India-born British economist and a life peer in Britain’s House of Lords, Lord Meghnad Desai talks of his latest book, the economics academy, The Gandhi Memorial Trust, his love for movies, and more
“Delighted. Call me tomorrow.”
Not a usual reaction from a Lord and a top economist when you reach out for an interview request, right?
Wrong, if you are talking of Lord Meghnad Desai. A leading economist and a life peer in Britain’s House of Lords, Lord Desai is, in fact, a delight to speak to.
So when we finally manage to speak on a Sunday afternoon, he makes sure he takes time out to speak at ease.
We begin with something that recently got him to India — the Lord Meghnad Desai Academy of Economics. The academy will begin accepting admissions from this April and the first batch will be limited to 30 students. Aditya Birla Group’s Chief Economist Ajit Ranade, IMF-Singapore Regional Training Institute Deputy Director Mangal Goswami, Chief Economist Tushar Poddar of Goldman Sachs, and Executive Editor of Mint Niranjan Rajadhyaksha, are members of the academic board.
Ask him how the idea of the Academy came about and he replies, “Well, I thought an academy would be a great idea. We are looking at a select number of students. To get admission, they have to write a 500-word essay — we choose the best ones.”
But why India? “Well I was born In India and grew up here. I still come back quite a few times in a year. I have a strong emotional connect, so India it was. An ex-student of mine, Tushar Poddar is at the helm, and I am sure we will do a good job.”
Talking of being at the helm, Lord Desai, with his author wife Kishwar Desai, is also the founding member for The Gandhi Memorial Trust. The trust that was started last year saw the duo work hard to raise funds for a statue of Mahatma Gandhi that was unveiled at Parliament Square in London, last month.
The nine-foot bronze statue of the Mahatma was created by renowned sculptor Phillip Jackson and now stands with other greats such as Nelson Mandela, Winston Churchill, and Abraham Lincoln, among others.
So when the Indian Union Finance Minister Arun Jaitley unveiled Gandhi’s statue in the presence of British Prime Minister David Cameron, Gandhi’s grandson Gopalkrishna Gandhi, British Culture Minister Sajid Javid, and actor Amitabh Bachchan, it was a proud moment for Lord Desai and his wife.
“Oh the work kept me amazingly busy. It was a huge responsibility and I am glad it all worked out fine. We’d announced the plan in July but the fund mobilisation started only in September. Yes, it was hectic, but completely worth all the hard work. We got some wonderful donations — some small, some large. And it was lovely to see all the support.”
And exhausting though it was, the 75-year-old is not one to sit back and rest on his laurels. The author of 28 books, more than 200 articles in academic journals and innumerable columns, he is back to work, full steam. Beginning this month, he is going to be busy with his next book, Hubris: Why Economics Failed to Predict the Crisis and How to Avoid the Next One.
Ask him to discuss the book and he simply says, “Oh, it’s not a technical book. It had diagrams but certainly no equations,” he chuckles. He adds how the book will be more of predictionary economics. “I hope to explain why the economic crisis happened. I am talking of an alternate perspective, a longer and dynamic perspective.”
During the last economic slowdown, however, India somehow survived the slump and wasn’t so adversely affected by it all. And if the mood is anything to go by, Lord Desai is positive of the Indian growth story. A biggie, he says, has been the Make in India talk.
“It’s a good slogan. Manufacturing has to increase. The invitation to foreign capital has been a good move. Indians should make in India, and so should foreigners.”
The talk moves to Prime Minister Narendra Modi’s leadership, something that Desai is appreciative of. “He is very good — extremely energetic. I would even say he has added a whole new dimension to India’s international relations. By saying something inclusive like Sab ka saath, sab ka vikas, he has also reiterated the economic decisions about to be made. ”
Although Lord Desai likes to call himself a pessimist, he is happy with India’s growth story. “India is absolutely on track. It has recovered from UPA II and it’s not difficult to imagine a growth percentage of 8.5 to 9 per cent.”
That said, there are things that need attention, he adds. “What is needed most is the right infrastructure. Then, of course, there needs be an emphasis on toilets and housing. A cleaner India, which is more development oriented, is absolutely the need of the hour.”
Often called a “globaliser”, Lord Desai doesn’t miss talking about India and globalisation. “India, like most post-colonial countries, has been a reluctant believer in globalisation,” he says. To add to it, there are parties changing stances. Initially, the Congress talked well of globalisation and now, of course, they go ahead and criticise it. The BJP, on the other hand, was reluctant but finally gave in to FDI. “But the thing to remember is India’s growth lies in being a global economy. In all this, one must add the importance of India’s export story,” he reminds.
