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K. N. Raj

From Wikipedia, the free encyclopedia
Indian economist

K. N. Raj
Born13 May 1924
DiedFebruary 10, 2010(2010-02-10) (aged 85)
Alma materMadras Christian College,London School of Economics
OccupationEconomist
Known forSetting up theCentre for Development Studies; Drafting sections ofIndia's first Five Year Plan;

Kakkadan Nandanath Rajan (13 May 1924 – 10 February 2010) was an Indianeconomist. He is popularly known asK. N. Raj. He played an important role in India's planned development, drafting sections of India's firstFive Year Plan, specifically the introductory chapter when he was only 26 years old. He was a veteran economist in thePlanning Commission. He worked out a plan to raise India's rate of savings in the post-Second World War period when the country was in need of foreign aid. He computed India'sBalance of Payments for the first time for theReserve Bank of India.[1] Raj was an advisor to several prime ministers fromJawaharlal Nehru toP.V. Narasimha Rao.[2] Dr. Raj was aKeynesian economist. He studied the application of Keynesianmonetary theory in Indian context.

Early life

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Raj was born inThrissur District. He did aB.A. from the prestigiousMadras Christian College. He was a disciple of a well-distinguished economistMalcolm Adiseshiah at Madras Christian college. His teacher pressed for him to go for higher studies inLondon School of Economics. His thesis was on themonetary policy of India's central bank. Raj was a companion of distinguished economists likeManmohan Singh,Amartya Sen andJagdish Bhagwati. Although he was a staunch leftist, he was critical ofLenin's ideas of the State.[3] He opposed theeconomic liberalisation in India.

Career

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Raj joinedDelhi University, where he was Professor of Economics and also Vice-Chancellor (from October 1969 to December 1970), spending a total of 18 years there. During that time, he was instrumental in setting up theDelhi School of Economics (DSE).

After returning toKerala fromDelhi in 1971, Raj set up theCentre for Development Studies atThiruvananthapuram, an institution that soon acquired an international reputation for applied economics and social science research. The work that Raj and his colleagues did for theUnited Nations in the early days of the CDS, and published in 1976, helped shape the contours of what later came to be called the"Kerala model of development" - the co-existence of low per capita income and very high physical quality of life indicators like life expectancy and literacy rate. It was really a paradox between economic and social development.

Raj once wrote philosophically: "I think that most of the things that welfare economists talk about are those that are obvious to all of us, especially the common people. In fact, even a pure philosopher and religious thinker likeSree Narayana Guru, who achieved a social transformation in Kerala, spoke about the very same things that welfare economists speak about today: education, health care facilities, even small-scale industries... Many people like me practised welfare economics without knowing that it waswelfare economics because we were anxious that economics should help the poor. But people who take economic theory literally would say that this is not our problem." Raj stood for the welfare ofAam Aadmi throughout his life.

Awards

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He was awarded thePadma Vibhushan in 2000.

Death

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K. N. Raj died on 10 February 2010 at a private hospital inThiruvananthapuram.[4]

References

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  1. ^Krishnakumar, R. (23 October – 5 November 2004)."A man behind the Plan".Frontline.21 (22). Retrieved11 February 2010.
  2. ^"Economist, Plan architect K.N. Raj passes away".The Hindu. Chennai, India. 11 February 2010. Archived fromthe original on 14 February 2010.
  3. ^"Archived copy". Archived fromthe original on 3 March 2016. Retrieved18 February 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^"Economist K.N. Raj passes away".

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