly fine. hello and welcome. i am on a one cave red come to the show there for the next hoffman i've really been discussing all the things in the product with a very special guest, make them send you signed the welcome sensitive send. the all is the prominence economist who has held a number of high profile positions over the years. he started out in financial economics in the ninety's and was awarded an eisenhower fellowship in 2007 in 2010. the world economic forum named him a young global lead the opposite of february, 2022 cents. you've sent me all held the post of the principal economic advisor to

india, as finance ministry, who's now serving as a member of the economic advisory council to prime minister number and the remote de, to thank you for coming. explain to me means i am asking as an ordinary citizen of this country, what does it mean to be economic advisory consider? cuz i put them in the stuff in there. so um, but as you can imagine, the idea is to look at the big picture about the economy of the country. so i'm not really in the operations part of running the government on a day to day basis and a small number of us. so the only 3 permanent members of our job is to look at say for example, what are the forms to be done? look at the big picture as far as our place in the world. what is happening, the rest of the world and arch placing it? what's happening to growth automatically, economic stability and so on, and to be able to brief the prime minister and the cabinet about and what are the

kinds of things that we shouldn't be doing on the economic front. now there is a very general thing, but in reality what it means is, 1st of all, remember the prime minister is level of everything and evidence and anything converges. so very often what happens is, what i'm doing may not be what in, in a textbook sense as economics. and so i may end up looking at sports policy, some, or i may look at, you know, a rationalization of national monument. something or, you know, thinking about uh, you know, how to deal with a jew political, the situation. so the role is in some ways, very, very effective. and very often, a lot of times that i spend at least is looking at, for example, suggestions and ideas that come from the ministries. all people who happened to be driving us to. and they give suggestions that ideas not like driving us to monique, is personally sitting and researching all of those suggestions. that ideas he gives it to somebody. i'm that somebody. similarly,

i may have an idea of some of these. and then you know, i make a presentation say maybe we should look at this or whatever. so i'm part of that quote. you can call it the pink tank, which works for the prime minister and on basically running the economy. and it's a very prestigious position to be in, and then the katie is also fairly suddenly a privilege, particularly. i mean it's, it would have been the privilege of any time. yeah. but it is specifically a permanent at this time because we are clearly in one of those stunning blaine's. i mean history, yes. and so we can see letting anybody living in india can see letting you know we're going to something special. hm. is that a place in the world is changing? after hundreds of years of 1st father and domination, then bad the cannot make policies from our sites. you know, finally the last 30 years we have been gathering base. yeah. and now we have the thing that tipping point with place in the world is changing. i mean, we had already the world's 5th largest economy within the next 24 months. we've become the world's toddlers to kind of yeah. so to have bins in the cockpit to, in

a sense when this happened is very special, this solar development, this whole 5th position and the 3rd position hold us 3rd position happened. so basically what is happening is that our economy is now growing very fast and reduced by some large and the fastest growing a means that economy in the what the last year we grew at 8.2 percent this year. we should a girl by 7 percent of the box, but the thing that people forget is the component thing effect. so when india began to reform its economy in 1991, you know how big our economy was just 260000000. okay. okay. then it took us 16 years to become $1000000000.00 economy. okay, so it's only in 2007, 8 that we became a $1000000000.00 con. okay. and 16 years then it took 7 years to become a totem in the economy. mm hm. then it should have taken us 5 years, but then we had to go over it, etc. so it took another 7 years again. so it's only in 2021, 22, just not too long ago. that'd be became a 3 trillion dollar cutting. okay,

after that, to go just for us to get going for the economy, retrieve it, it becomes us. yeah. okay. and then me to take a look a more than 2 years to become if i for the economy. and then, so you see the competent people underestimate the co loading process, it is the most powerful force in the world. yes. and so as our economy excites big expands and we keep compounding this, the compound interest rates. everybody loves loans in school, but they forget that in the beginning into the initial they've been that same slope . but once it reaches a certain base, it begins to get up. hm. so even china, me what the same size as the economy in 99. mm hm. so how do i get you by how is it become the world's 2nd largest economy? but in fact, based on measure of the world's largest economy, essentially, they grew a few percentage points faster than us, but kept going with would be our dealers. and that's how they got here. so all we have to do now is to keep doing this and compound it. and uh,

