Kaushik Basu is an Indian economist who currently serves as the Senior Vice President and Chief Economist of the World Bank. He previously served as the Chief Economic Adviser to the Government of India. Basu received his PhD in economics from the London School of Economics. He has held professorships at Cornell University and the Delhi School of Economics. Basu has published influential research in development economics, game theory, and other fields. He also founded the Centre for Development Economics and has served as the president of the Human Development and Capabilities Association.

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
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duplicate it.”
Law Updates:
 No abuse of dominance by manufacturer of Range Rover due to
existence of others brands like, Audi, Ferrari, BMW: CCI.
 Appeal against order of DRAT can't be entertained when pre-
deposit isn't made: Delhi High Court.
 Ex-director having majority shares can be appointed as special
invitee for all Board meetings of Company: NCLT Hyderabad.
 Extraordinary event of merger having effect on financials will oust
a company from comparability analysis: Mumbai Tribunal.
 A company engaged in share broking services isn't comparable to
investment advisory service provider: Mumbai Tribunal.
 Power under section 153C could not be invoked against assessee
when there was no incriminating document or evidence discovered
during search of third party under section 132.
PROFESSIONALS INPUTS:
 SEBI vide Notification dated 27th
February 2017 has issued the
Securities and Exchange Board of India (Foreign Portfolio
Investors) (Second Amendment) Regulations, 2017 which shall
come into force on the date of their publication in the Official
Gazette.
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Date: 28th
February, 2017

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KAUSHIK BASU
Senior Vice-President & Chief Economist of the World
Bank
Kaushik Basu (born 9 January 1952), is an Indian economist and academic
who is Senior Vice-President and Chief Economist of the World Bank. He
is on leave from Cornell University, where he is the C. Marks Professor of
International Studies and Professor of Economics. Prior to that, he was the
Chairman of the Department of Economics and director, Center for
Analytic Economics at Cornell University. Till July 2012, he served as
the Chief Economic Adviser to the Government of India. Kaushik Basu is
the President-elect of the International Economic Association, and will take
over as President in 2017.
Early Life and Education
Kaushik Basu was born in Kolkata, India and schooled at St. Xavier's Collegiate School, Kolkata. In an
autobiographical essay he noted that finishing school in 1969 he was caught in a dilemma. His father wanted
him to study physics. But those were revolutionary times and he wanted to study nothing. They settled on
economics as half-way compromise between physics and nothing. In 1969 he moved to Delhi to do his
undergraduate studies in Economics (Honors) with Mathematics as subsidiary, from St. Stephen's College. He
then went on to the London School of Economics, to do his MSc in Economics completing it in 1974. After
earning his master's degree, Basu was supposed to move to England to study law and take over his father's legal
practice, but he had fallen in love with the concept of logic and deductive reasoning and became fascinated
by Amartya Sen's work. He remained at the London School of Economics for his PhD, from 1974 to 1976. He
did his PhD on choice theory under the tutelage of Amartya Sen. He has received honorary doctorates from
Lucknow University, Lucknow, in 2011, Assam University, Silchar, in 2012, Fordham University, New York,
in 2013, and Indian Institute of Technology (IIT), Bombay, in 2013.
Career
Before his appointment as the World Bank's Chief Economist, Basu was the Chief Economic Adviser to India's
Ministry of Finance while on leave from Cornell University where he is Professor of Economics and the
C. Marks Professor of International Studies. A Fellow of the Econometric Society and recipient of the
Mahalanobis Memorial Medal, Basu has published scientific papers in development economics, game
theory, industrial organisation, political economy, the economics of child labour, and crafted the traveller's
dilemma.
He has worked on aggregating infinite streams of returns, and the axiomatic structures, pertaining to inter-
generational anonymity and different forms of the Pareto principle, that such aggregations can satisfy.
In 1992 he founded the Centre for Development Economics at the Delhi School of Economics, and served as its
first Executive Director until 1996. On 5 September 2012, he was appointed Chief Economist at the World
Bank.
Kaushik Basu was the president of the Human Development and capabilities association founded by Amartya
Sen which promotes high quality research in areas of human development and capability. He is the Editor
of Social Choice and Welfare, Associate Editor of Japanese Economic Review, and is on the Board of Editors of
the World Bank Economic Review. He has been elected to take over as president of the International Economic
Association in June 2017, and to serve a three-year term thereafter.
Kaushik Basu is the motivation behind Arthapedia, an online portal that provide explanations to the concepts
used in Indian public policy to assist its understanding among citizens.