The writer is former chief economic advisor to the government of India.
Exceptional situation calls for creative solutions — new set of procedures that utilise much of existing IBC framework, reformed IBC, bad banks for stressed assets in power and real estate sectors.
Aravind Subramanian writes: Now, following the Covid-19 shock, red ink will be blotting balance sheets across the economy.
A common thread to many of these actions — indeed prerequisites for their success — is cooperation between the Centre and states.
It is bad enough that our higher education system has routinely been failing our youth. It is bad enough too that their prospects of getting decent, well-paying jobs are becoming more grim. To heap violence and physical and psychological insecurity only adds more hopelessness to their educational years
Indicators of exports, imports, and real government revenues are in negative territory, or close to it. Clearly, this is not an ordinary slowdown. It is India’s Great Slowdown.
Running an economy, especially one that is in a predicament such as India’s today, is infinitely more complicated and the data demands are hence commensurately greater. A Data Big Bang effort along the lines proposed here would make that difficult task less challenging.
Methodological changes have led to overestimating GDP growth by 2.5 percentage points per year between 2011-12 and 2016-17. Actual growth is around 4.5 per cent.
The Office of the Chief Economic Adviser is a unique public institution — not just another cog, albeit technocratic, in the vast machinery of the government of the day.
Aggregate revenues have done well, despite headwinds, especially for less developed, consuming states
The Survey strives to combine rigor with readability, a challenge that increases in the same proportion as attention spans shrink (from absorbing op-eds to scrolling down tweets).
It must be brought within the ambit of the new tax regime. This will reduce costs, eliminate cross-subsidisation and restore the neutrality of incentives which is essential to good tax policy.
Excerpts from Arvind Subramanian's lecture delivered at the National Academy of Agricultural Sciences on June 5.
In the determination of the rate structure, the guiding principle should be: What will make for a GST that will facilitate compliance, minimise inflationary pressures, be a buoyant source of revenue, command support from the public?
The Goods and Services Tax will be truly transformational when domains like real estate are brought in its ambit.
The stunning theoretical contributions of Kenneth Arrow, who died last week, both built and undermined all of politics and all of market economics
A centralised Public Sector Asset Rehabilitation Agency (PARA) could help over-leveraged corporates and bad-loan encumbered banks.
Economic reforms are not, or not just, about overcoming vested interests; they are increasingly about shared narratives on problems and solutions. Economic Survey builds on this idea.
It will also promote indigenous research and science, incentivise pulses production, rationalise pricing.
The sharp increase in nominal growth is welcome: It signals improvement in underlying real economic activity, holds out hope for the health of the corporate and banking sectors.
Government’s measures to boost the apparel industry are timely as China’s declining competitiveness provides opportunity for India.