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The last 10 years (of shifts in world politics) have been terrible, and it’s easy to get depressed about that. I don’t have much of a choice. What would I do if I give up? It is depressing. Sometimes in a frightening way, because if we don’t act now, I think our children’s future is essentially doomed.... Maybe, not the children in the US, but the children in India. I do feel for their future....” Perhaps not what you would expect to hear from an accomplished, welltravelled gastronome who won the Nobel memorial prize in economics five years ago. However, a changing political milieu and looming setback to causes he holds so close could leave a feeling, even if fleetingly, that the space is shrinking in an arduous intellectual combat. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results Abhijit Banerjee wears a pensive look, soaking in the autumn sun pouring through the window of his room in Boston, as he joins on a video call three days after a triumphant Donald Trump declared his victory in the US presidential elections. Advent of Trump “I think it’s a disaster for the world that Trump won. From the climate point of view, from the point of view of fiscal, I think the US will hit its own crisis. Whenever you cut taxes, tax collection falls—it’s always true, no matter what the people on the right tell you. The US is always in a budgetary crisis. And when the tax collection falls, the crisis will get worse, and then some poor Democrat will have to come and cut benefits to balance the budget. Social security is running out. I think, basically, the US has perhaps not put itself on a path that’s sustainable for itself,” says the MIT professor. “US will have to figure out some ways of raising revenue. I am sure he (Trump) will cut taxes for his friends. I am sure Mr Elon Musk won’t have to pay any tax, but I don’t see any reason why we should take that as a stable situation. I don’t think the US can afford it.” Banerjee, 63, embodies the disquiet of a large cohort of academicians, intellectuals and artists across the world, particularly in the US, who fear that the advent of Trump could skew the odds in the battle against inequality, poverty and global warming. Indeed, Trump’s dramatic comeback and the pervasive impact that American politics and policies could have on the rest of the world could even mean a relatively lesser buy-in for measures like giving lump-sum amount of cash to low-income families or guaranteeing them a minimum income every month—interventions that the Nobel couple, Banerjee and his wife Esther Duflo, advocate on the basis of multiple, careful field research to improve the conditions of the poor. While cash transfers can degenerate to a quid-pro-quo deal to buy votes, it has found favour among many policymakers amid a realisation that the income disparity and inequality, having worsened in the past few decades, is too wide to be corrected through market forces. 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We should have a less complicated fiscal system. I firmly believe we should move towards a more direct taxation of income. We rely too much on indirect taxation which tends to be regressive, at least not very progressive,” he says. Make tax havens fall in line: The war against tax havens, triggered by the 2008 meltdown that left many sovereigns virtually bankrupt, has moved in fits and starts since then. Today, hundreds of countries who have joined the high table to cut tax evasion have yet to agree on a minimum global tax. Banerjee, though hopeful that there would be some meeting of minds, and tax havens would slowly fall in line, feels that under the changed circumstances, one should not raise hopes for Washington to chip in. “Switzerland has become much more compliant. So, we should not give up on this. It can take a long time. There is some movement. Most governments realise that this is the enemy. I think what is happening, which is interesting, is that there is a lot of thinking among economists on how to design mechanisms to discipline tax havens. For example, by saying that if you own a house here, you will have to pay taxes here. Let people go and live in tax havens. That would discipline a lot of people. The problem is they live in nice places and put their money in tax havens. There are loopholes that governments have deliberately left and those could be closed.” Cuisine & Economics The MIT professor has joined ET for a freewheeling chat over a weekend as authors, nudged by publishers, do before sending out a new book to the world. His new book is titled Chhaunk, the North Indian kitchen coinage for a sprinkling of spices and hot oil that creates the zing and zest of extra flavour. Banerjee, who honed his cooking skills during the pandemic, makes a clever use of food and recipes in the book, a collection of expressive essays (some of which had appeared as newspaper columns) to connect complex economic and social issues with a diverse choice of cuisine and relatable experiences and ideas, freely drawing on his memories and encounters with characters during his travels, and boyhood days in Calcutta of the 