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Book Excerpt: Navigating India's Economic Turbulence in "Everything All at Once"

In the realm of India's economic policymaking, few figures embody the intersection of academia, bureaucracy, and real-world reform as vividly as Rajiv Kumar. His latest book, co-authored with Ishan Joshi and titled *Everything All at Once: How Economists Upgrade India*, offers a compelling insider's view into the high-stakes world of economic decision-making. Published as an excerpt on The Quint, this piece delves into Kumar's personal journey, reflecting on the chaotic yet exhilarating process of steering India's economy through multiple crises simultaneously. Drawing from his tenure as Vice Chairman of NITI Aayog and his earlier roles in various economic think tanks, Kumar paints a picture of an India that is perpetually in flux, where policymakers must juggle fiscal prudence, social welfare, and global uncertainties—all at once.

The excerpt begins with Kumar recounting a pivotal moment in his career: his unexpected appointment to NITI Aayog in 2017. He describes the call from the Prime Minister's Office as a bolt from the blue, pulling him away from his comfortable perch at the Pahle India Foundation, a think tank he had founded. This transition underscores a central theme of the book—the unpredictability of public service in a democracy as vast and diverse as India. Kumar likens the role to being thrust into a whirlwind, where one must address everything from agricultural distress to digital innovation without the luxury of sequential planning. "In India, you don't get to fix one problem at a time," he writes, emphasizing how the nation's economic challenges are interconnected, demanding a holistic approach that often feels like juggling flaming torches.

One of the excerpt's most engaging sections explores the aftermath of demonetization in 2016, a policy that Kumar analyzes with a mix of critique and admiration for its boldness. He recalls the economic shockwaves it sent through the informal sector, which constitutes a significant portion of India's GDP. Small businesses, street vendors, and rural economies were hit hard, leading to a temporary slowdown in growth. Yet, Kumar argues that this move, while disruptive, accelerated the push towards formalization and digital payments. He shares anecdotes from his interactions with entrepreneurs who adapted by embracing platforms like UPI, transforming cash-dependent operations into efficient digital ecosystems. This narrative highlights a key insight: economic reforms in India are rarely linear; they create winners and losers, but the long-term gains often justify the short-term pains. Kumar's perspective is refreshingly candid, admitting that while he wasn't directly involved in the decision, hindsight reveals its role in building resilience against future shocks.

Transitioning to the COVID-19 pandemic, the excerpt vividly captures the unprecedented challenges faced by NITI Aayog during the crisis. Kumar describes the war-room atmosphere in early 2020, where teams worked round-the-clock to model scenarios, allocate resources, and coordinate with states. He details the Atmanirbhar Bharat initiative, which aimed at self-reliance through stimulus packages, supply chain reforms, and support for MSMEs. "We were dealing with a health crisis, an economic downturn, and a geopolitical shift all at once," he notes, underscoring the book's title. The excerpt includes fascinating behind-the-scenes glimpses, such as debates over fiscal deficits versus welfare spending. Kumar advocates for a balanced approach, drawing on economic theories from Keynes to modern behavioral economics, to argue that India's response was a masterclass in adaptive policymaking. He praises the rapid rollout of vaccination drives and direct benefit transfers, which mitigated the worst of the humanitarian fallout, even as global supply chains crumbled.

A recurring motif in the excerpt is the role of economists in bridging theory and practice. Kumar, with his background at institutions like the Asian Development Bank and the Federation of Indian Chambers of Commerce and Industry (FICCI), reflects on how academic models often fall short in the face of India's ground realities. He shares a humorous yet poignant story from his early days in policymaking, where a meticulously crafted report on infrastructure development was derailed by political considerations in a coalition government. This leads to a broader discussion on the need for "upgrading" India's economic framework—not just through technology or investment, but by fostering inclusive growth that addresses inequality. Kumar critiques the trickle-down model, advocating instead for bottom-up reforms that empower marginalized communities, such as through skill development programs and women-led entrepreneurship.

The co-author, Ishan Joshi, brings a journalistic flair to the narrative, weaving in data and case studies that ground Kumar's experiences in empirical evidence. For instance, the excerpt references statistics on India's GDP recovery post-pandemic, noting how it rebounded to pre-COVID levels faster than many peers, thanks to targeted interventions. Joshi's contributions add layers of analysis, comparing India's strategies to those of China and the US, highlighting unique advantages like demographic dividends and a vibrant startup ecosystem. The book posits that India's economists are not mere advisors but active architects of change, often operating in a high-pressure environment where decisions impact billions.

Kumar doesn't shy away from the criticisms and failures. He openly discusses the farm laws of 2020, which sparked widespread protests and were eventually repealed. In the excerpt, he examines this as a lesson in stakeholder engagement, arguing that economic reforms must be accompanied by robust communication and consensus-building. "We economists sometimes forget the human element," he confesses, urging a more empathetic approach that incorporates feedback from farmers, laborers, and civil society. This self-reflection adds depth to the narrative, making it not just a memoir but a blueprint for future policymakers.

Towards the end of the excerpt, Kumar looks ahead to India's economic future, envisioning a path to becoming a $5 trillion economy. He emphasizes the importance of sustainable development, green energy transitions, and leveraging AI and blockchain for efficiency. However, he warns against complacency, pointing to global risks like climate change and trade wars that could derail progress. The title *Everything All at Once* encapsulates this urgency—India's growth story is one of simultaneous challenges and opportunities, requiring agility, innovation, and collaboration.

In essence, this book excerpt from *Everything All at Once* is a testament to the resilience of India's economic machinery. Rajiv Kumar and Ishan Joshi offer readers a front-row seat to the drama of policymaking, blending personal anecdotes with sharp economic insights. It's a call to action for aspiring economists and citizens alike: in a world of constant flux, the key to upgrading India lies in embracing complexity, learning from setbacks, and pushing forward with unwavering optimism. As Kumar aptly puts it, "The beauty of India's economy is that it's never just one thing—it's everything, all at once." This perspective not only demystifies the corridors of power but also inspires hope for a more prosperous, equitable future.

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Read the Full The Quint Article at:
[ https://www.thequint.com/lifestyle/books/book-excerpt-everything-all-at-once-rajiv-kumar-ishan-joshi ]