what are the most pressing economic reforms and what needs to be done the heck to spend the rest of the day with that. so let me say that there are huge number of things we need to do that. simplify items. yeah, the 1st of all, 1st thing we need to do is to keep our economy growing so that your investment keeps happening. so um, from the government side we need to do physical in for the infrastructure. soft investors keep investing in that from the corporate side. we need to do ease of doing business. so that the, the private sector and for an investor has come in invested in factories and, and back office operations, etc in india. so that creates the momentum in the economy created to the jobs and all of that. so that is one part of the, the 2nd part of what me to do is the way we are doing this. we have to keep the system stable. we've gone to our banks to blow up, or you know, inflation to spike up and so on. so that's a very 2nd important thing we need to do the code. the important thing we need to do is to make sure that the very porters people in the country get some direct support. because while the board most of the boards and values because the raising

side, there are some people who will. so for them you have to do direct benefit strands for, for them to be all of us. you will not have them big little houses. i'll give them some way of getting gas so it means that move, move away from running a wood or no, say, jelly, what am i maybe basically do that. so these are the 2 principles. and the last one, you know, that the word be used for this, and today these are so, you know, in order to move it is you need to do a whole bunch of things. and so i would argue that one of the single most important things is that the single most important thing you need to do is do the form on your dishes as to why. because with some 50000000 cases stuck in a traditional system, we are not being able to enforce contract on pain. this is a major issue for our business sector, and we're not able to give it just us on time to the average citizen. so i think this is one big area of the form and need to do in the next to the coverage that

happens. right? obviously a lot of it will have to be done to the distribution, but the government will also have the box of it. and the 2nd important thing we need to do is to find them the beginning of the form of administration, usually since 1991 to now what have you done? we have basically withdrawn the butyl cruces bar to do damage. we have not found a bit of to see we have stood simply a stream that back will before 9091. they are pretty much allowed to do whatever they wanted. not be able to stream them, but reading the from them. but now we need to actually the following them so that the, the, the civil service can actually become service oriented and actually do the things as opposed to do like fix the roads to municipal services and etc, etc. but that audion edition has the reorientation has to happen, because even today, the bureau castillo essentially designed to control the population. that is what the colonial either was. but oddly enough, that is also what the socialist d o c. and it's about controlling developing ation. we need to move us, that was,

that was away from that mindset of controls to a mindset of service delivery. and that is again, one major phone that me to do. so there are 2 big reforms, both them in was getting the min states to do the things that's supposed to do all this while to be honest with you, i tried to stop it from doing the things it did not offer. so i'm not really like running outlines, but now we need to get a glue. the thing that's supposed to do, and we have begun to do some of it to be fast. i mean, for example, the sewage in, for such a big note as being done by the state, we are making progress. but you know, this is something we need to focus on. how do you deal with the road blocks? so 1st is the important thing is that you have to understand that we're not just building an economy. we have a building of civilization which has effectively being in decline for essentially. yes. sylvia literally building back the whole thing. so many people asked me. yep. why do i be excited to be interested in, for example,

history and culture and these kinds of things and or open design. and so, because if i had only a purely nomic view, i wouldn't care about those things. and now the economy is an important part of the building civilization was not the only thing you have to rebuild the whole team. and in the sense, i would argue that we are trying to trigger something akin towards the europeans, went through in the $1516.00 sentra, which is a renaissance, reimburse me. so when you go to europe and you see you say you go to products and you'll see those beautiful church as you go to venice and l all you will, you know, see buildings from elizabeth and england. the idea is that you are seeing the cultural artifacts, but the price of a lot effects only one part of what happened to florence was a center for banking contribution to human civilization is actually double entry bookkeeping. oh, simulating venice has a 3 contribution to the world is actually the stock market. now because the gym or

anything all is well for all of these commercial activities. maybe the defense, the buildings, and those being things new or not, or via tech, to me at about the same thing you had gallon deal coming up was the set, scientific to the changes. so what happens in the renaissance is that you have massive risk thinking happening at different fields of the same thing. so that's exactly the same thing that the shakespeare is performing it at the door. you also have francis drake. slocum, navigating the arts or the english defeating the model. it's a, it's a state of mind of the speak, and it happens simultaneously on all things. so what indian we are trying to do is to clear the college of the speaking in this country for far too long, we would have freedom of the rest of the work, even after becoming to be made to feel that yes and even after becoming independent, we continue to have this thing and i've had no regard to compete with the rest of

the work. so let us close ourselves into some import substitution thing. that goes, that mindset me. now we have a different lines that we can go out of this and going to market, and we can compete with the best in the world. we can send something to the moon. and you can see that finished that sort of every aspect of life. but that ability and willingness to go there and can work. you know, a defeat into a victory is something that has clicked and not head in relatively recent times. absolutely, i totally agree with that is if you go back and look at a lot of history, you of it's full of wars and battles very well. we all most one and then go defeated me. so this switch is something that has changed. it's and it is not done yet. it's not got, i wouldn't say it's yet institutionalized. mm hm. but definitely this changes. how does it happen? yes. and you can feel it if you live in india, you can see that, wow, that's amazing. so this, the success of making in the program is, is very evident, is that any failure to suddenly said back that are happening,

