28.2.15

A Double Digit Fairytale?!


Every Economic Survey has something innovative and this year is no exception. The graphic on the covers of both the volumes celebrates India overtaking China in economic growth. Chief economic advisor Arvind Subramanian has flagged ten issues in volume 1, while volume 2 is the conventional survey with all the graphs and numbers.
After nearly two years, talk of double-digit growth returns to the policymakers' lexicon. “ A political mandate for reform and a benign external environment have created a historic moment of opportunity to propel India onto double-digit growth trajectory ,“ say the opening lines of the first chapter.
Subramanian, a prolific author, uses his skills effectively , quoting Keynes, Nehru, Kautilya, US economist and political theorist W W Rostow, former Singapore PM Lee Kwan Yew, PM Narendra Modi and others to drive home his point on various issues. On economic outlook, prospects and policy challenges, Subramanian has strongly backed empowering women and unleashing `naari shakti', a tribute to women power. Asked why he decided to split the survey, Subramanian said, “We all have our own quirks and idiosyncrasies.“
The Survey kicks off the chapter on banking sector with a quote from Kautilya: “The nature of the transactions between creditors and debtors on which the welfare of the kingdom depends, shall always be scrutinized,“ Kautilya in Arthashastra around 3rd century BC.
Subramanian's imprint is clear in small details as the American spelling of “labor“ and “center“. He was a senior fellow at Peterson Institute of International Economics.









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