VOICE & VIEWS

-

 CBS LINE

Volume 3(12)

Interviewee : Prof. Pinaki Chakraborty

                         Visiting Professor, NIPFP

Interviewer - Joshni , MSCEFT, Centre for Budget Studies

       From academia to public institutions and policy commissions, you have seen economics from every side. How has this journey shaped your understanding of what good economic policymaking truly means?

A good economic policy making is about understanding what best can work in a given context. The assessment of that context needs to be based on data, past precedence, relevant international experiences, policy priorities and their acceptability.

Many people see economics as theory and numbers, but your work shows how deeply it connects to governance and people’s lives. How do you see the relationship between economic research and social progress?

Understanding of economic theory is a tool to understand the data better and to not make mistakes in policy making based on commonsense understanding of a phenomenon. Economic research creates knowledge to understand social progress and also create policy for social progress. However, knowledge generation and social progress link is not always obvious. We need to produce great knowledge through good research.

Public finance often can feel abstract to citizens. How can governments ensure that fiscal decisions are more transparent and relatable, so people feel part of the process and not just mere observers?

Public finance is a subject which directly impacts peoples’ life through taxation, expenditure and various social intervention by government. We need to create public policy communications better and I see that happening. People are more aware now of government policies directly impacting their lives. 

Institutions like finance commissions and fiscal councils play a quiet but powerful role in shaping national policy. In your view, what makes a public institution not just efficient but truly trustworthy and enduring?

The credibility of policy making comes from an unbiased approach by Institutions making such policies. The Finance Commission has done that job admirably. India does not have Independent Fiscal Council. I am not convinced about the idea of an Independent Fiscal Council. Such Councils in most countries have come as a part of IMF conditionality. 

As society changes rapidly, do you think economists today are becoming less focused on statistics and more on understanding people, their behaviour, trust, and decision-making in governance?

I think applied economic research is not in a great shape in the Country. For credible applied research, researchers need to understand the policy space better rather than looking for an econometric solution to a research problem. The data driven research is meaningless if one does not know the story behind that data. 

As Former Director of NIPFP, you are shaping the future of economic research in India. What qualities define a strong policy researcher today, and what mindset should young economists carry into their careers?

The young researchers need to spend considerable time in understanding policy, economic history and social policy. A broader inter-disciplinary view also is necessary for policy research. 


Comments

Post a Comment

Popular posts from this blog

Voices and Views

-
Image
     CBS LINE Volume 3.9  DR.D.MAVOOTHU Professor & Former Director, SMS CUSAT. Dean, Faculty of Social Sciences,CUSAT. Member of Syndicate, CUSAT. Member of Court Central University of Kerala, Kasargode 1)What does ‘business ethics’ mean in today’s world, and why it is important not just for big companies but also for ordinary people? We develop ethical principles and expand our understanding of ethics in much the same way we advance scientific knowledge—through experience, reflection, and continuous improvement. This evolving approach is known as pragmatic ethics. Over time, significant progress has been made in areas such as equal opportunity, responsible product and service practices, tax compliance, and adherence to prudential regulations. These advancements have led to positive outcomes, and I believe this progress will continue. Overall, I remain optimistic about the future of business ethics. 2)What ethical responsibilities do businesses and leaders have...
Read more

INTERVIEW WITH KERALA FINANCE MINISTER

-
Image
CBS LINE Volume 3(10) CBS Students Hold Exclusive Interview with Kerala’s Finance Minister At the Vision 2031 conference organized by the Department of Finance, Government of Kerala , students from the Centre for Budget Studies (CBS) had the opportunity to engage directly with Hon. Finance Minister Shri K.N. Balagopal in a special interview granted upon the request of the CBS delegation. The discussion focused on Kerala’s fiscal priorities and its long-term development vision.                                  CBS Students with  Hon. Finance Minister Shri K.N. Balagopal   The CBS students asked: “Given that the state has reached an advanced welfare stage, should the government focus more on revenue generation or on restructuring expenditure to ensure long-term fiscal stability?” In his response, Hon. Finance Minister Shri K.N. Balagopal remarked “In the current context, the government sho...
Read more

Monitoring GST Cuts: Role of the Anti-Profiteering Body

-
Image
  CBS LINE Volume 3.9  Anti-profiteering refers to regulatory provisions that ensure consumers benefit from tax rate cuts through proportional price reductions. With the upcoming revisions in Goods and Services Tax (GST) rates across various goods and services, the role of the Anti-Profiteering Committee becomes more crucial than ever. Established under the GST framework, the committee ensures that any reduction in tax rates or benefits of input tax credit is passed on to consumers in the form of commensurate price reductions. India has overhauled its GST structure, reducing the earlier four tax slabs (5%, 12%, 18%, 28%) into just two main rates—5% and 18% for most goods and services, while instituting a higher 40% rate for luxury items. Several essential and household items, including packaged food, daily essentials have seen their GST rates cut significantly, easing the burden on consumers. Several everyday food items will see a tax reduction from 18% to 5%.  As new GS...
Read more