Latest news with #Desai
India Today
2 hours ago
- Business
- India Today
Economist Meghnad Desai dies at 85, PM recalls his role in boosting India-UK ties
Lord Meghnad Desai, a renowned India-born British economist, academic, and member of the UK's House of Lords, passed away on Tuesday at the age of 85 after a brief illness in for his sharp intellect, bold opinions, and deep-rooted connections to both India and the UK, Desai leaves behind a legacy that spans decades of impactful contributions to economics, politics, and public in Gujarat, Desai completed his master's degree at the University of Bombay before earning his PhD from the University of Pennsylvania in just three years. He went on to teach at the London School of Economics (LSE) from 1965 to 2003, eventually becoming an emeritus professor. During his long academic tenure, he founded the Centre for the Study of Global Governance in 1992 and played a pivotal role in establishing LSE's Development Studies Institute, mentoring generations of was appointed to the House of Lords in 1991, taking the title Lord Desai of St Clement Danes. Initially joining as a Labour peer, he later resigned from the party in 2020 over its handling of antisemitism and continued his work as an independent voice. He was widely respected across political lines for his originality and independence of poured in from across the globe. Prime Minister Narendra Modi expressed his condolences on X, calling Desai a 'distinguished thinker, writer, and economist' who remained deeply connected to India and helped strengthen India-UK wife, writer and columnist Lady Kishwar Desai, said, 'I am devastated, as he was my rockstar husband, larger than life. Indestructible. I adored him.'Lord Karan Bilimoria remembered him as 'truly iconic,' while the High Commission of India in London praised him as a 'thought leader' and a lifelong advocate of India-UK friendship. Among his many cultural contributions, Desai played a key role in the installation of Mahatma Gandhi's statue at London's Parliament academia and politics, Desai was also a prolific writer whose works explored the intersections of economics, cinema, and culture. His books include Nehru's Hero: Dilip Kumar, in which he described the actor as one of the greatest talents in world was known not just as a scholar and statesman but as a fearless and independent voice who challenged conventions, defied political orthodoxies, and shaped critical dialogue across continents.- EndsWith inputs from PTI
Indian Express
6 hours ago
- Business
- Indian Express
Eminent economist, House of Lords member Meghnad Desai passes away at 85
Eminent India-born British economist, former Labour party politician, and House of Lords member Meghnad Desai passed away on Tuesday. He was 85. A prominent and well-regarded voice in economics in the UK, India, and beyond, Desai was a widely respected academic who wrote over 200 articles published in academic journals and authored over 25 books. A Professor Emeritus of the London School of Economics (LSE), where he had a long and distinguished career, Desai also wrote scores of columns in newspapers in the UK and India, including in The Indian Express. In 2008, he was awarded India's third-highest civilian honour—the Padma Bhushan. Although a celebrated economist, Desai's writings and commentary spanned varied subjects—economics, politics, political and social economy, history, sociology, international affairs, and even cinema. In fact, Desai reportedly counted his biography of the legendary actor Dilip Kumar—Nehru's Hero: Dilip Kumar in the life of India—as his 'greatest achievement'. Desai was an avid watcher of old Hindi films, and also had a passion for cooking. After learning of Desai's passing, Prime Minister Narendra Modi took to social media platform X to express his condolences. 'Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti,' Modi posted on X. Sanjeev Sanyal, Member of Prime Minister Economic Advisory Council, wrote on X, 'Very sorry to hear that eminent economist Meghnad Desai has passed away. I had known him for over two decades. He was always cheerful and open to new ideas. I will cherish the many long discussions and debates that we had over the years. Om Shanti.' Born on July 10, 1940 in Vadodara to Jagdish Chandra, a civil servant, and Mandakini Desai a homemaker, Desai grew up with three siblings. He earned his BA in 1958 and MA in economics in 1960 from the University of Bombay, after which he bagged a scholarship to the University of Pennsylvania, where he completed his PhD in Economics in 1963. Desai, also well-known as Lord Desai due to his membership of the upper house of the British parliament, taught economics from 1965 to 2003 at the LSE. He was appointed as a lecturer at the LSE in 1965, and became a Professor of Economics there in 1983. Desai went on to head LSE's Development Studies Institute from 1990 to 1995, and established and led the LSE Centre for the Study of Global Governance. During his time at the LSE, Desai researched and lectured on a variety of subjects—Marxian analysis, applied econometrics, Indian development and reform, poverty, globalisation, and the role of private markets. In 1971, Desai joined the British Labour Party and was elevated to the House of Lords in June 1991. He was Chairman of the Gandhi Memorial Statue Trust which helped erect the statue of Mahatma Gandhi in London's Parliament Square. In 1991, he was created a life peer as Baron Desai St Clement Danes in the City of Westminster. In 2020, Desai resigned as a member of the UK's Opposition Labour Party over its failure to effectively tackle antisemitic racism within its ranks. He authored numerous books, the most recent being The Poverty of Political Economy: How Economics Abandoned the Poor (2022). His other notable books are Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism, Rethinking Islamism: Ideology of the New Terror, The Route to All Evil: The Political Economy of Ezra Pound, a novel Dead on Time, and The Rediscovery of India.
