- This event is over.
As a $3-trillion economy, India is on her way to becoming an economic superpower. Between 1991 and 2011, the period of our best growth, there was also a substantial decline in the number of people below the poverty line. Since 2011, however, there has been a marked retreat in the high growth performance of the previous two decades.
What happened to the promise? Where have we faltered? How do we change course? How do we overcome the ever-present dangers of the middle-income trap, and get rich before we grow old? And one question above all else: What do we need to do to make our tryst with destiny?
Authors Vijay L Kelkar and Ajay Shah will be in discussion with CB Bhave, Govind V Rao and KP Krishnan.
In collaboration with IIHS.
Vijay L Kelkar
Vijay Kelkar served the Government of India as petroleum secretary, finance secretary and chairman of the Thirteenth Finance Commission of India. He also served as a director at UNCTAD and as executive director of the IMF. In 2011, the President of India conferred the Padma Vibhushan upon him. He has a master’s from the University of Minnesota and a Ph.D. from UC, Berkeley.
Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at CMIE, IGIDR and the Ministry of Finance. He is Professor at NIPFP in New Delhi. He does academic and policy-oriented research on India, at the intersection of economics, law and public administration.
His second book, co-authored with Vijay Kelkar, is “In service of the republic: The art and science of economic policy”, was published in 2019 by Penguin Allen Lane.
His areas of focus are macroeconomics, finance, health, and technology policy. His work can be accessed on his home page (http://www.mayin.org/ajayshah
M. Govinda Rao is an Adviser, Centre for Public Policy, Indian Institute of Management, Bangalore and Counsellor, Takshashila Institution, Bangalore. He was a Member of the Fourteenth Finance Commission (2013-14), Director, National Institute of Public Finance and Policy (2003-13) and Director, Institute for Social and Economic Change, Bangalore. He was a Member of Economic Advisory Council to the Prime Minister (2004-2013), Chairman, Expert Group on Taxation of Services, Chairman, Expert Group on VAT Compensation, Member of Financial Sector Legislative Reforms Commission (FSLRC); Member, High Level Expert Committee on Universal Health Coverage and Member, High Level Expert Committee on Efficient Management of Public Expenditure. His research interests include, tax policy and reforms, public expenditure management, State and local finances, fiscal decentralisation and federalism.
After obtaining a Bachelor’s degree in Electrical Engineering, Bhave started his career with the Indian Administrative Service (IAS) in 1975. He was Collector in Nanded and worked in the Finance and Industries Departments of the Government of Maharashtra and the Petroleum Ministry of the Government of India. For his exemplary work, he won a Government of Maharashtra award for excellence in administration. He then worked in SEBI as a Senior Executive Director (1992–1996) and helped create the regulatory infrastructure for Indian Capital Markets.
In 1996, Bhave opted for voluntary retirement from the IAS to set up the National Securities Depository Ltd (NSDL) as its Chairman and Managing Director (1996-2008). The first depository in India, NSDL became operational in 1996 within a record four-month period and took the country to the top of the global settlements rankings by 2002. NSDL was later entrusted with setting up the Government of India’s Tax Information System and the Central Record Keeping System for the New Pension Scheme (NPS).
He was Chairman of the Securities and Exchange Board of India (SEBI), India’s capital markets regulator, from 2008 to 2011. He is also a member of the Advisory Committee on Individual Insolvency and Bankruptcy, appointed by the Insolvency and Bankruptcy Board of India. He is a Trustee on the Independent & Public Spirited Media Foundation (IPSMF). Bhave is a member/chairman of the Board of Directors of Mahindra & Mahindra Financial Services Limited, Avenue Supermarts Limited and Vistaar Financial Services Limited.
KP Krishnan is at present Chairman of the Committee constituted recently by the Government of India (GoI) to propose the legal framework for Cross Border Insolvency. After serving in various positions in the Government of Karnataka (GoK), Government of India (GoI) and World Bank, he recently retired as Secretary, Ministry of Skill Development and Entrepreneurship. Prior to this, he was Special Secretary, Department of Land Resources, Ministry of Rural Development and Additional Secretary, Department of Economic Affairs, Ministry of Finance. He has also served as Secretary, Economic Advisory Council to the Prime Minister and Joint Secretary, Department of Economic Affairs. KP Krishnan served as Adviser to the Executive Director World Bank.
He has authored a number of reports on the Indian financial sector and published many academic papers on a range of subjects. In 2012, KP Krishnan held the BoK Visiting Professorship in Regulation in the University of Pennsylvania Law School.
K.P. Krishnan was educated in Economics at St. Stephens College and Law at the Campus Law Centre University of Delhi and joined the Karnataka cadre of the IAS in 1983. In 2002, he obtained his Ph.D. in Economics from IIM, Bangalore. He is a keen trekker, golfer and swimmer.