1970s, sometimes weaving in nostalgia, lessons from history and findings of academic research. He takes on questions, ponders and pauses in what looks like a relaxed morning, to share his views—often strong and unequivocal—on why globalisation is tough to reverse, the changing nature of immigration, correcting the cash-transfer mechanism, the pitfalls of China, the fate of economics and the sense of denial on serious issues like climate change among many Americans. US in denial, China in turmoil “I think in many countries of the world the young are frightened about the future of the world. I think in the US, there’s generally a strong appetite for—‘fill those gas guzzlers and drive on the highway’. There is a lack of understanding, a denial—like, it’s not our problem, it would be the problem of those shithole countries,” says Banerjee who, while sharing a recipe of the Vietnamese inspired Mango Tea , explains in the book how societies would change unrecognisably as summers become unbearably hotter and increase isolation. The essay “One Chineej, Many Chinas” on China’s magnificent but often-not-realised diverse food traditions points out that Xi Jinping’s primary challenge is to keep the varied domestic constituents happy when the economy is faltering. Asked whether these differences could boil over if there is a trade retaliation, the professor says, “I am no expert on China, but I am not clear that the tariffs are particularly hurting China. The Chinese government is very able to point to American misbehaviour, Mr Trump’s idiocy, to keep domestic constituents less unhappy. But if he (Trump) actually manages to hurt the Chinese, then they might have their own crisis. They are under pressure to keep this narrative of endless growth going. And that might be an issue.” The Chinese peril reminds Banerjee of the Japanese proclivity in 1989-90 to use government investment policy to drive growth and everything. “This was the mistake the Japanese made. They kept pump priming to substitute China. The US has thought of it, it’s trying, like, India, the Philippines, Vietnam and Bangladesh. Hopefully, all of that would work. We should grow and China can’t keep growing, but it’s not easy. Supply chains are very, very complicated objects. In the end, Chinese currency could go down, and people would buy from China. I am not convinced that despite the governments beating their chests, there would be a substantial movement in trade.” Economic commentators are sometimes reminded of the 1920s when trade shrunk after the end of World War I amid multiple changes in policy, society and labour markets glutted with war veterans. “But the volume of trade is enormous now. What we don’t take into account is the complexity— the number of countries we take inputs from to produce. It’s hard to think of undoing all that easily. Yes, there may be some price adjustments, renminbi may fall.” Selective Migration? Still, changes could manifest in different forms. “Right now, the rhetoric is on regulated immigration. You can see that in Singapore or the Gulf countries, where there is a willingness to accept what is essentially a two-class society, where one group of people are temporary migrants, with temporary visas and limited rights, working for low wages, who make a lot of money, go back home and are replaced by others. I think Europe is looking enviously at that model, so are Japan and Korea. I suspect some of these countries would experiment with some of these things where there could be political support—like taking care of the elderly which few young people want to do... (for them) immigrants are bad but not those who take care of their grandmom. That’s an interesting issue for the next 10 years,” says Banerjee. He touches upon the exaggerated sense of risk among immigrants, the plight of the elderly (in India) as joint families decline and their comfort foods in the essays “The Nostalgia Diet” and “The Burden of Age” In fact, most say caregiving is a job that (at least, till now) has no threat from artificial intelligence (AI) which continues to cast a lengthen- ing shadow on the fate of many professions. “In India, you should be petrified (of AI). There’s a lot of talk, but the kind of jobs that would be lost are BPO jobs, and whether they can be replaced by more high-end jobs is a question on which I have not come across a lot of talk. You will require a whole upscaling of BPO workers, at the very least,” he muses while admitting that he finds it difficult to read the tea leaves of the Indian economy, thanks to conflicting data on subjects like employment— though he admires that the RBI and New Delhi could resist the temptation of low global interest rates and refrain from foreign currency borrowing, a path that pushed many economies to the brink. Rationalise cash transfers A year ago, the Indian-American economist Ashoka Mody, who took a deeply pessimistic view in his book India is Broken, prescribed universal basic income (UBI), among other things. “I don’t think Mody is wrong about all the things that are wrong. Maybe, he is wrong about the whole recipe. I don’t think anyone is arguing for a generous UBI for India, certainly