Siddhartha Bandyopadhyay is a Professor of Economics at the University of Birmingham, the UK where he is also Director of the cross-disciplinary Centre for Crime, Justice and Policing. He specialises in political economy and public policy with methodological expertise in quantitative modelling.
He is an economist by training, who was born in Kolkata with an undergraduate degree at Presidency College (now a University) and a post-graduate degree at the Delhi School of Economics before completing a PhD at Pennsylvania State University. His work in political economy has made him conscious of the political forces and constraints that drive policy and to consider that explicitly in any policy framework.
In an interview with Asian Voice, he spoke about the economic aftermath of Covid, the measures and policies.
Q - How have the UK and Indian economies performed according to your expert opinion amid the pandemic?
The UK and India have, with the rest of the world taking a huge economic hit-directly because of the loss in productivity due to ill health (and death) or caring duties because of the pandemic as well as (necessary) public health measures to contain the disease. But there are encouraging early signs that India is back to its pre-Covid growth, though such aggerate data does not tell us how those with low income or who have lost jobs are faring. Similarly, the UK economy is bouncing back, though slightly slowed by Omicron. Inequality remains a major concern.
Q - In the light of the UK-India FTA, do you think both nations will be able to benefit equally?
The basis of free trade agreements is for both nations to benefit, the precise distribution may not be equal and depends on the quality and demand for different products (including services). The agreement is in too nascent a state to estimate the relative gains but India has boosted its trade and investment through FTAs with other countries and this will give it a competitive edge compared to other exporters to the UK and lead to better diffusion of innovation from both countries. Similarly, this will have enormous potential benefits for the UK through the lifting of (many) trade barriers.
Q - What is your opinion on policy beliefs in a polarised world in 2022 when countries have their own socio-economic issues to deal with?
Polarisation has not really gone down globally, and that impinges on what were once sacrosanct institutions as we saw with the last election in the USA. In the UK, Brexit has polarised the UK population though there is some hope that some of the scars from Brexit may be healing. India as a multi-lingual and multi-cultural society has thrived in its diversity in spite of forces that have sometimes caused separatist movements. Its current sharp political polarisation mirrors what is happening globally. But there is more unanimity on the need for public investment in infrastructure, reducing inequalities and revamping education though serious differences remain on the best way to do so.
Q - Do you think, India as an economy and a democracy has taken advantage of its constitution to do right by the citizens in the past 72 years?
Democracy and the constitutional safeguards it usually comes with remains a work in progress across the world. India is a vibrant democracy, but it is not immune to the authoritarian creep that is affecting the world. As a relatively young democracy, it is potentially more fragile and needs more work on strengthening independent institutions-be it the media, or the judiciary. But ultimately to realise the full set of rights guaranteed in the constitution, we need a more politically engaged citizenry to hold politicians to account. And for more public-spirited people to enter politics.
Q- How would you describe the evolution and your understanding of the paradigm shift in the global economy? What can India learn from the west and vice versa?
I think the main paradigm shift has been an understanding that the global economy has impacted people differently and too little has been done to help people and sectors left behind by globalisation. That has led to a backlash against globalisation and in this rise of nationalism, we see a real danger of undoing the genuine benefits that come from an open world. We need to, in particular address inequality and how to equip people with the skills needed in a fast-changing world. A globalised world allows India and the West to learn from each other. In particular, India’s strong informal system of support through family networks has much to commend and one sees some of this intergenerational support system re-emerging in the West. In turn, India can learn from the West in its civic-mindedness and respect for the rule of law and contractual obligations.
