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Of Counsel
For nearly four years, Arvind Subramanian stood at the centre of economic policymaking in India. Through the communication of big ideas and the publication of accessible Economic Surveys, he gained a reputation as an innovator. Through honest pronouncements that avoided spin, he became a figure of public trust. What does it entail to serve at the helm of the world's fastest-growing economy, where decision-making affects a population of more than a billion people?
In Of Counsel: The Challenges of the Modi-Jaitley Economy, Arvind Subramanian provides an inside account of his rollercoaster journey as the chief economic advisor to the Government of India from 2014-18, succeeding Raghuram Rajan as captain of the ship. With an illustrious cast of characters, Subramanian's part-memoir, part-analytical writings candidly reveal the numerous triumphs and challenges of policymaking at the zenith, while appraising India's economic potential, health and future through comprehensive research and original hypotheses.
Charged with the task to restructure an insecure and fragile economy, Subramanian's trusteeship has seen the country through one of the most hotly contested and turbulent periods of economic governance and policymaking in recent decades-from the controversial recall of 85 per cent of circulated currency during demonetization to a complete overhaul in taxation with the introduction of the GST. Subramanian also addresses the overleveraging of public-sector banks, the fraught links between the state and private sector ('stigmatized capitalism'), the changing relationship between the state and the individual, and the ever-pervasive, life-threatening issues surrounding climate change.
Recognized as one of the Top 100 Global Thinkers according to Foreign Policy magazine, Arvind Subramanian's Of Counsel: The Challenges of the Modi-Jaitley Economy is a deep-dive into the man, the moments, the measures and the means.
In Of Counsel: The Challenges of the Modi-Jaitley Economy, Arvind Subramanian provides an inside account of his rollercoaster journey as the chief economic advisor to the Government of India from 2014-18, succeeding Raghuram Rajan as captain of the ship. With an illustrious cast of characters, Subramanian's part-memoir, part-analytical writings candidly reveal the numerous triumphs and challenges of policymaking at the zenith, while appraising India's economic potential, health and future through comprehensive research and original hypotheses.
Charged with the task to restructure an insecure and fragile economy, Subramanian's trusteeship has seen the country through one of the most hotly contested and turbulent periods of economic governance and policymaking in recent decades-from the controversial recall of 85 per cent of circulated currency during demonetization to a complete overhaul in taxation with the introduction of the GST. Subramanian also addresses the overleveraging of public-sector banks, the fraught links between the state and private sector ('stigmatized capitalism'), the changing relationship between the state and the individual, and the ever-pervasive, life-threatening issues surrounding climate change.
Recognized as one of the Top 100 Global Thinkers according to Foreign Policy magazine, Arvind Subramanian's Of Counsel: The Challenges of the Modi-Jaitley Economy is a deep-dive into the man, the moments, the measures and the means.
347 pages, Hardcover
Published November 1, 2018
41 people are currently reading
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Displaying 1 - 26 of 26 reviews
May 8, 2021
It was in early days of my professional career. I got a chance to conduct a session in an international conference. It was a great opportunity and I was desperate to make an impression. I worked hard day and night and prepared, according to me, a stellar speech. The day came and I was on the stage of a packed room. And, like a well wrought machine, I delivered the lecture, without heeding the blank faces amongst the audience. At the end of the session, which was concluded without a thunderous applause as I had expected, as the crowd dispersed and I was packing my stuff, an elderly gentleman, probably French, came up to me and politely said with a heavy accent, "Youngman! can I make a suggestion?" I encouraged him for the feedback. "From your talk, the only thing I learnt is that you know the subject very well. But, sadly, I couldn't understand anything. Next time, when you speak, see to it, that people understand what you say."
I felt this book was like my session of that day.
Reading this, I realized that Prof. Subramanian is very knowledgeable in his subject.
But, did I, as a layman reader with manageable knowledge of Economics yet keen on understanding the motif behind our Government's economic policies, gain a lot from this? Sadly, No.
Even if some of Prof. Subramanian's opinion, I don't think I particularly agree with, I still wished I could learn more.
Sadly, most of his chapters with lots of academic jargons, and without lucid explanations, are big let-down . He was conspicuously silent about the biggest economic incident during his tenure as the Chief Economic Advisor - demonetization (Come on - an 8 page chapter in a 350 odd page book where he is equivocal on the topic, is as good as saying nothing). Even on the other big reform during his times - GST - discussion lacked much additional substance that was not known to a keen reader of newspapers. I found the remaining chapters were boring. The first chapter, where he summarized his discussion with another economist Karthik Muralidharan, was written in I-said-he-said format, which decreases the readability. A plain transcript of the conversation could have been a better read. There were no insider's memoirs or explanations of government's policies. Rather, some chapters sounded like justification of his own actions and stands.