Skift
6 hours ago
- Business
- Skift
Fraudster Scams Event Planner Out of $20K
A scam is exploiting the credibility of big-name brands to defraud event planners. One planner is out nearly $20,000, and she's not alone. A veteran event producer says she lost nearly $20,000 after being targeted by a fraudster posing as a corporate executive planning a launch party. And she has since learned she's not the only one. A man posing as a representative from Glidden Paints reached out to Nirjary Desai, founder of KIS Cubed Events about a corporate event in Atlanta. Glidden was opening a new office in Atlanta, the man claimed, and wanted to throw a party and team-building event. There was a caveat: The company required the use of three 'preferred vendors.' Desai was instructed to pay these vendors directly and she'd be reimbursed. 'I explained I must do my due diligence and speak to each vendor, have them fill out W9s, and receive proper invoices,' Desai told Skift. Each vendor provided invoices, tax documents, and took Desai's calls, a layer of credibility that made the scam more convincing. To pay the vendors, the fraudster would send her $10,000 via credit card. There were multiple declines, but the payment finally appeared to go through and she paid out $9,400 to the 'vendors,' an audio visual company, a photographer, and a singer. Desai needed to see the space where the event would be held but the scammer canceled two site visits at the last minute. Chance Meeting Desai went to the office building anyway, and by coincidence, met another planner in the parking lot: Patricia Stinson, who had received the same lead. The two found the building's security team, who confirmed there was no Glidden Paints office there. She contacted Glidden's corporate office, which said it had no knowledge of an event, and no plans for an Atlanta office. Desai has since reported the incident to Atlanta police and is in contact with Glidden's legal team. Glidden did not respond to a request for comment from Skift. Then she realized a fraudulent $10,000 withdrawal had been taken from her account. A test deposit of one penny — a common step in ACH fraud — had preceded it. The withdrawal went through based on a fraudulent invoice using the bank account information Desai had provided to get set up in the centralized payment system. A second financial loss soon followed.. The initial $10,000 payment that she thought had gone through hadn't actually cleared before she paid vendors. The credit card company told her the fraudster used a stolen card to make the payment. In total, Desai is out nearly $20,000. 'I immediately froze all of our accounts and filed a cybercrime report,' she said. 'Police told me this isn't just fraud. It's a major crime targeting small businesses.' The scammer's fake LinkedIn profile – he went by 'Gregory Mount' – and the vendor websites have been deleted. The URL he had provided was a phishing scheme, Desai has learned. Although it did direct her to the Glidden website, it was designed to steal all of her data, financial information included. A Wider Scam Unfolds In an industry Facebook group, dozens of Atlanta-area planners have reported similar outreach from a Gregory Mount. Some caught the fraud in time. Stinson, the planner Desai met at the office, had not exchanged any funds with Mount. She did waste time though. 'From now on, we'll only take clients via referral. When I asked who referred me, the man gave me a name I didn't recognize. I should have left it at that,' said Stinson. 'But I trusted him and went to the office building to look around.' Another target, Steve Moore, director of special events at Affairs at the Fox, received a similar inquiry from Mount. 'He insisted we would have to process credit card payments in order to get the job,' said Moore. That was a red flag and Moore began digging: 'I couldn't find any Glidden office set to open in Atlanta. I couldn't find Mount on social media and his email was which didn't seem right.' Moore credits his skepticism to his company's weekly security training. 'That made a difference,' he said. Industry on High Alert For Desai, the financial hit is devastating. But the emotional toll is equally painful. 'This is a coordinated attack on our industry,' Desai said. 'They're exploiting trusted brands to gain credibility. We need stronger safeguards, and better brand accountability.' According to the 2025 AFP Payments Fraud and Control Survey, 79% of organizations experienced attempted or actual payments fraud last year. The most common method is business email compromise — often through spoofed emails and fake vendor scams like this one. For the events industry, the takeaway is to verify everything: names, domains, projects — and especially payments. In addition, cyber insurance policies usually cover losses caused by phishing attacks. Desai is in talks with her insurance provider about adding this to her coverage.
