change, i suppose the funder line likes to say we have the tools while we just start with stability and visit his deals to help him living on that. you have very quick propaganda. you know, a price here in new york. i think we don't know the aftermath any time that you're not allowed to ask questions, you should ask all of the questions. some more questions, ask a better. the answer is will be the last 2 or 3 years. we have been gathering base. yes. and now we have aging that tipping point with place in the world is changing theater, young nation, and we had a poor nation, but we are not just building an economy. we have an even thing of civilization. so the problem seems to be not the way to midland satisfied, and india being put in shows or something like all kinds of different kinds of things, flourish all over to you. that's perfectly fine. hello

and welcome. i am on with them kids that come to the show there for the next tough and really been discussing all the things in the product. the very special guest make them send you signed the welcome. since they've sent me all is the prominence economist who has held a number of high profile positions over the years to started out in finance. so you can all make seemed the ninety's and was awarded an eisenhower fellowship in 2007 in 2010. the world deacon nomic forum named him a young global lead to opposite of february 2022 sensitive send. you 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 never ends remote de 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 cons to the,

to the parameters, stuff in depth. so, but as you can imagine, the idea is to look at the big picture about the economy of the country. so i am not really in the operations part of running the government on a day to day basis, 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 that 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, or i may look at, you know, a rationalization of national, want even something or, you know, thinking about, uh, you know, how to deal with a jew political situation. so the role is in some ways, very, very eclectic. and very often, a lot of times that i spend at least is looking at, for example, suggestions of 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 more this personally sitting and researching all of those suggestions or 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 cool. 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 the katie is also fairly suddenly

a privilege, particularly. i mean it's, it would have been the privilege of anything. yeah. but it is specifically a permanent at this time because we are clearly in one of those stunning blaine's. i mean, in 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 side. you know, finally the last 30 years we have been gathering base. yeah. and now we're reaching that tipping point where police in the world is changing. i mean, we had already, the was 5th largest economy within the next 24 months. we've become the was toward learners to kind of yeah. so to have bins in the cockpit to, in a sense when this happened is very special, this whole, the development of this whole 50 position and the 3rd position held us 3rd position happened. so basically what is happening is that our economy is now growing very fast and reduced by some margin, 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 by the end 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, then we became a one trillion dollar con. okay. and 16 years then it took 7 years to become a little economy. mm hm. then it should have taken us 5 years, but then we had to go over that cetera. so it took another 7 years again. so it's only in 2021, 22 does not too long ago that we became a 3 trillion dollar company. okay. after that, just to go just for us to get going unfortunately, and the economy which we will become this year. okay. and then we'll take a look at more than 2 years to become if i put the link on well and then so you see the component, people underestimate the co loading process. it is the most powerful force in the

world. yes. and so as article and i'm excited to expand and we keep compounding this, the compound interest rates. everybody loves loans in school, but they forget that in the beginning into the initial bill, it seems slow me. but once it reaches a certain gap basis, because we've got to me, so even china, me what the same size as the economy in 9090. 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 the, grew a few percentage points faster than us, but kept going with would be or yours. and that's how they got to you. 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 of 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 festival, 1st thing we need to do is to keep our economy growing. so that'd be investment keeps happening. so i'm from the government side. we need to do physical in for the

infrastructure, soft investors to 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 the back office operations, etc. and, and just so that creates the momentum in the economy created to the jobs and all of that. so that is one part of the, the, the 2nd part of what we need to do is the way we are doing this. we have to keep the system stable in regard 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 code. the important thing we need to do is to make sure that the very port us people in the country get some direct support. because while of the board, most of the board, some advice, because the raising side, there are some people who are locked. so for them you have to do direct benefit strands for, for them to be all of us, you would not have them be build houses, i'll give them some way of getting gas. so it means that move, move away from running a word or no, say, jelly,

