'The macro-economic stresses -- high interest rates, rupee depreciation and capital flows -- have receded now.' 'Interest rates have come down, inflation is down and the rupee has bounced back.' 'If oil prices continue at this level, there will be no vulnerability.' 'Growth is a different story.'
Subramanian's paper comes at a time when concerns have been raised in various quarters about the official economic growth numbers. The Economic Advisory Council-PM said the Base Year of India's income calculations were shifted to 2011-12 on the basis of recommendations of several committees with experts in national income accounting.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
'It is likely the government may opt for an IAS officer.' 'For the government, an IAS officer will be more easy to deal with,' notes A K Bhattacharya.
'At a time when the economy is depressed, a pandemic is raging, and the Chinese are making noises on the border, the NRC could be resuscitated.'
The outgoing Chief Economic Advisor will always be remembered for his remarkable passion, his large imprint on policymaking and the high level of public debate he fostered
'Instead of doing reforms and restructuring, the present government is busy with the perception that everything is fine and the economy is hunky-dory.' 'Such hollow perceptions are very dangerous for the Indian economy in the long run.' 'The real risk to India is the lack of decent employment opportunities for youth in general and educated youth in particular.'
'The time has come to incorporate Indian sociology into economic policy.' 'The first step in that direction would be to listen to economists trained in India and not just the US and the UK, argues T C A Srinivasa-Raghavan.
The Indian economy was on an impressive growth path through the first decade of this century till it was brought to an abrupt halt by the policy inertia during UPA2 and the Modi government's inability to restore economic and financial momentum. Fascinating glimpses of what went wrong from Puja Mehra's must-read book The Lost Decade: How India's Growth Story Devolved Into Growth Without A Story.
The sabre-rattling between parties on rival sides of the political divide over demonetisation showed no signs of softening on Saturday with the government accusing Congress of engaging in "fear mongering" and the latter hitting back calling the exercise a "not well thought out move" whose after-effects will last long.
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