India is currently mourning the loss of Bibek Debroy, one of the nation's most influential economists, who passed away at the age of 69. His legacy is marked by transformative contributions to economic policy and public discourse, shaping the very fabric of India’s economic and cultural identity.
Debroy’s career spanned decades of intellectual exploration and public service. He was known for his rigorous approach to economics, blending scholarly research with practical policy applications. Born on January 25, 1955, he began his educational path at the Ramakrishna Mission School, then pursued higher studies at the prestigious Presidency College and the Delhi School of Economics, later obtaining degrees from Trinity College, Cambridge.
His passions extended beyond economics; he was also deeply engaged with India's cultural heritage. Accordingly, Debroy translated ancient texts, including the Mahabharata and the Vedas, showcasing his belief in the importance of integrating India's rich history with contemporary economic thought.
Debroy first garnered significant attention for his work at the Indian Council for Research on International Economic Relations (ICRIER) and later as a professor at the Delhi School of Economics. His early research laid the groundwork for his future impact on Indian economic policy. By the time he was appointed as the chairman of the Prime Minister's Economic Advisory Council (EAC-PM) in 2017, he had firmly established himself as one of India's leading economic thinkers.
During his tenure at the EAC-PM, Debroy played a pivotal role as the principal economic advisor to Prime Minister Narendra Modi, providing insights and recommendations on various pressing issues, including job creation, inflation, and fiscal discipline. His insight and pragmatic approach were instrumental during challenging times, particularly as India navigated through global economic uncertainties.
One of the hallmark achievements of his advisory role was his advocacy for enhancing the 'ease of doing business' within India. He emphasized lowering bureaucratic obstacles and streamlining regulatory processes to attract both domestic and foreign investments. Debroy's vision for economic inclusivity argued for policies aimed at benefitting all sections of society, not just the affluent.
Debroy's insights also extended to fiscal policies. He consistently advocated for reducing fiscal deficits and improving budget management, focusing on sustainable development principles. His influence contributed to establishing the Fiscal Responsibility and Budget Management (FRBM) Act, which aimed at enhancing financial discipline.
His advocacy for labor reform has continued to resonate within Indian policymaking circles. Debroy highlighted the necessity to ease labor laws to promote employment and economic growth, playing a key role during the formulation of the 2019 labor reforms. His approach asserted flexibility as pivotal for India’s burgeoning economy, leading to more competitive markets.
While serving as chairman of the PMEAC, he maintained significant involvement with diverse think tanks and research groups. Debroy was recognized for his ability to bridge the gap between theoretical economics and practical policy, ensuring data-driven approaches to policymaking.
His literary contributions were as impactful as his economic insights. Besides translating classical texts, Debroy authored over thirty books on various subjects, connecting economic theories with insights drawn from literature, history, and culture. His ability to intertwine these disciplines made his economic perspective unique and enriched the discourse surrounding it.
Debroy was also known for his nurturing spirit, fostering the next generation of economists. He was particularly enthusiastic about mentoring young scholars, encouraging innovative thinking and interdisciplinary approaches to economic challenges. His approachable demeanor and commitment to education helped inspire many budding economists.
Another notable aspect of Debroy's legacy is his contemplative approach to life, reflected poignantly in his final writings. Last week, from his hospital bed, he penned a reflective column titled "Requiem," contemplating the essence of achievement and the fleeting nature of fame. This introspective piece encouraged readers to focus on actions contributing to communal and societal well-being rather than the transient nature of personal accolades.
Despite his accomplishments, Debroy acknowledged the impermanence of life and the ultimate artistry of economic progress. He often expressed concerns about the rat race inherent within academia and public service, questioning whether the relentless pursuit of success justified the sacrifices made along the way. His writings articulated thoughts on existence, purpose, and the greater good, making them memorable reflections for those who followed his work.
Beyond his economic theories and policy changes, Debroy's cultural contributions to India were evident through his comprehensive approach to traditional texts, fortifying his belief in the need for dialogue between historical clarity and modern economic realities.
His death not only leaves behind numerous accolades and publications but also instills reflections on the legacies—a reminder of the interdisciplinary responsibilities of economists who aspire to integrate cultural sensitivity with economic rigor.
With Bibek Debroy's passing, India has lost not only a leading economist but also a defender of cultural richness and philosophically rooted development. His teachings will undoubtedly influence future policymakers and economists, encouraging them to pursue not merely growth, but growth aligned with equity and sustainability, embodying his vision of Viksit Bharat 2047—a developed and culturally rich India.
Debroy's indelible mark on India's intellectual and economic landscapes remains, challenging future generations to continue pursuing excellence in economic policies, enriched with historical understandings and ethical concerns. His passing may conclude one chapter, but his influence will live on, inspiring many to strive toward the ideals he championed.
