World Bank appoints Kaushik Basu as chief economist

The World Bank has named Kaushik Basu, a Cornell University professor and former Indian official, as the institution's new chief economist and senior vice president.

Basu, an Indian national, most recently served as chief economic adviser of the India's Ministry of Finance while on leave from Cornell, where he was an economics professor and the C. Marks Professor of International Studies.

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

"Kaushik brings first-hand experience from a developing country and will be a terrific asset to the institution," said Kim.

Basu, 60, holds a doctorate from the London School of Economics and founded the Centre for Development Economics at the Delhi School of Economics in 1992.