Introducing: Sanjeev Sanyal

Sanjeev Sanyal is Prime Minister Modi’s economic advisor and one of India’s best known writers. In this interview, he answered questions from the Indian Century Roundtable’s Vikram Malkani about his experiences growing up and his confidence in India’s future. Here’s what he had to say.

Tell us about your early years – which city you were born in, where you were brought up and your interests during your early years.

I was born in Kolkata in 1970 but my earliest memories are of Sikkim. My father was a key part of the team of civil servants who integrated the state into India in 1975. Eventually we returned to Kolkata and I spent most of my school years in the city till 1989. As a schoolboy, I was very active is multiple areas - academics, sports, drama, debate and, not many people know, breakdancing! I have many awards and medals from inter-school competitions from that time.

Please tell us which academic qualifications you hold, and from which universities. What were the years in which you secured them?

I went to Shri Ram College of Commerce, Delhi University (DU) between 1989 and 1992 as an undergraduate, and then attended St John’s College, Oxford University, as a Rhodes Scholar 1992-95. Thus, I earned a BA (Honours) from DU, MA (Oxon), and MSc (Oxon) respectively.

What attracted you to your academic interests?

I have always had varied interests and ended up studying economics for no particular reason. Since I was always a “maths type” in high school, I could very well have ended up in physics, statistics or bio-chemistry. I was not an “arts type” so it is ironical that I ended up becoming well-known as a writer. Even after I finished with three degrees in economics, I had little interest in policy-making or academia – I preferred the adrenalin of financial markets. This is what I did for over two decades. Again, by a twist of fate, I am now an economic advisor to Prime Minister Modi, and a Chancellor of a university. So, never try to guess where life will take you!

Among other subjects, you have studied philosophy. How has it shaped you as a person and a professional?

I did study for a degree in Politics, Philosophy and Economics at Oxford – as a second BA (then converted to an MA). It is a strange Oxbridge system. Anyway, I chose mostly to study the economics and politics papers. My knowledge of philosophy, especially Indian philosophical traditions, is self-taught. I am also heavily influenced by the intellectual framework of complexity theory. Not surprisingly, there is a close link between complexity theory and the Shakti tradition of Hinduism. I have explicitly spoken on many occasions about the link of complexity theory to my policy recommendations in my writings.

Please give us an overview of your professional journey – the roles you have held and where.

I began working in 1995 for a small boutique investment bank called Crosby Securities in Mumbai. I was their economist for India at a time when the economy had recently been opened up. Indeed, I am from the first generation of financial economists in India as this profession did not even exist till then. In 1997, I joined Deutsche Bank and worked in their Mumbai office. I later shifted to Singapore in 2000 where I was the bank’s Chief Economist for South and South East Asia. I took a sabbatical in 2009 and 2010 to travel around India with my wife and kids (this resulted in my second book: Land of the Seven Rivers). I rejoined Deutsche Bank in the beginning of 2011 as the bank’s Global Strategist. I joined the Indian government in Feb 2017 as Principal Economic Advisor to the finance minister. In Feb 2022, I joined the Prime Minister’s Economic Advisory Council.

Please share with us the most significant challenges you’ve faced, and your most fulfilling achievements so far, in your professional journey.

I have lived through many turbulent times. As a financial markets professional, I witnessed the Asian Crisis of 1997-98 and the Great Financial Crisis of 2007-08. As a policy-maker, I had worked on the banking sector clean-up of 2017-19 and then was part of the core team that managed the Indian economy during the Covid pandemic 2020-21. All of these were difficult times in their own way. More recently I have been involved in implementing a slew of reforms.

Each episode has taught me many things and allowed me to grow as a person.

What got you interested in Indian history? Are there any specific aspects/periods of Indian history that particularly interest you?

I am interested in multiple subjects and do not think in silos. I have written several bestselling books on history but have also published fiction, children’s books and biographies, not to mention five Economic Surveys. So, I am not specifically interested in any period or theme. Rather, I am interested in inter-connections: history and geography, economics and politics, complexity and the role of randomness, and so on.

What do you believe are India's three biggest strengths that can/will contribute to achieving the government's aspiration of Viksit Bharat (“Developed India”) by 2047?

India has many strengths – demographics, scale, and a changing global order, all of which provide an opportunity to transform India and its place in the world. What makes me confident that India will take advantage of this opportunity is aspiration and ambition of the current generation of young Indians. This is what will allow them to innovate and take risks in a way that past generations would not have done even if the opportunity existed. Perhaps due to hundreds of years of foreign rule, past generations of Indians were too cautious and deferential. Some foreign “old India hands” may find the brashness of the new Indian generation abrasive but this is what allows them to take risks.

What do you believe are the three most significant challenges India faces for achieving this aspiration, and what do we as a country need to do to overcome these?

The usual complaints about infrastructure and bureaucracy have reduced over time, although more needs to be done. The single biggest constraint to India’s ability to meet its aspirations is now the legal system. The long delays and uneven enforcement of contracts are now getting in the way of both ease-of-doing-business as well as the daily life of citizens. At some point, the citizens of the country will have to find a way to hold accountable an institution that is not directly answerable to the public.