My interview experience (though it is very late to post)
It happened on Feb 23 in Delhi.
I was little nervous as I entered the room as I was not really prepared. First Sardarji made a comment about my age as I was just 22. I just smiled. Then he asked me about the situation in JNU then (Myself doing M.A Economics final year from JNU). I said it was kind of calm.
Then they began firing questions related to economics. First Sardarji asked what is Marx's theory of value. I could answer that. Then asked how it is different from Lenin's theory of value. I didn't know the answer (Even after searching many times through books and internet, I am not still sure whether Lenin had a theory of value as such).
The next question was 'how far the Modi Govt is going ahead with the slogan "Minimum Government, Maximum Governance". I began my answer by telling about disinvestment programmes. Sardarji corrected me by saying that disinvestment is not what the govt means by the slogan. I got the point and said about the Make in India programme and doing away with License Raj. Then Sardarji asked whether National Green Tribunal is against the motto of Minimum Government. I said about the recent spate of speedy forest clearances. Sardarji intervened by saying that forest clearance is done by MoEF and not NGT. Then I said like NGT as an establishment is quintessential for sustainable devt.
The next question was related to fiscal deficit target controversy. I was quite confident as I had read about the issue and began my answer saying that 'Raghuram Rajan opined that'. There Sardarji again intervened and said that he wanted my opinion and not Raghuram Rajan's! I smiled and said that little bit dithering from fiscal deficit target is fine as the economy needs stimulus at the current juncture. Then Sardarji asked me 'which is more dangerous - fiscal deficit or revenue derficit?' I said revenue deficit is more dangerous. Then he asked me, is it fine if revenue deficit is zero and fiscal deficit is very high like 10 or 20%. To this I said, it is not fine and it should be ideally not more than 3 or 4%. He asked me why is it so? To this I replied, it is safe for the economy and it is agreed worldwide and even European Union sticks to this target. Then Sardarji asked me, why should we agree to the worldwide practice to which I simply smiled.
The next question was related to deflation. It was posed by one of the group members. I gave the definition of deflation when I was asked. The next question was, why deflation a problem? I gave the answer like, deflation will lead to depression. The next question was what is liquidity trap, which I answer satisfactorily. The member wanted to know the names of the countries facing deflation problem. I said Brazil and Eurozone. Brazil was actually experiencing inflation problem and Sardarji told me that. They then wanted to know the ways to counter deflation. I replied saying negative interest rate policy (recently adopted by Japan) and Quantitative Easing. Then he wanted to know what Quantitative Easing is. I said it is Govt selling bonds to open market (it is really govt buying bonds from open market). It was a blunder and they pointed it out.
I was from English Literature background in undergrad. The lady member wanted to know why my career paths were so divergent (from science at +2, English Literature for B.A and Economics for M.A). I gave a satisfactory answer. Then she wanted to know what all I studied under literature and how do I analyze poet John Keats. I gave an okayish answer for both questions.
Sardarji told me to leave (which was quite a heartbreak for me as I didnt answer a single question properly). I thanked all of them and made my way out (I was all drenched in sweat. What bothers me was that I was not at all confident during the session, partly due to the inability to prepare owing to the turmoil in JNU at that time