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Deputy Associate Editor Siddharth Upasani reports on data for The Indian Express. On Wednesday, NK Singh, Chairman of India’s 15th Finance Commission, spoke at the launch of his new book, Endeavours: An Ensemble of My Life. The book covers his interests beyond economics, including classical music, homeopathy, travel, and time spent in Japan. Singh criticised the idea that “dealing with more debt requires incurring more debt,” calling it “bizarre” amid a global crisis of multiple kinds. In the panel discussion, economist Minouche Shafik—former Deputy Governor of the Bank of England and former President of Columbia University—commented on global debt. She noted that advanced economies appear able to sustain ever‑higher debt levels but are “politically incapable of getting to grips with their fiscal situation.” Shafik warned that markets are harsher on emerging and developing economies. “Japan is the prototype for how high debt can go. Once you reach 200 % of GDP, does anything happen? You look at France today; the numbers are very, very scary; the politics are very scary,” she said. She added that entrenched vested interests in advanced economies may only change in crisis. External Affairs Minister S Jaishankar, who also joined the panel, linked the current fractured world to the Non‑Aligned Movement and the Group of 77. He said the political landscape changed alongside economic reforms beginning in 1991‑92. “It’s an interesting era because there is a lot of posturing. On many big issues we actually get left out. The world moves on, which is why we also had to make course corrections in foreign policy in the 1990s along with the economic reforms,” Jaishankar said. He added that many elements of the past have been reinvented, recharged, and rethought, giving rise to the concept of the Global South. Article source: Indian Express | Image credit: Indian Express
Deputy Associate Editor Siddharth Upasani reports on data for The Indian Express. On Wednesday, NK Singh, Chairman of India’s 15th Finance Commission, spoke at the launch of his new book, Endeavours: An Ensemble of My Life. The book covers his interests beyond economics, including classical music, homeopathy, travel, and time spent in Japan. Singh criticised the idea that “dealing with more debt requires incurring more debt,” calling it “bizarre” amid a global crisis of multiple kinds. In the panel discussion, economist Minouche Shafik—former Deputy Governor of the Bank of England and former President of Columbia University—commented on global debt. She noted that advanced economies appear able to sustain ever‑higher debt levels but are “politically incapable of getting to grips with their fiscal situation.” Shafik warned that markets are harsher on emerging and developing economies. “Japan is the prototype for how high debt can go. Once you reach 200 % of GDP, does anything happen? You look at France today; the numbers are very, very scary; the politics are very scary,” she said. She added that entrenched vested interests in advanced economies may only change in crisis. External Affairs Minister S Jaishankar, who also joined the panel, linked the current fractured world to the Non‑Aligned Movement and the Group of 77. He said the political landscape changed alongside economic reforms beginning in 1991‑92. “It’s an interesting era because there is a lot of posturing. On many big issues we actually get left out. The world moves on, which is why we also had to make course corrections in foreign policy in the 1990s along with the economic reforms,” Jaishankar said. He added that many elements of the past have been reinvented, recharged, and rethought, giving rise to the concept of the Global South.
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