Bhagwati, Panagariya and Why Growth Matters
Aravind Panagriya and Jagdish Bhagwati have been painted by media (the non presstitute kind, which are fervent Modibhakts) as opposed to the last UPA government and its doings. It was with curiosity then that I took up their well-known book “Why growth matters” . In most editorial and oped columns, the book has been depicted as ferociously opposed to the UPA economic policies and it has been claimed that the book has shown how the UPA government had derailed economic growth. However when I read the book, which was published in 2013, and presumably written in 2012 , judging by the tables published, I was bewildered. Nowhere did I find any denunciation of the UPA policies. To the contrary, all their calculations have shown that the UPA government did quite well in most of the economic parameters that they calculated. Let us take for instance the question of poverty reduction. The opposition ( read the BJP) at that time made a huge hue and cry about the poverty figures and claimed t...