Economic Advisory Council to the Prime Minister (EAC-PM)

My interview to the New Indian Express published today.

Hon'ble Chairman Dr S.Mahendra Dev speaks on recent GST reform, the government's reform agenda, tariff issues, and the missing middle problem of manufacturing in The New Indian Express interview https://lnkd.in/gyejXdaR

My article in Hindustan Times co-authored with Sanjeev Sanyal. For decades, India has been obsessively focused, on securing commitments for work visas in its trade negotiations, particularly when negotiating Free Trade Agreements (FTAs). This focus on work visas (referred to as Mode 4 in trade discussions) has frequently caused delays and in reaching agreements and forced India to yield substantial concessions in other areas. This fixation is outdated and potentially detrimental to economic interests. The demographic decline in developed economies already drives visa allocation without FTA commitments, as evidenced by a surge in US H-1B and German work visas. Post-pandemic digital service delivery (Mode 1) now constitutes 54% of total services exports, obviating physical presence requirements. Indian IT majors have reduced H-1B usage by 56%, while Western tech giants increased utilization substantially, becoming the primary beneficiaries of the visa program. The current strategy of prioritizing work visa commitments in FTAs essentially involves Indian negotiators advocating on behalf of Western multinationals, at the cost of significant concessions for India’s own economy. The article advocates abandoning visa negotiations in favor of pursuing concessions in goods, services, and investment frameworks, suggesting a 'Mode 5' approach for multi-modal delivery.

In our column for the Mint, Sanjeev Sanyal and I discuss how India’s labelling regulations, with overlapping rules and frequent changes, pose challenges for businesses, especially MSMEs. These issues lead to higher costs, inefficiencies, and material waste. We suggest a simple reform: set fixed dates—January 1 and July 1—for labelling updates across ministries. This would provide businesses with the predictability needed to plan better, reduce waste, and improve compliance. Similar practices, like DPIIT’s biannual FDI policy updates, have proven effective in bringing clarity. Small, practical changes like these can significantly ease compliance and support MSME

In my Hindu businessline column, I discuss last week’s landmark Supreme Court judgment in Property Owners Association & Ors v State of Maharashtra. Led by Chief Justice D Y Chandrachud, the Court reaffirmed Article 31C’s original scope, protecting laws under Articles 39(b) and (c) that serve public welfare through resource distribution. The takeaway: “material resources of the community” now have stricter criteria, meaning only resources critical to public welfare are open to state acquisition. This shift strengthens property rights, limits arbitrary state power, and aligns with Ambedkar’s vision of “economic democracy.” The judgment departs from the expansive ‘Krishna Iyer Doctrine,’ which allowed excessive state control over property, often bypassing due process and investment security. Now, India’s property rights stand on firmer ground, with future governments empowered to pursue flexible, balanced economic policies—marking a milestone for governance and private property protection.

For the last four years, every weekday morning, I met Dr. Bibek Debroy. What started as routine became a learning journey, marked by his sharp insights, relentless critiques, and a mentorship that shaped me in more ways than words can capture. In his last month, our meetings shifted to the afternoons, yet the wisdom he shared remained as powerful as ever. Dr. Debroy was more than a mentor; he was my guru, guiding me through each draft, each note, each column. His last words and the columns we co-authored are now reminders of a voice I still hear in the quiet moments of my writing. His spirit lives on in every piece I pen. Few words for him in The Indian Express: https://lnkd.in/gsexDEcf

In my latest column for The Hindu, I analyse the work of this year’s Economics Nobel laureates, Daron Acemoğlu, Simon Johnson, and James Robinson (AJR), whose research on institutions as drivers of economic growth has set a new analytical standard. However, while AJR’s model is compelling, it exhibits a distinctly Eurocentric lens, often positioning Western institutional forms as universally optimal. Scholars like Yuen Yuen Ang challenge this, highlighting cases such as China, where economic growth has been achieved through "directed improvisation"—an iterative, context-driven approach. Ang’s critique suggests that institutional adaptability and endogenous evolution may be as crucial as AJR’s "inclusive institutions" for sustained growth. AJR’s Nobel is well-deserved, but their Eurocentric framework falls short of representing the Global South.

In my column for the Hindu businessline, I write that the current tax system is too focused on short-term revenue goals, which often undermines long-term fiscal health. What we really need is an independent Tax Policy Unit to bring in a long-term perspective and drive meaningful reforms. An independent unit would help shift the focus to data-driven decisions that support India’s long-term economic goals.

In our column for the Herald Insight Collection and The Korea Herald, Dr. Bibek Debroy and I talk about India's growth story and where it's headed. As the world gets closer to the 2030 Sustainable Development Goals deadline, India is on track to hit a $5 trillion GDP and become the third-largest economy by 2029. While many countries are struggling to meet their targets, India has done relatively better, though there's still a lot of work to do. Economic growth here is deeply linked to progress in social sectors, and with expected growth rates between 6% and 8%, the role of governance at both the union and state levels is crucial. But it's just as important to make sure that this growth is inclusive, benefiting everyone, especially those at the bottom of the pyramid. India, now the world’s most populous country with over 1.4 billion people, has a huge role to play globally. Any improvement in living standards here will ripple across the world, influencing poverty reduction, health, and income inequality. Recent data from the Household Consumption Expenditure Survey shows that living standards have risen significantly, and the National Multidimensional Poverty Index reports a sharp drop in poverty. Government initiatives like the JAM Trinity and Digital Public Infrastructure have driven financial inclusion and cut poverty rates. With a young workforce driving economic development, India's progress in areas like health, education, and infrastructure will not only shape its own future but will have a big impact on the global stage too. Follow Herald Insight Collection for more such essays. SangHyun Choi | Sungwon Hong