not me. If you read my recent paper on the design of social transfer, it does not make that case. But we could rationalise our arcane system of transfer. I am not sure the gains from having many different transfers justify the bureaucratic costs and exclusion it generates. I think we have a good bunch of highly skilled entrepreneurs, but our education and healthcare system sucks for half the population... there are many positives and negatives, but I don’t understand why they add up to what we see,” says Banerjee. Economics isn't broken: After the collapse of 2008, economists had shared the blame with central banks, which came across like flawed icons. It had stoked the simmering discourse whether economics, often steeped in mathematics, needs to reform to grasp ground realities. Is economics broken as a discipline? Has it failed? No, says the man whose areas of interest include political economy and development economics. “I think we are in a better place now.... This morning, I was writing something, and I was trying to think about how completely terrible economics was in the 1980s, how naïve, market-focused, completely institutionally unfounded—everything was about incentives. Economics as a field has improved vastly. There’s a long way to go, but are we where we were in the ’80s? No. We are much more sophisticated. We understand markets well, we understand that the idea of market fundamentalism does not work, why it does not work. It has become empirical, better founded in reality. Still, it may not be great, but much better.” No matter how tied-to-the-world economics may have evolved into, the economist, however, would not start a business—not even a restaurant: the grease fire in the kitchen stresses him out, managing men tests his patience and frequent closure notices of restaurants haunt him. He would rather cook, and think, in the confines of his home. So what would he rustle up for lunch? “I am not at home. We are visiting my sister-in-law... We will eat very well, I am sure,” he smiles—for the first time during the conversation. Assembly Election Results Live Updates Maharashtra Poll Results Highlights 2024 Jharkhand Poll Results Highlights 2024 (You can now subscribe to our Economic Times WhatsApp channel )Syrian rebels advance on Damascus, Assad's rule at stake
DAYTON, Ohio (AP) — Nate Santos had 24 points in Dayton's 86-62 victory against Lehigh on Saturday. Santos shot 8 for 11 (6 for 6 from 3-point range) and 2 of 3 from the free-throw line for the Flyers (8-2). Malachi Smith added 17 points while shooting 5 for 8 (3 for 4 from 3-point range) and 4 of 7 from the free-throw line while they also had nine assists. Enoch Cheeks shot 5 for 7, including 4 for 6 from beyond the arc to finish with 14 points. Keith Higgins Jr. led the Mountain Hawks (3-6) in scoring, finishing with 24 points and nine rebounds. Joshua Ingram added nine points for Lehigh. Nasir Whitlock finished with nine points. Dayton took the lead with 18:32 remaining in the first half and did not relinquish it. The score was 41-25 at halftime, with Smith racking up 10 points. Santos scored 15 points in the second half to help lead the way as Dayton went on to secure a victory, outscoring Lehigh by eight points in the second half. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Salman Khan visits Jamnagar mall with Anant Ambani, Shah Rukh arrives in the city
Kaleb Johnson rushes 35 times for 164 yards in Iowa's 29-13 victory over MarylandBeirut: Syrian rebels announced they had gained full control over the key city of Homs early on Sunday after only a day of fighting, leaving President Bashar al-Assad’s 24-year rule dangling by a thread as insurgents marched on the capital, Damascus. Thousands of Homs residents poured onto the streets after the army withdrew from the central city, dancing and chanting “Assad is gone, Homs is free” and “Long live Syria and down with Bashar al-Assad”. A giant portrait of Bashar al-Assad sits on a building in Damascus. Credit: AP Rebels fired guns into the air in celebration, and youths tore down posters of the Syrian president, whose territorial control has collapsed in a dizzying week-long retreat by the military. The fall of Homs gives the insurgents control over Syria’s strategic heartland and a key highway crossroads, severing Damascus from the coastal region that is the stronghold of Assad’s Alawite sect and where his Russian allies have a naval base and air base. Homs’ capture is also a powerful symbol of the rebel movement’s dramatic comeback in the 13-year-old conflict. Swaths of Homs were destroyed by gruelling siege warfare between the rebels and the army years ago. The fighting ground down the insurgents, who were forced out. Hayat Tahrir al-Sham commander Abu Mohammed al-Golani, the main rebel leader, called the capture of Homs a historic moment and urged fighters not to harm “those who drop their arms”. Syrian opposition fighters on a seized Syrian air force fighter plane at the Hama military airport on Friday. Credit: AP Rebels freed thousands of detainees from the city prison. Security forces left quickly after burning their documents. Syrian rebel commander Hassan