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CNBC-TV18 India talks to Kaushik Basu on Growth

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Following is the trancscript of Kaushik Basu's interview with CNBC-TV18, India, which first appeared on www.moneycontrol.com.

In an interview to CNBC-TV18, Kaushik Basu, chief economist, World Bank said the growth situation has to be taken seriously. "I do believe that, for India, there has to be all focus on growth."

Despite the fact that compared to the rest of the world, India is doing well, he said, it has the potential to get right back to 8.5 percent growth. "We have to put all hands on growth and try to get it back again up as quickly as possible," he added.

Q: You have been appointed as World Bank’s chief economist. So, the view from the inside has now changed to the view from the outside, has not it?

A: A little bit. Three months ago, I moved from the heart of Indian policymaking to seeing it from outside.

Friday Roundup: Unemployment, Jobs, Sectors, and Rethinking Development

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How do you measure unemployment? By counting the number of people looking for work but unable to find it. However, this measure overlooks people willing to work and not necessarily looking for jobs. In an interesting chart, The Economist illustrates how a broader measure makes unemployment in Europe look even worse
 

Friday Roundup: Manufacturing, Inequality, and the MDGs

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For those of us following the US Election 2012, the words ‘manufacturing’ and ‘jobs’ are hard to miss. Building on that buzz, The Economist recently conducted a debate: “Will manufacturing return to the West?” While the US election is a good ten days away, the decision on this debate is out: Manufacturing will return to the west. Irrespective of the verdict, both the sides – opposing and defending the motion- have provided numerous insights in to the trends that are unfurling in China and US. Read them here.

Inequality, alongside jobs, is the proverbial elephant in the room amidst the US presidential elections. Joe Stiglitz has a new 'Campaign Stops' blog in the New York Times online that draws on The Economist magazine's special series from earlier this month. Stiglitz discusses the perils of underplaying the great divide between the one percent in the US and the middle class. Meanwhile, on the other side of the debate, Kevin Hasset of the American Enterprise Institute along with Aparna Mathur, write in the WSJ that inequality studies that focus mainly on pre-tax incomes are flawed because they overlook transfer payments such as food stamps, unemployment insurance and other safety net programs. Read the article here.

Friday Roundup: Post-2015, Benchmarking Global Poverty, Small Farms and Other Links

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As the 2015 deadline to meet all the MDGS draws near, many are asking what comes next, including a recently appointed 26 member panel of development and political big-shots.  The high-level panel, which met last Tuesday for the first time, faces huge pressure working on a post-2015 “development vision.” 'Stakes are high,' says Paige McClanahan in an insightful post on the Poverty Matters blog.&

Friday Roundup: Education, Inequality and Other Links

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While education is one of the cornerstones of development and is enshrined in the Millennium Development Goals, the pay-offs from a Bachelor’s degree or higher do not enjoy the same confidence.  In the wake of the global financial crisis, for some, a college degree is a “lousy investment.” (Read the Daily Beast article to know why). But new data prove otherwise. Adam Looney and Michael Greenstone at the Hamilton Project, through chart illustration, show that “the more income you earn, the more likely you are to have gone to college.” To find out more, read the post “College, still worth it” on the Economix blog here.  While we are still discussing education, here’s another interesting finding from the OECD “Education at a Glance 2012” report. According to the report, a college education not only makes you wise and wealthy, it also makes you healthy. Curious? Read this Economist article to know how.

Import protection update: Antidumping, safeguards, and temporary trade barriers through 2011

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Is protectionism getting better or worse? Chad Bown, Senior Economist with the Trade and International Integration Team in the Development Research Group analyses recent World Bank data from 24 major economies suggesting that import protection through temporary trade barriers — such as antidumping, safeguards, and countervailing duties — has increased considerably for a handful of mostly emerging markets in the past year. But the news is not all bad – some countries have lowered their trade barriers.

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