We should not take our eyes off IBC, says CEA Arvind Subramanian

We should not take our eyes off IBC, says CEA Arvind Subramanian: In MSP increases, the distributional benefits and the macroeconomic consequences are directly correlated, said CEA...

M G Warrier                              

July 6, 2018
People’s CEA
This refers to the interview with CEA, Arvind Subramanian (Business Standard, Q&A, July 6). While regretting the short shelf-life in India for imported talent, mostly because of the fear of the unknown the individuals who are used to (and therefore are more comfortable with) western culture develop once they land in India, we need to welcome them and their contribution in our efforts to move forward. Perhaps, these celebrity economists fear that remaining in India for longer periods may affect their growth potential.
Let us thank Arvind Subramanian for sharing his thoughts about recent developments in the Indian economy and his own unfinished agenda (the four issues he would have focused in Economic Survey 2017-18 (PPP for the Indian states, a different approach to employment flows and GDP estimates and the impact of trade wars and currency wars on India). If Noor Bashir, Security Officer at Delhi Airport is taking this much interest in CEA’s inputs for the country’s economic development, the outgoing CEA can rest assured that Aam Aadmi in India has come out of slumber and is going to have his say in governance.
We will definitely miss people like Raghuram Rajan and Arvind Subramanian who, during their relatively short incumbency gave a new life and sense of direction to the offices they held. As candidly admitted by both, in different contexts, their perceptions about government and institutions in India underwent a change during their tenures as RBI Governor and CEA. Unfortunately, we are not getting the full benefit of the efforts they put in to understand India!
M G Warrier, Mumbai


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