Known for being vocal about his opinions, Lord Desai has also voiced his belief in the Indian democracy. “India has affirmed democracy of a high order, time and again. Look at every election — be it at the state level or at the Centre. People think of every election differently. There is a wonderful balance.”
Talking fondly of India as he does, one wonders what made him call the UK his home.
The story goes somewhat like this: Born and brought up in Vadodara, Lord Desai is one of the four siblings; he has fond memories of the town he lived in for ten years. “My father worked with the government, I studied in a primary school and walked five minutes to get to my school. I still remember the lovely roads of the town that was rather small back then.”
When his father got transferred to Mumbai, the Desai family moved base to what was known as Bombay, in 1950. “It had a big-city feel for sure, but Bombay is also this charming place that is so lively,” he reminisces. He also remembers how Mumbai was much less crowded back then, although getting to college was not easy. “We stayed in Versova and my College was in Matunga. But soon I was used to the buses and the local trains. Those were interesting days. I took part in debates, did a few Gujarati plays.”
After his graduation from Ruia College, Desai went on to do his Masters from Bombay University.
However, it was his desire to study further and do his PhD, an aim that took him to the University of Pennsylvania, USA.
He recalls the student days in US with fondness. He shared room with a boy from Andhra. “We cooked all kinds of meals together. It was fun.”
But it was his academic bent of mind that kept him busy with his studies more than anything else. “It was an incredible experience. We had no computers back then, but we had some lovely teachers. It was loads of studies but I loved it.”
A few years later, he moved to the UK and joined the prestigious London School of Economics. And before he knew, the academic culture in the UK had made a big place in his heart and he decided to stay put.
“The quality of students and teacher was seriously good and that is what kept me hooked. I knew if I came back to India I would not be able to work in economics the way I was doing in the UK. It was wonderful being at the LSE,” he says. Desai spent 38 years of his life there — he started the Centre for the Study of Global Governance, and was a founding member at Development Studies Institute (DESTIN). He even led a student’s revolution in the 1960s.
In 1977, he became a naturalised British citizen, but India continued to thrive in his heart — a reason he keeps coming back. In fact, it was in India he met his second wife Kishar Ahluwalia. The couple has a house in Goa, where they spend a considerable amount of their time.
Desai’s love story brings a cheer to his voice that is easy to sense. Interestingly it’s his favourite book that got him to meet Kishwar. He was working on his book Nehru’s Hero Dilip Kumar.
Dilip Kumar has been Lord Desai’s favourite hero and he often connected the actor’s initial roles to Nehru’s idea of a socialist hero. Kishwar was his editor at Roli books. “We met a few times for work and it was lovely chatting with her”, he shares. Love blossomed and the Lord proposed to the Lady over phone from London. “Dilip Kumar and romance, what more could one ask for?” he chuckles.
The most special part about the relationship, says Lord Desai, is the fact that the two are extremely supportive of each other. “I am a lucky man because she said yes, and we got married in 2004. We are partners. We read each other’s books, support each other. It’s an enriching relationship that we share,” he says, the calm in his voice saying it all.
Desai is also a husband who loves to pamper his wife. He often rustles up delicious treats for his lady love. “Well, I love cooking, which makes me the principal cook.”
His favourites include roast lamb, British delicacies, and the Mediterranean cuisine. Of course, it’s his comfort food, pasta, that he loves eating the most.
And to think he finds time to potter around in the kitchen despite a busy schedule. He goes through his bundle of six newspapers every morning, doesn’t miss his walk and is a vociferous reader.
And then there’s cinema — his other love that he has been trying to give more time to. “Oh, I love watching all kinds of movies. I loved Life of Pi. But it’s a shame I haven’t watched a Hindi movie in a long time. Kahaani was the last one I saw and I loved it. Oh hold on, there’s also Chennai Express I saw on a flight and quite enjoyed it.” Next on his list are Vishal Bhardwaj’s Haider and Imtiaz Ali’s Highway.
You can’t watch Hindi movies and not have your favourite actors, can you? “Well, Irrfan Khan is a fabulous actor. I also like Sonakshi Sinha and Deepika Padukone. Of course, Vishal Bhardwaj’s work is something that has been on my wishlist for a while,” he says.
“I am sure I will find the time,” he says. There is optimism in Lord Desai, after all.