Abdul Ghani said in a statement early on Sunday that operations continued to “completely liberate” the countryside around Damascus and rebel forces were looking towards the capital. In one suburb, a statue of Assad’s father, the late former president Hafez al-Assad, was toppled and torn apart. The Syrian army said it was reinforcing around Damascus, and state television reported on Saturday that Assad remained in the city. People arrive at the Jordanian side of the border as others wait in their cars on Saturday, after a ban on crossings into Syria. Credit: Getty Images The lightning rebel advance suggests Assad’s government could fall within the next week, US and other Western officials said. Since the rebels’ sweep into Aleppo a week ago , government defences have crumbled at a dizzying speed as insurgents seized a string of major cities and rose in places where the rebellion had long seemed over. The twin threats to Damascus and the strategically vital city of Homs now pose an existential danger to the Assad dynasty’s five-decade reign over Syria and the continued influence in the country of its main regional backer, Iran. The rebels’ moves around Damascus, reported by an opposition war monitor and a rebel commander, came after the Syrian army withdrew from much of the southern part of the country, leaving more areas, including several provincial capitals, under the control of opposition fighters. Syrian President Bashar al-Assad is backed by Russia and Iran, but both are bogged down in separate conflicts. Credit: Saudi Press Agency/AP The advances in the past week were among the largest in recent years by opposition factions led by a group that has its origins in al-Qaeda and is considered a terrorist organisation by the US and the United Nations. In their push to overthrow Assad’s government, the insurgents, led by the Hayat Tahrir al-Sham group, or HTS, have met little resistance from the Syrian Army. The UN’s special envoy for Syria, Geir Pedersen, on Saturday called for urgent talks in Geneva to ensure an “orderly political transition”. Speaking to reporters at the annual Doha Forum in Qatar, Pedersen said the situation in Syria was changing by the minute. Russian Foreign Minister Sergey Lavrov, whose country is Assad’s chief international backer, said he felt “sorry for the Syrian people”. In Damascus, people rushed to stock up on supplies. Thousands went to Syria’s border with Lebanon, trying to leave the country. Many shops in the city were shuttered, a resident told the Associated Press, and those still open had run out of staples such as sugar. Some were selling items at three times the normal price. “The situation is very strange. We are not used to that,” the resident said, insisting on anonymity, fearing retributions. “People are worried whether there will be a battle [in Damascus] or not.” It was the first time that opposition forces reached the outskirts of Damascus since 2018 when Syrian troops recaptured the area following a years-long siege. The UN said it was moving non-critical staff outside the country as a precaution. Assad rumours Syria’s state media denied social media rumours that Assad had left the country, saying the president was performing his duties in Damascus. Assad has had little, if any, help from his allies. Russia is busy with its war in Ukraine, and Lebanon’s Hezbollah, which at one point sent thousands of fighters to shore up Assad’s forces, has been weakened by a year-long conflict with Israel. Iran has had its proxies across the region degraded by regular Israeli airstrikes. US President-elect Donald Trump on Saturday posted on social media that the US should avoid engaging militarily in Syria. A Syrian opposition fighter holds a rocket launcher in front of the provincial government office. Credit: AP Pedersen said a date for talks in Geneva on implementing a 2015 UN resolution calling for a Syrian-led political process would be announced later. The resolution calls for the establishment of a transitional governing body, followed by the drafting of a new constitution and ending with UN-supervised elections. Foreign ministers and senior diplomats from eight key countries, including Saudi Arabia, Russia, Egypt, Turkey and Iran, along with Pedersen, gathered on the sidelines of the Doha summit on Saturday to discuss the situation. No details were immediately available. The insurgents’ march Rami Abdurrahman, who heads the UK-based Syrian Observatory for Human Rights, an opposition war monitor, said insurgents were in the Damascus suburbs of Maadamiyah, Jaramana and Daraya. Opposition fighters were also marching toward the Damascus suburb of Harasta, he said. An insurgent commander, Hassan Abdul Ghani, posted on the Telegram messaging app that opposition forces had begun the “final stage” of their offensive by encircling Damascus. Syrian rebel leader Abu Mohammed al-Golani. Credit: Al Jazeera HTS controls much of north-west Syria and, in 2017, set up a “salvation government” to run daily affairs in the region. In recent years, HTS leader Abu Mohammed al-Golani has sought to remake the group’s image, cutting ties with al-Qaeda, ditching hardline officials and