what am i maybe basically do that. so be the principal. and the last one, you know that the would be used for this under the visa. so, you know, in order to move it as you need to do a whole bunch of things. 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. i do initials as to why, because with some 50000000 case a stuck in a judicial 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 any other form they need to do in the next i'm covering that happen . well, obviously a lot of it will have to be done to the judicial vision, but the government will also have to participate. and the 2nd important thing we need to do is to finally begin to the form of administration, usually since 1991. now what have you done? we have basically withdrawn the bureau because these bar to do damage. we have not

found to be look to see we have stood simply of a stream that back before 9091. they were pretty much allowed to do whatever they wanted. now be able to stream them but reading the from them. but now we need to actually to form them so that the, the, the civil service can actually become service oriented and actually doing the things as opposed to do like fix the roads to municipal services and etc, etc. but that audion vision has the reorientation has to happen because even today, the bureau castillo essentially designed to control the population. that is what the colonial eda was, but hardly enough that is also what the socialist data was. and it's about controlling the population we need to move west. it was, it was a very from that main set of controls to a mindset of service deliveries. and that is again, one major the found the need to look. so there are 2 big reforms, both them in was getting the knitting states to do the thing 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 or for so not really me like running outlines. but now we need to get to the thing that supposed to do as we have begun to do some of it to be fast. i mean, for example, the sewage in for such a been though that's been 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 roadblocks? so 1st of 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 centuries. yes. sylvia literally building back the whole thing. so many people asked me. yep. why do i think so to be interested in, for example, history and culture and these kinds of things or open design. and so, because if i had only a purely economic view, i wouldn't get about those things. and now the economy is an important part of the building. civilization is not the only thing you have to rebuild the whole team. and even the sense i would argue that we are trying to trigger me something came

toward the europeans, went through in the 1516 century, which is a renaissance, reimbursed. and so when you go to europe and you see you say you go to products and you see those beautiful churches and you go to venice and l all you would, you know, see buildings from elizabeth in england. the idea is that you're seeing the cultural artifacts, but an advisor lot effects only one part of what happened floating was a center for banking, contribution to human civilization is actually double entry bookkeeping. oh, simulating venison, contribution to the world is actually the stock market. now because the generating all is well for all these commercial activities, they built all these fancy buildings and those paintings, and you're not or via tech to me at about the same thing you had gallon deal coming up, was the set scientific to changes. so what happens in the renaissance is that you have massive risk thinking happening at different phases of the same thing. so

that's roughly the same thing that the shakespeare is performing. and the dog 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 this big, and it happens simultaneously on all the feet. so what indian we are trying to do is to clear the codes that are sticking in this country. 452 long, we would afraid of the rest of the way to even have to be coming to be made. it will feel that yes and even after becoming independent, we continue to have this taken out. had no regard to compete with the rest of the work, so let us blows ourselves into some import substitution thing that goes on mindset me. no, we have a different lines that then we can go out of this and go market and we can compete with the best in the world. we can send something to the moon. and you can see that figure 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 kicked him out of head is relatively the same thing . absolutely. i totally agree with that is if you go back and look at a lot of history, was it's full of wars and battles. maybe what we almost one and then go defeated. so this switch is something that has changed. it's and it is not done yet. it's not god, i wouldn't say it's yet institutionalized, but definitely this changes how it has happened. yes. and you can feel that if you live in india and you can see that, wow, that's amazing. so this, the success of making in the program is, is very evident. is there any failure to suddenly said back that happening? the most important thing to understand is that if there are no failures happening, well, let me, let me and then those successes know their successes. happen only when people are meeting the taking the risk affiliate. 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 because it means that other than that, the system as a whole is taking motors earlier on what we sort of, if a company ready for whatever reasons and some type of thing, the company's benefits problems are, there's public's like the private sector means our thinking was let's put them in a warehouse and we will use large amount of extra. busy money to do, but it's all going pretty what really to do to put in the and see already in bankrupt itself. it's up to me and we have discovered that doesn't cause cause any great disruption to the system. all that happens, those as good read the play, then here's the new company comes even the height of good one of our largest daylight. jenny is with bankrupt and you said ok, you went bankrupt banks. so it requires a certain attribute to where to speaking. now it is also important that the same thing that we do not see those will bank up as a whole bad nobody will. yeah. something they took a risk,