Time of India
7 hours ago
- Business
- Time of India
Who was Meghnad Desai? Celebrated economist, LSE Professor Emeritus, and lifelong Labour Party voice who shaped global economics and British politics dies at 85
Meghnad Desai dies at 85—marking the end of an extraordinary life devoted to ideas, reforms, and bridging the worlds of economics, politics, and academia across India and the United Kingdom. Lord Meghnad Desai, the Indian-origin economist and member of the UK's House of Lords, passed away in London on July 29, 2025, leaving behind a rich intellectual legacy and decades of influence in public policy, education, and international relations. Known for his sharp insights, independent views, and relentless pursuit of truth, Desai was more than just a celebrated economist—he was a thinker who challenged orthodoxies and influenced generations of leaders, students, and scholars. Explore courses from Top Institutes in Please select course: Select a Course Category Degree healthcare Artificial Intelligence Healthcare Product Management PGDM Finance MCA CXO Operations Management Technology Data Science MBA Others Public Policy Cybersecurity Digital Marketing Leadership Data Science Project Management others Design Thinking Management Data Analytics Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details Early life in India shaped his global vision Born in Vadodara, Gujarat , on July 10, 1940 , Meghnad Jagdishchandra Desai grew up in a culturally rich and academically inclined family. His early years were shaped by a deep curiosity about social and economic inequality—something that would later define his work. He completed his graduation in economics from the University of Mumbai , before pursuing his PhD at the University of Pennsylvania . Under the guidance of prominent economists, Desai developed an early interest in development theory and macroeconomics, especially focused on underdeveloped economies and the structural forces behind poverty and inequality. Academic legacy at London School of Economics One of Meghnad Desai's most lasting contributions came during his time at the London School of Economics (LSE) . Joining the LSE faculty in 1965, he became one of the most respected voices in global economic circles. In 1983, he was promoted to Professor of Economics, and later became Professor Emeritus after retiring in 2003. Live Events Desai also founded the Centre for the Study of Global Governance at LSE in 1992, a pioneering institution that focused on international development, post-colonial state transitions, and global power dynamics. His academic work bridged classical economics, Marxian theory, and real-world applications of development economics. Students remember him not just as a professor but as a mentor who encouraged critical thinking and embraced multiple ideological lenses. His classes became hubs for discussions on capitalism, socialism, public finance, and policy-making in emerging economies. Entry into UK politics and the house of lords In 1991, Desai was elevated to the UK peerage and became Lord Desai of St Clement Danes , entering the House of Lords . His entry into British politics was significant—not just as a symbolic win for Indian-origin thinkers in the West, but as a practical platform for voicing economic and human development concerns at the highest levels. Initially aligned with the Labour Party, Desai held various local leadership roles, including Chair of the Islington South and Finsbury constituency from 1986 to 1992. However, in later years, he moved to the crossbenches to maintain his ideological independence and speak more freely on issues like socialism, economic inequality, and international cooperation. His interventions in the House of Lords were often focused on India-UK relations, development funding, immigration policies, and the impact of globalization on marginalized communities. A prolific author and a fearless economic thinker Throughout his life, Meghnad Desai remained a prolific writer and speaker. He authored more than a dozen books and published over 200 scholarly articles. His writings touched on a wide array of themes—from global capitalism and Marxist theory to Bollywood's role in shaping national identity. Some of his most well-known works include: Marxian Economic Theory (1973) Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (2002) India Grows at Night: A Liberal Case for a Strong State (2013) Nehru's Hero: Dilip Kumar in the Life of India (2013) These books are not just academic texts—they are reflections of a deeply curious mind trying to understand the interplay of markets, governments, and human behavior. Desai was also a regular columnist for global newspapers and magazines, frequently writing about Indian politics , economic reforms , and the challenges of globalization . How Meghnad Desai's work impacted India-UK relations Lord Desai played a crucial role in strengthening India-UK diplomatic and intellectual ties. While he lived most of his life in the UK, he remained deeply connected to India—commenting on its politics, advising policymakers, and