the most important thing to understand is that if there are no failures happening, all the things that mean there are no successes. mm. no, their successes happen only when people are meeting the taking the risk of failure . mm hm. so i actually see continuous bankruptcy and insolvency. it's a good thing. i believe that at every point in time, some companies should be going bankrupt. me because it means that other, that the system as a whole is thinking motors earlier on what we sort of, if a company were for whatever reasons and from day per day of the company's benefits problems or there's public's like the private sector means odd thinking was let's put them in a warehouse and we will use large amount of taxpayers money to keep it's all going good. what we wanna do to put into the editing and bankrupt itself. it's assets a carrier. and we have discovered that doesn't cause cause any great disruption to the system. all that happens, those assets, good redeployed. and here's the new company. comes even the height of good one of

our largest daylight. jenny is red bankrupt and he said ok, you went bankrupt banks so it requires a certain attribute to where to speaking. now, it is also important at the same time that we do not see those will bank up as a whole bad note even. yeah, something they took a risk, they were bankrupt. i think once you've gone through your bankruptcy process and you know, mean teamed up, you should be allowed to go back and take another screen because that's how the systems in that new idea as a new ventures. so, but this is what attitude and this happens not just, i am always be talking about in the space of business and, but this is not the only space this should happen in the science. so it should happen in the arcs, like all kinds of different kinds of things, flourish so over to the that's perfectly fine. how is it important? how much is it important for us to say that okay, invest is like a nice thing out of growth. does it matter to us?

well, it's sometimes i keep reading the sort of method, but i think we shouldn't get too worked of about investing validation beyond the points. but does it make you angry? the floor? is that something you're trying to manage the best? i mean, that is true, of course, it is annoying because at the end of it to do remember that when china was rising, the same fellow said that no, no, the numbers were all wrong. they were lying. there's that little china begin to big to ignore me. they were the same people who as a no, no single or is not progressing. it's autocratic, all kinds of things. so my view on all of this is, in some ways getting criticized and you're gonna right those passes, we of the emerging would have to pass through the, in a sense, because during that passage we are says to discover that actually the will be means of all these people, it doesn't matter, they're just making it up. and in fact bids and what they're really losing me is,

uh, being able to, you know, be lazy. they'll ask them to be of joy, a whole and some of those kinds of things that they wanted to do. i've pro, what they've loved to do is do we, you know, the bbc in the hands, the beginning i move on thing judgments on the syllabus. celebrate of poverty, other than that, it's up to 5. so the moment we begin to lose a billionaire of odds and our this thing, but the fact of the matter is the celebrated. they don't believe me. after all these people who are all these and yours who come and look to us about the problems in india are all funded by it all. go for low foundation ford foundation here i own vision and i the sources opens this id or the foundation. now who is, who had all these people? they're all been in those. yeah. so go to the limit that even though, so the problem seems to be not the way to billing, is that right? and it ended up being a potential source of them. right. and i keep telling people, you know,

almost because he is not coming here and generating jobs for us. it's going to be the same, a money that need that are below a one year mark. yeah. then yes, they should be their taxes. they should follow their rules live, you know, i'm no love lost for the rich. if they're not following the rules, they have to follow that. but you know what the fact is that really does rather than good, is this large. we should back to them, like we had one 6th of the worst population. we haven't liked to 16, the words been and i love that. how close, how do we do? i've never heard of self sufficient a product. and that means that we have the financial resources to take up please use the word means to be able to stand up for us to invest in the world. and we have demonstrated v short in the last few years that we are willing to do that. you'll see that in for the policy, you'll see that you not ability to generate out on technologies. i mean, we can see, for example, we haven't sorted us as into the global supply chains for mobile phones. we are now

the 2nd or 3rd largest mobile phone manufacturer in the world that is just full 5 years ago. we weren't even in the picture. so we are quite capable of being argumentative and we should be very careful not to in different up in the neighborhood of some sort of a floor or topic, kind of the mindset of, uh, of isolation. we gotta move in, in, in the sense of being able to stand up and take our place on the what also i think we often you had in the, as well as an usher in china still it, it, for, it was emerging economic economies outfit as this classification display, it seems like it's, it's a bit of a condescending classification and we have had defends in the, in the 2nd half of the grant, the, essentially, in the way we thought about the world. and sometimes it's useful the short time for talking about the little bit more 3 now the so the whatever you may want to call it . but yes, i mean, right now the word and the message replace me um in duns off, why is that full capital income of china for example, is still much lower than that of major western country. the effective, insure,

