MUMBAI, Jan. 11 -- India is at the risk of falling into a middle income trap with poor human capital and low-quality infrastructure, according to Massachusetts Institute of Technology (MIT) economist Abhijit Banerjee. Speaking at the Exim Bank's 34th commencement day annual lecture, Banerjee said a reset of our policymaking is long overdue as we stare at a host of new problems. Edited excerpts from an interview:

What has the centre done right in terms of welfare schemes?

This government has gone for a number of ideas worth exploring. It has gone too quickly without enough homework. If you look at the concept of Jan Dhan Yojana or Swachh Bharat Mission or Pradhan Mantri Fasal Bima Yojana or Ayushman Bharat, at some level these are ideas w...