World Bank appoints India's Kaushik Basu as chief economist

  • The World Bank has named Kaushik Basu, an Indian national, as its chief economist.

    Basu, who was most recently the chief economic adviser to the Indian government, is the World Bank's second chief economist from a developing country.

    He replaces Justin Lin of China, whose term expired in June.

    Basu holds a Ph.D. from the London School of Economics and is on leave from his position as a professor of economics and international studies at Cornell University in New York.

    He is also the founder of the Center for Development Economics at the Delhi School of Economics.

    In recent year, emerging market nations have pushed for more influence at the World Bank and its sister institution, the International Monetary Fund.

    From October, Basu will serve under new World Bank President Jim Yong Kim, a Korean-American who took over American Robert Zoellick two months ago.