It seems odd to criticise a country for delivering growth rates in standards of living and consumption that have been perhaps the fastest, longest, and most broad-based (affecting hundreds of millions of people) in history, points out Arvind Subramanian.
'We have to pull 80 million workers out of agriculture and go back to where we were in 2014. That itself is going to be a huge task.' 'We have already lost time, and that is a catastrophe impending.''
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.
Twitter accounts of leading industrialist Ratan Tata and Trai chairman R S Sharma were also hacked
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
Subramanian Swamy caused a flutter when he sought Arvind Subramanian's sacking for allegedly taking anti-India stance when he was an IMF economist in Washington.
Mundane as it may seem, this is in some ways a metaphor for the challenges facing the nation, argue Arvind Subramanian and Devesh Kapur in their new book, A Sixth Of Humanity.
India is more insulated to Fed-related volatility than other emerging markets due to its better economic fundamentals
'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.'
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.
Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, attended a news conference in New Delhi at which his appointment was announced.
The inter-meeting rate cut by the Reserve Bank of India (RBI) indicates a shift in its monetary policy stance, the finance ministry's chief economic adviser Arvind Subramanian said on Thursday.
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.
No need for extra stimulus, India to hit around 8 pct growth: adviser
Noted economist Arvind Subramanian is favoured as the choice for the government's Chief Economic Advisor (CEA).
'In the short-term, the markets may be affected' by the review but 'it will help address what they are worried about which is why we need transparency,' says former chief economic advisor.
Subramanian was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Senior Fellow at the Centre for Global Development in the US before joining the ministry.
The Reserve Bank of India is widely expected to lower interest rates for a third time this year.
India's gross domestic product product (GDP) growth rate between 2011-12 and 2016-17 should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University. "The Indian policy automobile has been navigated with a faulty, possibly broken, speedometer," he says in the paper.
He said the society has become highly litigious and vouched for independent regulatory institutions that are free from political interference.
CEA offers three compelling arguments in his case for privatisation of government-owned banks.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution, Subramanian said.
RBI recently cut repo by 0.25 percentage point, taking the rate to 7.25 per cent in three reductions since January.
'But this Budget alone will not fix what ails the Indian economy.'
Says one of the problems in addressing the issue of black money is that India's tax system is perceived as being arbitrary
Make In India and the reduction in barriers of trade will potentially create a growth environment.
New data is puzzling as these aren't corroborated by other data
'Rates go up, revenues go up, and the need for compensation diminishes.'
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
Chief Economic Advisor Arvind Subramanian says that he hopes GDP growth will be at the upper end of the 7-7.5 per cent range.
In his first interview since becoming the chief economic advisor, Arvind Subramanian agrees the Narendra Modi government has taken some initial steps to revive private investments but says many more measures would be required to restore macroeconomic stability - reining in inflation and fiscal deficit - and bring the economy back on high-growth path. Subramanian, who has earlier worked in the research department of the International Monetary Fund, tells IMF Survey, an online magazine of IMF, that the Gujarat model is to be replicated across India but there also are macroeconomic problems at the national level that need to be addressed.
From CEOs to RBI governors, cricket's rich imagery and strategy resonate deeply with leadership, uncertainty, and decision-making across industries and global diplomacy, points out Suveen Sinha.
Arvind Subramanian talks about US and China's power play and where India figures in these dynamics.
Finding resources for a fiscal stimulus could be difficult and it could jeopardise macroeconomic stability, says CEA.
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.
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.
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
A careful reading of the national income accounts suggests that after a strong recovery from the pandemic, there has been a significant ebbing of dynamism over the last three quarters to more modest levels recently, note Arvind Subramanian and Josh Felman.
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