they were bankrupt. i think once you've gone through your bankruptcy process and you know, mean deemed up, you should be allowed to go back and take another screen because that's how the system generates new ideas, new ventures. so, but this is what attitude and this happens now just i am always be talking about in the space of business man, 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, flush so over to the that's perfectly fine. how is it important? how much is it important for us to say that okay, best is that categorizing our growth? does it matter to us well, itself as i keep reading well, of sort of methods, but i think we shouldn't get too worked up about unless doing validation beyond the points. but does it make you angry, the scores that civically are trying to manipulate us that i'm and that is true of because it is annoying because at the end of it to do remember that when china was raising the same fellow said that no, no, the numbers with all the wrong,

they were lying this that the china begin to be to ignore me. the same people who are saying no, no, singapore is not progressing. it's autocratic, all kinds of things. so my view on all of this is, in some ways getting criticized to me is that type of message 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 names of all these people, it doesn't matter, they're just making it up and inside the bid and what they're really losing me is, uh, being able to do it will be the last thing you did last them should be of joy, a whole and some of those kinds of things that they wanted to do, i've tried to do what they've loved to do is do we, you know, the bbc in the hands that and then i move on thing judgments on the syllabus, a little bit of poverty, other than the 5. so the moment we begin to lose

a billionaire of odds and our this thing with effect of the matter is the celebrate their own building. and me, i put all these people who uh, leave, and yours who come and look to us and about the problems in india are all funded by the rockefeller foundation ford foundation. here i own vision and i, the sources opens those id on where the foundation now who is, who had all these people they're all been in as yeah. so go to the limit that even though so the problem seems to be non white villain. 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 on us and it's going to be the same. my money i need that are below a when you look. yeah, then yes, there 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 it. but, you know, the fact is that really does rather than good to say this lotteries are bad for

them. but like we had one 6th of the worst population we haven't liked to 16, the was been and i love that. how close, how do we do? i've never had a self sufficient part of the ottoman is, that means that we have the financial resources to take up. please use the word means to be able to stand up for us, invest in the word, and we have demons deeply reassured in the last few years that we are willing to do that. you'll see that in foreign policy, you'll see that you not ability to generate out on technologies a, it's a we can see, for example, we have inserted us as into the global supply chains for mobile phones. we are now the 2nd or 3rd largest mobile for manufacturing the work that i just 4 or 5 years ago. we weren't even in the big jump. so we are quite capable of being up, move hubbard. we should be very careful not to indifferent up in the neighborhood or some sort of a clause or topic kind of a mindset of, of isolation. and we got up and then put him in the sense of being able to stand up

and take our place in the way at also i think we often you had in the as well as the russian china still referred was emerging economic economies outfit as this classification display, it seems like it's, it's a bit of a con, defending classification and we have had defends, in the, in the 2nd half of the grant, the, essentially, in the way we talked 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 zeitfeld the word in the mess the place. mm. uh in duns off. but why is that per capita income of china? for example, it's still much lower than that of major invest in countries. the factors ensure 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, does very much, much in many, many areas. exactly. we ourselves are still emerging. i'll be out of course,

