An official announcement to this effect would be made next week. The vice-chairman would be of Cabinet rank.
Will India really beat China in future or if not beat, can it at least catch up with it? We asked common people to speak on the issue and came across some interesting viewpoints.
As the debate on outsourcing dominates the presidential election campaign in the United States, a leading economist has termed Democratic nominee John Kerry's opposition to American companies moving jobs overseas as faulty economics.
Eminent economist Jagdish Bhagwati said India had made a mistake in aligning with China at the recent climate conference in Copenhagen. Instead, the country should have taken a leadership role in climate talks by coming forth with fresh ideas.
He was most recently credited as one of the brains behind labour law reforms in Rajasthan
Only reforms that accelerate economic growth can generate the revenues to finance expenditure on social infrastructure for the poor, not the other way round, insists Jagdish Bhagwati.
"I'm taking a minute to respond... I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant," Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.
Economists who get too close to prime ministers eventually come to grief after their boss is defeated
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Panagariya has advocated a more liberalised spending, arguing that greater capital expenditure could relax some of the infrastructure bottlenecks facing the country.
As India suffers and the ruling party is on the defensive, the truth is that the only way that this wave will pass is if exponential growth of the virus stops on its own, asserts Aakar Patel.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
'Implementation of GST would lead to the growth story of India'.
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Indian-American economist Arvind Panagariya has said that he is "honoured" to be appointed by Prime Minister Narendra Modi as the first Vice Chairman of the newly created NITI Aayog, which replaces the 65-year-old Planning Commission.
Acharya emphasised that the time is "really ripe" for land, labour and agricultural reforms in India.
The pipeline for well-qualified and experienced policy economists at senior levels of government has broken, leading to a growing dearth of suitable candidates for top economist positions.
I suggest we build a Vigyan Mandir (Temple of Science) with the ambience of a place of worship, so that it becomes a destination for pilgrims. We should embed on its walls bronze plaques describing each scientist mentioned here along with about a dozen of our ancient mathematicians, recommends Professor Kalyan Singhal, historian of science and technology.
Does Abhijit Banerjee's Nobel Prize help India reduce extreme poverty, asks Rajeev Srinivasan.
India's primary failings have been in its inability to deliver health and education for all.
Kamala succeeded as she identified herself with the larger minority groups rather than narrow ethnicity, prodded by her mother who did not want to return to India, observes Ambassador T P Sreenivasan, who has done multiple stints in India's embassy in Washington, DC.
'Mr Modi has a huge opportunity before him.' 'Whether he grabs it the way Mrs Gandhi did in 1969 or squanders it as he did in 2014 will determine his economic legacy,' notes T C A Srinivasa-Raghavan.
While Bibek Debroy echoed his view in Twitter, Pronob Sen questioned Kumar's conclusion
The previous United Progressive Alliance government had permitted up to 51 per cent foreign direct investment in multi-brand retail but the current National Democratic Alliance government is opposed to it.
'He was nominated for the Nobel Prize 9 times and several scientists wrote to the academy pointing out the injustice.' Ambassador T P Sreenivasan remembers E C G Sudarshan, the legendary physicist who passed into the ages on Monday, May 14.
Amartya Sen and Jagadish Bhagwati publicly sparred last year on the direction of India's economic policy.
'All of Indira Gandhi's bad economic ideas are being strengthened, from nationalised banks to anti-poverty, handout yojanas,' says Shekhar Gupta.
'In the Asean market, the train left at the same time for India and China, but while India's ride has been symbolic of India's rickety railways, it seems that China's has been on a bullet train,' note Renjini V R, Manmeet Ajmani and Devesh Roy.
Businessmen love low import duties on their inputs and high duties on their outputs. And the Bharatiya Janata Party has a keen ear for business sentiment.
'The three tycoons I deal with in the first chapter -- Ambani, Mallya and Adani -- in their own way represent the change that has come over India.' 'Of the three of them, Mallya is the most fun. He was terrific.' 'And I don't say that because I tell the story in the book of his golden toilet.'
'Sreedharan epitomises the way in which an Indic ethos can be brought to bear upon the seemingly intractable problems facing India,' says Rajeev Srinivasan.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
Democracy is a necessary but not a sufficient condition for rooting out corruption
'The writers fear that the fringe is threatening to become the mainstream and the liberal space -- a must for any creative expression -- is fast shrinking,' says Mohammad Asim Siddiqui.
No large nation has done less to feed its millions of poor than India has in the past decade or two since the beneficial effects of the Green Revolution wore off.
Even in this season of political-peeing-on-lampposts, Rahul Gandhi's statement takes the cake (with due apologies to another astute observer of poverty, the much late Mary Antoinette).
'Life will not improve overnight; it will happen in a gradual manner.'
The Diaspora is no longer a mere remittance economy. It today claims dual loyalty and demands a say in Indian politics, says sociologist Shiv Visvanathan
Arvind Panagariya speaks about climate change, globalisation and India's economy.
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