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Modi Appoints Free-Market Economist to Lead Policy Commission

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Prime Minister Narendra Modi on Monday named right-leaning economist Arvind Panagariya to run his new Policy Commission, hammering a final nail into the coffin of socialist planning that defined the first 67 years of independent India.

Panagariya, a professor at Columbia University in New York, will head a bench of thinkers comprising fellow free-market ideologue Bibek Debroy and a former top government scientist who designed a nuclear-capable ballistic missile.

The Indian-born economist’s calls to roll back the state have influenced Modi’s outlook and drawn comparisons, which he rejects, with Margaret Thatcher’s attack on labor regulations and state industry in 1980s Britain.

India’s first prime minister, Jawaharlal Nehru, adopted socialism to industrialize India after independence in 1947, a route that was later partly abandoned as India fell behind giant neighbor China’s rapid economic growth.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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