Basu is chief economist of World Bank

The World Bank on Wednesday appointed Kaushik Basu as its chief economist and senior vice-president.

The World Bank on Wednesday appointed Kaushik Basu as its chief economist and senior vice-president.

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Basu (60) will begin his term on October 1, World Bank group president Jim Yong Kim said.

Basu, who replaces Justin Yifu Lin, was chief economic adviser in the Union finance ministry till July.

"Having worked in the Ministry of Finance, in addition to his impressive academic achievements, Kaushik is uniquely suited to help us offer evidence-based solutions and advise to client countries and provide innovative excellence in leading our development research," Kim said.

"Kaushik brings the first-hand experience from a developing country," the World Bank statement added.

A PhD from the London School of Economics, he founded the Centre for Development Economics at the Delhi School of Economics in 1992. Raghuram Rajan, Chief Economist of IMF, has replaced Basu as the country’s chief economic adviser.