I had higher expectations from Prof Subramanian's book.
I felt this book was like my session of that day.
Reading this, I realized that Prof. Subramanian is very knowledgeable in his subject.
But, did I, as a layman reader with manageable knowledge of Economics yet keen on understanding the motif behind our Government's economic policies, gain a lot from this? Sadly, No.
Even if some of Prof. Subramanian's opinion, I don't think I particularly agree with, I still wished I could learn more.
Sadly, most of his chapters with lots of academic jargons, and without lucid explanations, are big let-down . He was conspicuously silent about the biggest economic incident during his tenure as the Chief Economic Advisor - demonetization (Come on - an 8 page chapter in a 350 odd page book where he is equivocal on the topic, is as good as saying nothing). Even on the other big reform during his times - GST - discussion lacked much additional substance that was not known to a keen reader of newspapers. I found the remaining chapters were boring. The first chapter, where he summarized his discussion with another economist Karthik Muralidharan, was written in I-said-he-said format, which decreases the readability. A plain transcript of the conversation could have been a better read. There were no insider's memoirs or explanations of government's policies. Rather, some chapters sounded like justification of his own actions and stands.
I had higher expectations from Prof Subramanian's book.
June 21, 2019
Arvind Subramanian was in the news recently when he exploded a bombshell in knowledgeable circles when he claimed that Indian governments from 2011 onwards regularly massage the GDP figures to quote a value which is almost 2-3 per cent higher than the actual. Coming from a former chief economic advisor (CEA) to the government from 2014 to 2018, this comment struck on the very credibility of the financial establishment. However news clips now appear which negate Subramanian’s contentions and deride him for producing an erroneous report without the rigour of a serious academic paper. Whatever may be the truth in this set of claims and counterclaims, one thing that is incontestable is that our former CEA is not averse to courting controversy. He had a dream career spanning four years at the helm of economic decision making in India which was full of challenges and opportunities. Demonetisation and implementation of GST were two major hurdles of the government which assumed epic proportions. Memoirs of such a person who contributed his part in driving the country to safety is of great significance to readers. That is how this book becomes worthwhile for the reader – before he actually gets hold of it.
If I can say it without disrespect to the wisdom of a financial guru of the stature of Arvind Subramanian, I would straightaway conclude that the book is a deep disappointment to laymen who are not much conversant with the finer nuances of economic theory. Instead of a memoir, what we get is a series of opinions on the problems facing the country, some of which are formed three or even four years ago. In short, it is not a record of how it was done, but rather how it should be done. On the other hand, his primer on the uniqueness of India is appealing. India is claimed to be a complete outlier among the comity of nations in that it sustains a fully functional democracy at very low levels of income, low level of literacy, with deep social fissures and with a highly agrarian economy. In short, it is an exception rather than the rule that democracies are rich, industrialized Western nations having small populations. Subramanian points out that we had committed two great economic sins when we went for heavy licensing in industrial policy and the nationalisation of banks in 1969. In all the other cases, we tried to protect Indian industry against competition through import substitution and public sector. But in this case, we taxed and expropriated domestic investors. This was a very costly mistake.
Though India is undeniably capitalist, the system doesn't find many backers among mass media or the public. The author identifies India's economic system as stigmatised capitalism. It assumed the stigma from its troubled experience in the country’s failed socialist experiment. The private sector was midwifed the in the pre-1990 licence raj which was marked by widespread corruption and collusion between industrialists and politicians. The stigmatized capitalism thus grew through crony socialism. The slur associated with capital in the public mind prevents the officials from deciding in its favour even though circumstances demand it. The decision is thence left to the courts. Capitalism in India is still unwieldy as there are no exit routes for failed enterprises other than simply dragging along. Earlier, we had socialism with limited entry that led to capitalism with no exit. Even with this dichotomy, India is more integrated than we think. Language – which are so many in India – is not a barrier to the flow of goods, services and people. Ratio of internal trade to GDP is 54%, which is quite high. Indian trade is more focused on products requiring higher skill to manufacture. This leads to outflow of human resources from states where living conditions have not improved much.
