Bibek Debroy—”Bibekda,” “Bibek sir,” and simply “Bibek” to his close friends and colleagues—who passed away on November 1, 2024, was a policy advisor of a different breed. He straddled the complexities of economic policymaking with ease. His breadth of understanding of issues, diverse interests, ability to communicate intricate policy matters lucidly to both policymakers and public, and vast experience in various capacities within and outside the government helped him navigate through difficult situations faced by the economy.
Bibek Debroy was the Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) during a difficult phase, when the pandemic-struck economy was searching for ideas and policy instruments for revival. Though one could debate about the spread of the post-pandemic revival of Indian economy, its pace and resilience has been much better compared to many emerging economies. The experience of veteran policymakers such as Bibek Debroy came handy in such situations to revive activity and restore the economy’s growth path. He was the ‘invisible hand’ in many important policy decisions to steer the economy and, characteristic of him, did not claim any credit for these.
Bibek Debroy was a man of varied interests: in economics from game theory, international trade to development economics; in law from revamping old arcane ones to introducing new laws that simplify the legal system. In literature, he enjoyed the classics and the contemporary at the same time; in sports, he followed cricket and chess with the same passion; in travel, he was keen to see new places but often would return to places he visited earlier.
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The diversity of his interests and eagerness to understand the nuances of new issues helped him produce voluminous amounts of writing. His columns in popular newspapers and magazines covered a range of issues, each one of which he keenly followed. While the translations of classics from Sanskrit to English were happening, in parallel, he wrote his regular columns on contemporary themes which were of significance for the economy, society, and polity—a task which could be handled by very few scholars.
The economist
Though the contributions of Bibek Debroy are many, given my area of expertise, I limit myself to recollecting his profound influence on economic policy formulation. He had an important role in economic policies when the economy was transitioning from a planned system to a more liberal market-oriented system. As a champion of liberal policies, his ideas found a place in many documents of the NITI Aayog, which replaced the erstwhile Planning Commission. From its inception in January 2015 until June 2019, he was a member of the NITI Aayog. He was also the Chairman of the Finance Ministry’s ‘Expert Committee for Infrastructure Classification and Financing Framework for Amrit Kaal’.
Prior to this, as a consultant to the Department of Economic Affairs of the Finance Ministry and as Director of the project LARGE (Legal Adjustments and Reforms for Globalizing the Economy), set up by the Finance Ministry and UNDP for examining legal reforms in India, he envisaged a series of long-term legal reforms. He was a member of the National Manufacturing Competitive Council from November 2004 to December 2009. From 2014 to 2015, he was the Chairman of the High-Powered Committee set up by the Ministry of Railways to restructure Indian Railways.
In 2017, he was appointed Chairman of EAC-PM. At the state level, he was the Chairman of a committee set up by the Chief Minister of Jharkhand to recommend a development plan for the State and was a Member of the Chief Minister’s Economic Advisory Council in Rajasthan. At each of these important roles, he left a mark. Debroy’s focus was always on creating conditions for long-term economic growth, and he was willing to trade off short-term gains for this.
I had the opportunity to work with him at the EAC-PM. He was instrumental in initiating a number of research studies, the results of which were shared with the concerned Ministries for implementing appropriate policies. During this period, the EAC-PM launched a new working paper series, which put out issues for debate in the public domain. At the EAC-PM, we had a stream of visitors, national and international, presenting their research, apart from the weekly research meetings.
In my meetings with him, invariably over a strong coffee, he used to push me to think on issues pertaining to the financing of infrastructure, regulating new technologies to curb the emergence of monopoly tendencies, the outcomes of labour market reforms, the constraints faced by small-scale industries, state of India’s statistical system, and many more issues. He had a special ability to arouse interest by flagging an empirical discrepancy and stimulate thoughts with his art of storytelling. A number of Young Professionals benefited from his mentoring during this time.
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He exposed me to the real-time challenges of policymaking, which, for an academic economist, is a lifetime experience. On a personal note, he always greeted me with warmth and affection, knowing very well my positions on certain issues. He once referred me to lead an academic institute, which was interpreted as interference by the Centre, of which we used to joke frequently. I would miss his comments on my newspaper articles, which often was “this man writes well, keep writing.”
Bibek Debroy was an independent policy advisor who had the courage to plunge into policy circles at a time when affiliations with major academic institutions were considered a virtue for policymaking. He bridged the gap between academic economists and seasoned bureaucrats. He generated debates through popular columns by stepping out of the comfort zones of a journalist and was willing to stick his neck out for new ideas, which at times were controversial. He maintained his views, while accommodating others’.
As he himself wrote, this could be another obituary, but I will miss his comment with a smilie.
M Suresh Babu is the Director of Madras Institute of Development Studies, Chennai, and was a former Adviser to the Economic Advisory Council to the Prime Minister. The views expressed are personal.