but i mean not the size of our economy short and for less because the end of it leave it even after a little growth. we will be in a few we have spent that was total largest economy. we other was largest population already. so when you divide one by the other, and we are also young nation means either young nation and we had a poor miss. so we have, we have not, we are. i think it's fair to say that we asked them and emerging country, but i think what is different about this generation is that we have stopped in thinking over some sort of static condition. we have chatted the gifts. 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 and to them on how to improve our lights. that we have one prospect. yeah. and how to deal with the criticism from within the country that is fast. 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 think criticism much more seriously from people who have a stake in the system directing in the sense that if there is no scheme in the game, nobody can give you advice. and that i have experience with my side. for example, during the cold cases, if anybody in the world had an idea or how indifferent done it took on me and do a nobel audience likes to glitch in goodman and all who had all kinds of use of how indifferent on medical and we didn't listen to any of the electives, we ran out economy and smart something i've been exposed me. even at that time i went on television that wrote articles and clearly stated, we're 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. busy 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 that 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 adopted. ready from the european economies, enough of 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 we want telling them i was at that in the chair of the frame, the working group of the g 20. mm. and i should meet that up people and, and i want them exactly what would happen with their policies and executive that have a person like who was so passionate, dental has amazing clarity. has i'm using the word boss as mr. moody. who is it? listen, great listening 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 the person like him is at the heading of the thing. absolutely . i mean look of in the old what it tells you to do something and you are doing something else, right? bothered by using him to do something inside and then it requires a certain level of coverage, you know, to be able to push it in, in, in that way. how do you relax with this kind of a pressure of all you don't feel the pressure? well, anybody who knows me the, i am, uh, always busted up. mm hm. so i can't say i relax me, but i do things without away from what i mean. obviously one of the passions is looking at history and things like that. so i go to load or lock electrical sites and things of that, and it be a lot of sports, like which uh, do. relatively recently. i used to be uh, you know, doing di 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 a national infecting the national level. miss marshall, that's fine. and 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, i like i do them based sports. when i was in college, for example, i used to do the battery lighting. in fact, i have one of the induced 1st battle lighting licenses. so i 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 longer have the fitness for a professional level. got a 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. if, if you can 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'm now uh, at least a point in my life with my joints going to take the funding anymore. so i have to do more speed, things like go to the gym. what do you do for you to go to the g? i do go to the gym and i still play some sports. i have disney play squash. and so, but as i said, it is the main does willing but the body you achieve the joints of increasing these the less really thank you. thank isn't do finance. so thank 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,

[000:00:00;00] the, [000:00:00;00] the, if you think about russia, what does your mind picture the world landscapes open up before your eyes? the last one does, can you imagine the, the discounts dodge the journey, the, the,

you ready to come to the front door? and on august the 6 ukrainian troops across the border and the launch the full scale and caution that the rest as coast region of um we could, we could start with the north focusing there offensive on so jeff patel near the border, the soldier escrow was to several settlements was seized with this uh, setting as well sir. so special models, the commercial subsidy, ellipse video reps. video with russian troops moved out to the battles in counter terrorism. operation regime was imposed and the curse for the odds can

spend the regents from a farm to legally reward in a supplier perfect inverse. there's a lot similar to them as the level of support and you told me you said you were listed in the state of the revolution of 1789 in france, gave hope for the liberation of the oppressed peoples in the french overseas territories. but paris did not want to barge with its sources of profit silver. a sign of the colonization was the uprising of the black slaves in haiti that remote island produced almost half of all the sugar on the planet. sooner was made by

d. as in franchise slaves broad from africa in 1791, they started an uprising against their oppressors. the blacks swept away the colonial administration and formed their own army. it was led by that charismatic leader, francois dominique tucson, live at york. rancher dams to regain control of the colony were unsuccessful. having comes up, our napoleon dispatched a large expeditionary force to haiti. the french manage the caps or to saul love it . you are by deceit. but they could not suppress the rebels and suffered devastating defeats. on january 1, 18 o 418 declared the independence. the 1st one in the whole latin america. however, freedom was paid for with the blood of 200000 courageous haitians who had sacrificed their lives for the abolition of slavery on our planet. the events in haiti were

the only successful uprising of slaves in history when they not only through of slaves, right, but also began to rule their state. the messa is, it's quite a thing itself, that's the most good strong. since the company bands all t and other russian media outlets look for this platform to show sound comes onto the us state departments kohls for global touch of our network in south african media reviews, networks, lambs, methods, bonding, t, saying then, these proves freedom of speech puzzle. wasting a minute. let's also think there are americans who are engaged in this kind of propaganda and whether they should be civilly or