Subramanian suggests many solutions for India's economic woes. The point of listing all such options after demitting one’s office is anybody's guess. His plan for tackling the nonperforming assets of banks is ingenuous. Banks as well as private enterprises are involved in bad loans. The author proposes an asset rehabilitation agency in the public sector to take over bad loans and resolve the issues, possibly by selling the company itself. Capital demanded by this exercise may be obtained by diverting the surplus capital owned by the Reserve Bank of India. This amounts to a whopping 4.5-7 lakh crores of rupees and Subramanian calls this forced transfer rationalisation of capital.
Demonetisation was a bold initiative of Narendra Modi. There are arguments on its rate of success, but there is no denying the great audacity on the part of the government. Instead of relating in first person the undercurrents of the decision, Subramanian calmly presents a few analytical details that are not much exciting than the Op-Ed page of a conventional newspaper. Demonetisation is said to have engendered two puzzles. It was exceedingly popular politically even at great economic cost as attested by BJP’s sweep in the 2017 Assembly elections in Uttar Pradesh which was the first major election that followed this initiative. The breadth of its impact could have been a credibility-enhancing device. If-it-hurts-me-so-much-it-must-have-hurt-the-rich-immeasurably-more must have been the reasoning of the poor. The second puzzle is that it didn't have bigger effects on overall economic growth in spite of the draconian 86% reduction in cash supply. He suggests a possible mechanism for this. There are no timely measures on informal sector activity that gets reflected in GDP calculation. GDP figures are tied only to the formal sector. After demonetisation, the informal sector declined, but was not displayed by the numbers. This is just a hypothesis of the author.
What is uncharacteristic of a scholar with strong links to the West is the author’s less than forthright approach to the continued use of coal discounting its effect on global warming. This book argues for clean and green technologies that can improve the way coal is used in India. The social cost of coal is still higher. The chapter titled ‘Renewables May be the Future, But Are They the Present?’ is an excellent technical argument with lots of charts and diagrams. Readers would however find this tedious. Subramanian is not much enthusiastic about renewable power as subsidy for renewables eventually lead to stranded power assets in the traditional sector. Profitability and efficiency would decline for thermal power, and public sector banks which liberally lent to them would find their assets nonperforming.
The author’s resentment against fertilizer subsidy is partially powered by irrational fears of the incidence of cancer due to supposedly high use of fertilizers. This is totally baseless and pseudoscientific. The book is burdened with a lengthy introductory chapter which practically sums up the entire argument. Each chapter is further provided with the long preface, repeating the structure in a somewhat fractal way. An issue is discussed briefly, followed by a number of possible reasons listed with ordinal numbers. This becomes taxing further into the text. Some of the arguments in the book stray into flights of fancy such as this one: “One lesson we could draw is that we should go back to restricted franchise, which, of course, is a decision no one in this day and age would make”. What should one expect from a high government official who waxes nostalgic about a thoroughly undemocratic construct?
Many chapters were written in 2015 or 2016 and don't represent insightful opinion made with hindsight. The author concedes that the first seven chapters are turgid and provides a diversion by dwelling on tennis, which itself is cumbersome to follow. The economist’s terse style is visible here also.
The book is recommended
If I can say it without disrespect to the wisdom of a financial guru of the stature of Arvind Subramanian, I would straightaway conclude that the book is a deep disappointment to laymen who are not much conversant with the finer nuances of economic theory. Instead of a memoir, what we get is a series of opinions on the problems facing the country, some of which are formed three or even four years ago. In short, it is not a record of how it was done, but rather how it should be done. On the other hand, his primer on the uniqueness of India is appealing. India is claimed to be a complete outlier among the comity of nations in that it sustains a fully functional democracy at very low levels of income, low level of literacy, with deep social fissures and with a highly agrarian economy. In short, it is an exception rather than the rule that democracies are rich, industrialized Western nations having small populations. Subramanian points out that we had committed two great economic sins when we went for heavy licensing in industrial policy and the nationalisation of banks in 1969. In all the other cases, we tried to protect Indian industry against competition through import substitution and public sector. But in this case, we taxed and expropriated domestic investors. This was a very costly mistake.
Though India is undeniably capitalist, the system doesn't find many backers among mass media or the public. The author identifies India's economic system as stigmatised capitalism. It assumed the stigma from its troubled experience in the country’s failed socialist experiment. The private sector was midwifed the in the pre-1990 licence raj which was marked by widespread corruption and collusion between industrialists and politicians. The stigmatized capitalism thus grew through crony socialism. The slur associated with capital in the public mind prevents the officials from deciding in its favour even though circumstances demand it. The decision is thence left to the courts. Capitalism in India is still unwieldy as there are no exit routes for failed enterprises other than simply dragging along. Earlier, we had socialism with limited entry that led to capitalism with no exit. Even with this dichotomy, India is more integrated than we think. Language – which are so many in India – is not a barrier to the flow of goods, services and people. Ratio of internal trade to GDP is 54%, which is quite high. Indian trade is more focused on products requiring higher skill to manufacture. This leads to outflow of human resources from states where living conditions have not improved much.