vowing to embrace pluralism and religious tolerance. Syria’s military, meanwhile, sent large numbers of reinforcements to defend the key central city of Homs, Syria’s third-largest, as insurgents approached its outskirts. The shock offensive began on November 27, during which rebel fighters captured the northern city of Aleppo, Syria’s largest, and the central city of Hama, the country’s fourth-largest city. Opposition activists on Friday said insurgents entered Palmyra, which is home to invaluable archaeological sites that had been in government hands since being taken from the Islamic State group in 2017. To the south, Syrian troops left much of the province of Quneitra, including the main Baath City, activists said. The Syrian Observatory said government troops had withdrawn from much of the two southern provinces and were sending reinforcements to Homs, where a battle loomed. If the insurgents were to capture Homs, they would cut the link between Damascus, Assad’s seat of power, and the coastal region where the president enjoys wide support. The army said in a statement that it had carried out redeployment and repositioning in Sweida and Daraa after its checkpoints came under attack by “terrorists”. The army said it was setting up a “strong and coherent defensive and security belt in the area”, apparently to defend Damascus from the south. The Syrian government has referred to opposition gunmen as terrorists since the conflict broke out in March 2011. Diplomacy in Doha The foreign ministers of Iran, Russia and Turkey, meeting in Qatar, called for an end to the hostilities. Turkey is the main backer of the rebels. Qatar’s top diplomat, Sheikh Mohammed bin Abdulrahman Al Thani, criticised Assad for failing to take advantage of the lull in fighting in recent years to address the country’s underlying problems. “Assad didn’t seize this opportunity to start engaging and restoring his relationship with his people,” he said. Sheikh Mohammed said he was surprised by how quickly the rebels have advanced and said there was a real threat to Syria’s “territorial integrity”. He said the war could “damage and destroy what is left if there is no sense of urgency” to start a political process. AP, Reuters Get a note directly from our foreign correspondents on what’s making headlines around the world. Sign up for our weekly What in the World newsletter .
India will host the World Audio Visual Entertainment Summit (WAVES) for the first time in February 2024, marking a significant milestone in the country's entertainment sector. The summit, set to be held from February 5 to 9, will bring together media and entertainment leaders, as well as creative minds from across the globe, to discuss collaboration, innovation, and India’s growing influence in global content creation. Prime Minister Narendra Modi shared the exciting news during his monthly radio address, Mann Ki Baat, on Sunday, describing the summit as a pivotal step in positioning India as a global hub for creative and content industries. PM Modi Highlights India’s Growing Creative Economy PM Modi emphasized the importance of the WAVES Summit in India's broader economic context, noting that it aligns with the country’s ambition to become a five trillion dollar economy. “This Summit is an important step towards making India a hub of global content creation,” he said. The Prime Minister acknowledged the role of India’s youth in shaping the future of creative industries. He encouraged young creators and professionals from all areas of the media and entertainment sector—whether in Bollywood, regional cinema, animation, gaming, or entertainment technology—to participate in the summit and share their ideas and innovations with the world. "Whether you are a young creator or an established artist, associated with Bollywood or regional cinema, a professional from the TV industry, an expert in animation, gaming, or an innovator in entertainment technology, I encourage you to be a part of the WAVES Summit," PM Modi remarked. A Platform for Collaboration and Global Engagement The WAVES Summit will serve as a global platform to foster collaborations, showcase India’s creative talents, and highlight advancements in animation, gaming, entertainment technology, and cinema. PM Modi stated, “The WAVES Summit is poised to serve as a global platform for India’s creative talents, fostering collaborations and showcasing the country’s potential as a hub for world-class content creation.” The summit is expected to attract global attention, drawing leaders and influencers from the media and entertainment industries to discuss trends, challenges, and opportunities in the creative sector. Also Read: Kangana Ranaut seeks desire of meeting PM Narendra Modi: “I don’t get an audience with the Prime Minister, I have requested for one...” BOLLYWOOD NEWS - LIVE UPDATES Catch us for latest Bollywood News , New Bollywood Movies update, Box office collection , New Movies Release , Bollywood News Hindi , Entertainment News , Bollywood Live News Today & Upcoming Movies 2024 and stay updated with latest hindi movies only on Bollywood Hungama.
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