Ranveer Allahbadia - Sanjeev Sanyal

1) Sanjeev Sanyal, an economic advisor for the PM of India explains that as an economic advisor to Prime Minister Modi, he provides economic advice on how to run the economy. However, his job is not confined to a set pattern due to frequent travel and unforeseen crises that require immediate attention. Sanyal has no dedicated time for writing and other activities, and his discipline and work ethic help him manage it all. He studied economics at Delhi University and Oxford University before working as a financial markets economist for 22 years at Deutsche Bank, where his job was also to manage investments, risks, and uncertainties. In 2015, Sanyal was invited to join the government after being sounded out by the political leadership.

2) Sanjeev explains that macro economists with a track record are a small pool of people, and he happens to be one of them. He joined the government in February 2017 as the principal economic advisor to the finance minister and worked on the Economic Survey, which is published every year before the budget. After that, he shifted to the Prime Minister's Economic Advisory Council. As the PM's economic advisor, his job is more strategic and cross-cutting, and he works on various projects, including re-looking at the list of nationally protected monuments.

3) Sanjeev shares insights into his role in the Prime Minister's office and how it differs from the day-to-day roles of other team members. He explains that his responsibility is to strategize and think long term about issues faced by India's government, and he has the freedom to write working papers on relevant topics, such as intellectual property rights. Sanyal also shares his experience of getting trolled on social media and reveals that Prime Minister Modi is an excellent listener who is not afraid to change his mind when presented with evidence that contradicts his preconceived ideas.

4) Sanjeev spoke about the challenges of being a politician in India, stating that it is a tough 24/7 job, where constituents expect an immediate response to their needs. The job requires the ability to navigate through unpredictable and stormy situations to get things done, such as achieving the building of physical infrastructure like roads and airports. As a leader, one must believe in their team, provide leadership when things go wrong, and be willing to take the risk and responsibility for its outcome. Being a politician means giving up one's mental health, and it is a challenging and demanding job which requires a bull's mentality to handle.

5) Sanjeev affirms that the government is aware of YouTube channels that criticize them, and they watch them for honest feedback. Some feedback is politically driven, so they filter it out. Sanyal asserts that even though fewer people are watching the news, it still provides the base on which many discussions happen, and it still has relevance. Though different people are getting information on different subjects from various platforms, we have become better at filtering information as we all become more skeptical. Sanyal did not confirm the existence of an Indian Area 51, but he sheds light on the government's future plans for the country in a world of geopolitical turmoil,

6) Sanjeev discusses the importance of economic growth in increasing a country's geopolitical power. He notes that becoming rich through natural resources is a dangerous game and instead stresses the importance of having a widely based system of entrepreneurs and businesses. The government's job, according to Sanyal, is to create a stable climate and provide physical infrastructure for these entrepreneurs to thrive, saying that the energy of India must come from bottom up and not top down.

7) Sanjeev explains that an economy is like anecological system, and if you invest in only one thing, you won't end up with a successful economy. The game is about balancing the requirements of multiplesectors and keeping things going. He further explains that historically, top-down systems where wise men decide where to go are vastly inferior tosystems that allow for creativity happening at multiple levels in unpredictable ways. Allowing a whole bunch of people to take risks while dealing with churnis an important part of the economy. The government still has a role in providing supporting infrastructure in some areas, but it is not to design orcontrol the economy.

8) Sanjeev talks about the importance of failure in the context of India's bankruptcy system. He explains how bankruptcy was previously stigmatized in Indian society and how changing cultural attitudes and creating a bankruptcy process has allowed for a more fluid and messy system of creative destruction in which bad companies fail, but new ones can emerge.Sanyal cites the example of Jet Airways to demonstrate how the civil aviation sector in India has continued to improve despite the failure of a major airline. He also addresses concerns about Indian startups incorporating abroad to avoid taxes, emphasizing that India needs to compete with Singapore and Dubai and improve its regulatory infrastructure.

9) Sanjeev explains that while natural resources are important, relying solely on them can lead to potential issues. For example, countries with only one natural resource, such as oil, have historically been rich but not developed. In India's case, there has been the recent discovery of natural resources such as lithium and gold, which are important for storage but need to be value-added. Sanyal also notes that India's greatest resource is not just its youth but also widespread internet access, as it is critical for mobilizing the youth in multiple ways. He emphasizes the importance of taking an ecological view of an evolving system where multiple resources feed into each other.

10) Sanjeev talks about the importance of understanding that all aspects of the Indian economy and society must work together as a system, and there can be no isolation of factors. He also discusses the idea of algorithms and their potential impact on human emotions, opinions, and even geopolitical narratives. Sanyal is clear that algorithms can be swayed and influenced, and that objective truths are not guaranteed. Sanyal also speaks about the development of AI in India and the need for Indian algorithms to strengthen the country's technological prowess.

11) Sanjeev Sanyal discusses how India cannot follow China's lead in closing off their country due to India's political system not being set up for it. He also points out that India should be aware of the risks of AI and should push back in multiple ways to prevent an alternate reality based on subjective ESG norms. These norms can be quite powerful and are currently being pushed globally, particularly by Western governments, to be apart of all kinds of decision-making. Sanyal warns that if India does not actively push back, they will be deconstructed and told what to do, which is a form of new colonization.

12) Sanjeev discusses the issue of unreliable data published by international agencies which he claims are often manipulated to serve a particular narrative. He mentions a working paper he had published that critiques international agencies' data methodology as flawed and prone to kindergarten-level mistakes. He also talks about how criticism of the government becomes messy when critics of the government refer to only the West and use studies by international agencies as gospel to criticize the Indian government. Sanjeev also shares his thoughts on George Soros and his suspicious intentions behind investing a billion dollars in India, which he believes can threaten the regime change in the country.

13) Sanjeev talks about the near future of India and the necessary reforms. He highlights that in the next five to ten years, India will focus on building world-class infrastructure, including a brand new airport and a massive Metro system, along with connecting to the mainland through the harbor link. Besides, Sanyal stresses that India needs to fix its legal system as every family has a case stuck in a never-ending legal process that affects the economy's modernization. The second most important reform, according to Sanyal, is to fix the bureaucracy and administratives ystem, which still has a mindset of control and is set up for something else since the colonial period.

14) Sanjeev explains the need to improve the bureaucracy in India by designing it to focus on delivering vital municipal services, such as roads, water supply, and healthcare. He emphasizes that the system needs to change rather than blaming individual officers in the bureaucracy. Sanyal goes on to discuss the need for change in the judiciary system, highlighting that the system needs to be restructured for the 21stcentury.