The government has retained Arvind Subramanian as its chief economic advisor, unlike other American professors Dr Raghuram Rajan and Arvind Panagariya, who quit their jobs as RBI governor and NITI deputy chairman respectively.
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
'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.
Two days after political commentator Pratap Bhanu Mehta resigned as a professor from the Ashoka University, his colleague, economist Arvind Subramanian, put in his papers on Thursday and faculty members wrote to the vice chancellor expressing their deep anguish.
'Rates go up, revenues go up, and the need for compensation diminishes.'
Arvind Subramanian talks about US and China's power play and where India figures in these dynamics.
A PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus, Krishnamurthy Subramanian is one of the world's leading experts in banking, corporate governance and economic policy
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.
Subramanian Swamy now wants Arvind Subramanian sacked.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
General Singh was assigned to receive leaders representing the planet's two superpowers -- the president of the United States and the premier of the People's Republic of China.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
'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.
The days of anti-reform, anti-growth advisers that undermined our economy in the UPA-II years will now be strictly behind us: Bhagwati
'Mr Modi would compliment a Nobel Prize winner, but members of his party or the government would not be restrained from either making unfair comments or criticising him for having offered advice to an Opposition political party,' says A K Bhattacharya.
'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 economy may not improve unless you admit there are some problems.'
It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, observes T N Ninan.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
'In the long run, I don't foresee major ramifications [about Trudeau's allegations].' 'There's just enough hypocrisy among Western nations for India to douse the outrage.'
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
'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.
In another somersault, the BJP MP claims Arun Jaitley looks smart in a suit.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
The use of RBI capital to strengthen public sector banks will have many positive implications for the economy -- and a few manageable downsides, points out R Jagannathan.
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.
'If deaths had been properly reported, it would have helped contain the pandemic.'
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
'The term 'pro-growth' must be qualified somewhat because, while a rising tide will lift all boats, it will not necessarily do so equally.'
NDDB had helped dairy farmers direct their own development, placing control of the resources they created in their own hands.
'Look at the number of billionaires, the number of new billionaires in India.' 'Adani and Ambani are not the only ones.' 'What's wrong with people making money as long as it benefits us?'
'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.'
For now, the DMK can be expected to sound the bugle for Opposition unity at the national level, predicts N Sathiya Moorthy.
The Modi PMO is like none other: It is staffed by people who are so low profile that the only dominant personality is the Prime Minister's.
A wise politician would disarm his critics, try to take them along, co-opt them, or, at least, take the criticism in his stride. Developing a thick skin ought to be an essential part of any politician's toolkit, notes Virendra Kapoor.
Despite all of the PM's many strengths, it is increasingly clear that he does not necessarily have a coherent and clear worldview on matters of macro policy.
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