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Bibek Debroy, a prominent Indian economist and translator, passed away recently. Debroy was known for his staunch advocacy of free-market principles and his influential contributions to the field of economics, particularly in the context of Indian economic reforms. He was also a renowned translator of ancient Indian texts, notably the Ramayana and Mahabharata, into English.
Debroy's economic philosophy aligned with the principles of Adam Smith, advocating for the invisible hand of the market to drive economic growth. He was a key figure in the economic advisory council of Prime Minister Narendra Modi, where his expertise and understanding of market dynamics influenced policy decisions. While he was a strong advocate for free markets, he recognized the need for a balanced approach that considered the social implications of economic policies.
One of Debroy's most significant contributions was his work on reforming the Indian Railways. His 2015 report on the railways recommended the establishment of an independent regulator to ensure market-driven pricing and enhance efficiency. He was critical of the heavily subsidized railway system and its reliance on budgetary support, advocating for a more self-sustaining model. Although his recommendations were not fully implemented, his insights sparked a debate on the future of the Indian Railways and its role in the country's economic development.
Beyond his economic work, Debroy was a passionate scholar of Indian mythology and culture. He devoted significant time to translating the Ramayana and Mahabharata into English, providing a fresh perspective on these epic texts for a wider audience. His translations were widely acclaimed for their accuracy and readability, making these ancient works accessible to a contemporary readership.
Debroy's legacy is marked by his intellectual prowess, his commitment to free-market principles, and his deep understanding of Indian culture. His contributions to economics, his translations of classic texts, and his insights into the complexities of Indian society have left a lasting impact on the intellectual landscape of India.
Source: Bibek Debroy (1955-2024): A gadfly who wrapped erudition about mythology around market economics