[2][3] He taught at the Centre for Economic Studies and Planning in the School of Social Sciences at Jawaharlal Nehru University in New Delhi, from 1974 until his retirement in 2010.

In 1974 he returned to India as an associate professor at the newly established Centre for Economic Studies and Planning (CESP) at the Jawaharlal Nehru University (JNU), New Delhi.

Some of his books includes Time, Inflation and Growth (1988), Economics and Egalitarianism (1990), Whatever Happened to Imperialism and Other Essays (1995), Accumulation and Stability Under Capitalism (1997), The Retreat to Unfreedom (2003), The Value of Money (2008) and Re-envisioning Socialism (2011).

He was part of a four-member high-power task force of the United Nations (U.N.) to recommend reform measures for the global financial system.

Chaired by Joseph Stiglitz, the other members were Belgian sociologist Francois Houtart and Ecuador's Minister for Economic Policy Pedro Paez.