skews and industrial capacity. and even in areas where many areas of technology, china is the cutting edge. so it is not in the marketing, it does very much, much in many, many areas. exactly. we are sales are still emerging, be out of course, but i mean not the size of our economy. sure to for less because the end of it leave it even after a little growth. we will be in a few weeks time that was totally logistic on them. we other was largest population already. so when you divide one by the other, and we are also young nation means either young nation. we had a partners. so we have, we have not the us, but i think it's fair to say that we us them and emerging country. but i think what is different about this generation is that we have stopped of thinking over some sort of static condition. the other chatted. big is one of the future is, you know, ends us from abroad when we come and get some help. and, you know,

every been done. and, and i, economists from the us will come and look to this, that india habitats into the mode. how to improve our lights that we have going past that. yeah. and how to deal with the criticism from within the country that assess those are live here, have open in be sure to listen to it and have a lot as well. and so i think there is a feedback loop. in fact, we should take criticism even from abroad. but i, i always stay criticism much more seriously from people who have a stick in the system directed in the sense that if there is no scheme in the game, nobody can give you advice. and i, i have experience with my side, for example, during the cold cases, if anybody in the world has an idea of how he can get her done, it took on me and do a nobel audience likes to get some goodman and all who had all kinds of use or how indifferent on medic, on me, we didn't listen to any of the electives. we ran out economy and it's not something i've been exposed me. even at that time i went on television that wrote articles

and clearly stated, we are not going to go ahead and blow up off of that or monitoring system because of your defense of a lady at some end. the net result of it is that we have, you know, of the most macro economic least stable country right down. let us look at what has happened to western economies. i mean, the u. s. for example, it has a really tough situation. the fiscal is out of control, they're trying to balance it with the monetary side, which is a bad way of doing it and it's causing stresses, not just for them. it's amazing spaces for the rest of the what the u. k. economy is a tough situation. the european economies enough to the place, all of which, because of ridiculous policies that they have a following, which at that time we want them about. it's not that at that time be one telling them i was at that i'm the chair of the frame, the working group of the g 20. and i so meet that up people and, and i want them exactly what would happen with the policies and executive that have

a person like who was so passionate dental, has this amazing clarity, has i'm using the word boss as mr. moody, who is the list great. listener and who also has an amazing passion for a country is not somebody, but cellphones as you know, yes. and so you, you have to have done your homework done the math. and so it has made a difference because a person like him is at the heading of the thing. that's the literally, i mean, look of in the own, what it tells you to do something. and you are doing something else, right? bothered by using him to do something inside and then um it requires a certain level of coverage to be able to push it in in, in that way. how do you relax with this kind of a pressure? are all you don't feel the pressure? well, anybody who knows me the, i am uh, always buzz up. mm hm. so i can't say i relax me,

but i do things which are away from what i mean. obviously one of the passions is looking at history and things like that. so i go to a lot of hockey, logical sites and things of that. and i pay a lot of sports. um, like which uh, do. relatively recently. i used to be uh, you know, doing tie condo and play squash. and yes, yes, i live you, you come from a family of uh, i'm not sure if i does, but uh, do your son is a mixed martial. lot of yes. somebody said my list on the other one is an national uh, in fact international level mixed martial. s find rubio. my younger son also does much lot to lose. not he doesn't, hasn't chosen that as a profession yet. and yeah, so yes, i like, i like i do them based sports. when i was in college, for example, i used to do better lighting. in fact, i have one of the induced 1st battle lighting licenses. so that was part of the 1st batch of florida who got the pattern waiting license. i can, i can seem to have had a, a, have pioneered that sport. oh, wonderful ios also used to be a no no,

no longer have the fitness for the professional level. got whitewater, kayaking and canoeing. for since i had an instructor grade certification and kayaking and canoeing, so going down rough, rough rivers and things. so you can imagine my general attitude is uh, i like uh, a little bit of, uh, uh, this is what am i doing? yeah. uh if, if you kind of get badly hurt in doing whatever you are doing, um i lose interest in the matter. quite right. uh so yeah, so i, unfortunately my, i am now uh at least a point in my life with my joints going to pick the phone thing anymore. so i have to do more speed. things like go to the gym. what do you do for you to go to the gym and i still play some sports. i occasionally play squash and so, but as i said, it is the main, the billing, but the body is actually the joints of increasing lisa leslie. lake. thank you. tank is in tucson is that you guys are talking to you and thank you for watching.

join me next week for another intimate conversation with another team guest. and let's talk about the the

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