Kaushik Basu appointed as World Bank Chief Economist

On 5 September 2012, The World Bank appointed Kaushik Basu, as its chief economist and senior vice president. Basu, an Indian national and a Cornell University professor most recently served as chief economic adviser of the India's Union Ministry of Finance. He has to take over as the chief economist at the World Bank on October 1.

Kaushik Basu, 60, holds a doctorate from the London School of Economics and has also founded the Centre for Development Economics at the Delhi School of Economics in 1992 is also a founding member of the Madras School of Economics.
He had his wide contributions in the field span development economics, welfare economics, industrial organisation and public economics

He has earlier served as chairman of Cornell's economics department and was a director of its Center for Analytic Economics. He was awarded with one of the country's highest civilian awards, the Padma Bhushan in May 2008.

In his two-and-a-half-year stay in the Union finance ministry, Basu gave some constructive thoughts on food coupons and innovative ways to tackle corruption among other advices.