participating in key public debates. His analysis of India's liberalization journey in the 1990s, his support for policy reforms, and his balanced views on nationalism and globalization made him a go-to voice for both Indian and British media. Desai believed in the potential of democratic capitalism to deliver inclusive growth—provided it was backed by strong institutions and social safety nets. This made him a moderate voice amid rising populism on both ends of the ideological spectrum. Accolades and awards that celebrated his global contributions In 2008, the Government of India awarded Lord Meghnad Desai the Padma Bhushan , the country's third-highest civilian honor, in recognition of his service in public affairs and economics. In addition, he received honorary doctorates from several international universities and held advisory roles in major global organizations, including the United Nations and World Bank. Despite all his accolades, Desai remained approachable and deeply engaged in public life—often found debating on television panels, participating in student conferences, and writing columns that simplified complex issues. Meghnad Desai's death and the wave of tributes Lord Meghnad Desai passed away in London on July 29, 2025 , at the age of 85. While the cause of death was not publicly disclosed, reports suggest he passed peacefully surrounded by family. His death triggered a wave of heartfelt tributes from across the world. Indian Prime Minister Narendra Modi called him a 'distinguished thinker and reformer' and praised his lifelong effort to deepen India-UK relations. Former Reserve Bank of India Governor Raghuram Rajan remembered him as a "fearless intellect who always asked the uncomfortable questions." Academics and students from around the world shared memories of his generosity, clarity, and relentless curiosity. Meghnad Desai's life defied labels. He was a Marxist who praised market reforms. A British parliamentarian who deeply loved India. An academic who spoke like a journalist. A professor who never stopped learning. His greatest legacy is not just in the books he wrote or the speeches he delivered—but in his fearless commitment to truth, reason, and intellectual freedom. Why meghnad desai's legacy still matters today As the world grapples with rising inequality, fragile democracies, and the clash of ideologies, Meghnad Desai's voice remains more relevant than ever. He believed in bridging extremes, in listening more than shouting, and in putting people at the center of economic thinking. His life was a shining example of how ideas—when rooted in empathy and courage—can shape the destiny of nations. FAQs: Q1: When did Meghnad Desai die and how old was he? Meghnad Desai died on July 29, 2025, at the age of 85. Q2: Why was Meghnad Desai famous? He was a world-renowned economist, author, and House of Lords member known for his work in development economics and India-UK relations.
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Business Standard
7 hours ago
- Business
- Business Standard
Eminent economist Meghnad Desai dies at 85 in London, PM condoles death
Renowned economist Lord Meghnad Desai, known as much for his sharp mind as for his distinctive Afro-style shock of hair that sat atop it, passed away at the age of 85 on Tuesday. India's Prime Minister Narendra Modi, who hails from the same state as Desai - Gujarat - condoled his passing on social media. In his post, PM Modi wrote, "Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti." Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable… — Narendra Modi (@narendramodi) July 29, 2025 Desai's fellow Peer in the House of Lords, Rami Ranger, described him as a "pillar of the community who worked tirelessly and made significant contributions to many worthy causes, including the Gandhi Memorial Statue at Parliament, which I collaborated on with him". "He will be greatly missed. We pray for a place in heaven for the departed soul and his family's strength to cope with this loss," said Lord Ranger. Lord Meghnad Desai: Academic and political journey Desai, who was born in Vadodara in 1940, completed his PhD in economics from the University of Pennsylvania in 1963. In 1991, he was appointed to the House of Lords as a Peer for the Labour Party. The Indian government recognised his contributions by awarding him the Pravasi Bharatiya Puraskar in January 2004, followed by a Padma Bhushan, one of India's highest civilian honours, in 2008. Desai moved to London in 1965 and began teaching at the prestigious London School of Economics. Over time, he rose to become a full professor and was later honoured as professor emeritus. Meghnad Desai authored several books, not only on economics but on a wide range of other topics. His most recent publication, released in 2022, was titled The Poverty of Political Economy: How Economics Abandoned the Poor. In 2004, he also wrote a biography of legendary actor Dilip Kumar, called Nehru's Hero: Dilip Kumar in the Life of India. He also wrote, until recently, a weekly column for The Indian Express newspaper tilted 'Out of My Mind'.
