Figlio del giudice indiano Natwarlal Bhagwati e fratello minore del giudice Prafullachandra Bhagwati, frequentò il liceo Saint Xavier ed entrò al collegio Sydenham, conseguendo il baccellierato in economia e commercio. Successivamente venne ammesso al collegio Saint John, laureandosi nel 1956 in economia all'Università di Cambridge.
Ha preso posizione sulle principali scelte economiche del sub-continente indiano[1], estendendo poi la sua riflessione[2] a tutto lo scenario macroeconomico mondiale[3].
Sostenitore del libero commercio e della globalizzazione, ritiene che quest'ultima aiuti i paesi poveri a innalzare il loro tenore di vita. Gli Stati dovrebbero aprire i propri confini al libero scambio di beni e servizi fissando d'altro canto regole per le economie nazionali.
^India After Devaluation. Jagdish Bhagwati. The Economist (London, England), Saturday, August 27, 1966; pg. 788; Issue 6418; Bengal. Jagdish Bhagwati and Muhammad Khair. The Economist (London, England), Saturday, August 21, 1971; pg. 4; Issue 6678.
^Taxing the Brain Drain. The Economist (London, England), Saturday, March 6, 1976; pg. 107; Issue 6915.
^The New International Economic Order. The Economist (London, England), Saturday, February 4, 1978; pg. 119; Issue 7014; Third and fourth worlds. The Economist (London, England), Saturday, March 11, 1978; pg. 117; Issue 7019; Where North-South Should Go from Here. Jagdish Bhagwati. The Financial Times (London, England), Wednesday, March 09, 1983; pg. 15; Edition 29,019; How We Can Resolve the North-South Debate. Jagdish N. Bhagwati. The Financial Times (London, England), Wednesday, November 27, 1985; pg. 27; Edition 29,790; Snip, snip. The Economist (London, England), Saturday, December 17, 1988; pg. 98; Issue 7581.
^Trade-off Offers Answer to Gatt Impasse. The Financial Times (London, England), Wednesday, March 22, 1989; pg. 8; Edition 30,800; America's trade policy. Robert Gorelick. The Economist (London, England), Saturday, June 10, 1989; pg. 6; Issue 7606.