Sanjeev Sanyal is an economic advisor to PM Modi, and talks about the role of economics in shaping India’s future. He highlights the open-mindedness of PM Modi and his willingness to change his views based on the evidence presented to him. He also discusses the role of economics in distributing limited resources to ensure the prosperity of people and the progress of society.
His role as an economic advisor is to help shape the future growth of India, particularly when it comes to money. India’s Rich Future Explained By PMO Member – Sanjeev Sanyal – Enjoy the blog.
What Is Economics
“There is a limited amount of resources available on this planet, and how will you ensure that it is used to make you prosperous, have a good life, incorporate new technology, and make progress? How you will manage all this is what economics is about.”
Working With PM
“I am an economic advisor to PM Modi. I have no particular pattern in how I go about my day. I travel a lot. This job is prone to crisis, so there are times when there is a lot of work that can take you in a different direction So there are times when I am completely occupied with work and at times I am free. I am even writing a book.”
“I studied economics first in Delhi, then in Oxford. I became a financial market guy for 22 years. I was an economist. My job was to guess what was happening in the market and help my team to bet on it. It was about managing my client’s money. It is more about being imaginative. Things can blow up if you go wrong.”
“I was picked, and I agreed to work with the PM. It is a small pool, and some people might not want to work. I am an administrator of things. I started in 2017 and was working as a Principle Economic advisor. I worked there for five years. In 2022, I shifted to the new team.”
“Prime Minister Modi is a good listener. I have worked with him a lot, one on one and even with people around. Prime Minister Modi will change his mind about the preconceived thought if there is enough evidence. I believe that is the greatest quality of a leader. He is all about the feedback loop. There are too many things happening, like covid and many messy situations. Here the job is not to aim for perfection. He will be blamed if something goes wrong, so all the risk is on him. Being a politician is the most difficult.”
“Our job is to create a climate that is stable enough. We have to look after keeping the inflammation in control or provide you with the infrastructure for you to be doing what you want. The idea is to make it easy. I am not saying we are getting it right every time. But the idea here is to create space.”
“We are supportive of new businesses coming in and also okay with a few businesses going down and reaching a point of bankruptcy. We need to get our act together. We get feedback and have dramatically improved from where we used to be.”
INTERNET And The Youth
“Internet without youth is useless and vice verse. The Internet is critical because it can mobilize the youth in many ways. Individually it won’t help us to grow more.”
“Whatever information you search for in the algorithm is swayed in a particular direction or over time, has been externally nudged in a particular direction. The chance of manipulation is not trivial. Even India has many AI bots. But we would never close up like China. We are not set up to do that, plus the youth will explore things outside.”
Future Of India
“In 0-5 years, we are building a world-class infrastructure. In Mumbai, we are constructing various metro lines and interconnecting all the lines. Underground routes are being built. Even in Delhi, a few plans are going on. If you consider coming 5-10 years, we will be fixing the legal system.”