Subramanian suggests many solutions for India's economic woes. The point of listing all such options after demitting one’s office is anybody's guess. His plan for tackling the nonperforming assets of banks is ingenuous. Banks as well as private enterprises are involved in bad loans. The author proposes an asset rehabilitation agency in the public sector to take over bad loans and resolve the issues, possibly by selling the company itself. Capital demanded by this exercise may be obtained by diverting the surplus capital owned by the Reserve Bank of India. This amounts to a whopping 4.5-7 lakh crores of rupees and Subramanian calls this forced transfer rationalisation of capital.
Demonetisation was a bold initiative of Narendra Modi. There are arguments on its rate of success, but there is no denying the great audacity on the part of the government. Instead of relating in first person the undercurrents of the decision, Subramanian calmly presents a few analytical details that are not much exciting than the Op-Ed page of a conventional newspaper. Demonetisation is said to have engendered two puzzles. It was exceedingly popular politically even at great economic cost as attested by BJP’s sweep in the 2017 Assembly elections in Uttar Pradesh which was the first major election that followed this initiative. The breadth of its impact could have been a credibility-enhancing device. If-it-hurts-me-so-much-it-must-have-hurt-the-rich-immeasurably-more must have been the reasoning of the poor. The second puzzle is that it didn't have bigger effects on overall economic growth in spite of the draconian 86% reduction in cash supply. He suggests a possible mechanism for this. There are no timely measures on informal sector activity that gets reflected in GDP calculation. GDP figures are tied only to the formal sector. After demonetisation, the informal sector declined, but was not displayed by the numbers. This is just a hypothesis of the author.
What is uncharacteristic of a scholar with strong links to the West is the author’s less than forthright approach to the continued use of coal discounting its effect on global warming. This book argues for clean and green technologies that can improve the way coal is used in India. The social cost of coal is still higher. The chapter titled ‘Renewables May be the Future, But Are They the Present?’ is an excellent technical argument with lots of charts and diagrams. Readers would however find this tedious. Subramanian is not much enthusiastic about renewable power as subsidy for renewables eventually lead to stranded power assets in the traditional sector. Profitability and efficiency would decline for thermal power, and public sector banks which liberally lent to them would find their assets nonperforming.
The author’s resentment against fertilizer subsidy is partially powered by irrational fears of the incidence of cancer due to supposedly high use of fertilizers. This is totally baseless and pseudoscientific. The book is burdened with a lengthy introductory chapter which practically sums up the entire argument. Each chapter is further provided with the long preface, repeating the structure in a somewhat fractal way. An issue is discussed briefly, followed by a number of possible reasons listed with ordinal numbers. This becomes taxing further into the text. Some of the arguments in the book stray into flights of fancy such as this one: “One lesson we could draw is that we should go back to restricted franchise, which, of course, is a decision no one in this day and age would make”. What should one expect from a high government official who waxes nostalgic about a thoroughly undemocratic construct?
Many chapters were written in 2015 or 2016 and don't represent insightful opinion made with hindsight. The author concedes that the first seven chapters are turgid and provides a diversion by dwelling on tennis, which itself is cumbersome to follow. The economist’s terse style is visible here also.
The book is recommended
March 18, 2019
Probably the best book I've read by someone in the employ of the Indian government, and I say that even with his glaring and unjustifiable Novak Djokovic blindspot.
“There is a famous joke about asking three economists for a view and getting four different answers. Today there are hundreds of economists outside the government and the RBI and several within. Instead of getting a hundred-plus views, we get about one view—the official view. ”
On the subject of beef ban:
“In a piece of verbal circumlocution, I hinted that the effect would be to reduce the ‘terminal values of livestock as assets’."
On agriculture:
“Agriculture is critical for India in so many ways, not least in its ability to hold the entire economy back via inflation, agrarian distress and political restiveness, as well as the policy responses necessary to address them.”
You can trust Subramanian to bring realism to the yard. Even his chapter on climate change and support of India ramping up coal production to meet its energy needs is drenched in realism. He talks of clean coal technology being of more importance to India than any renewables tech. Donald Trump was mocked for talking about clean coal. Subramanian must've been aghast at that and noted so in his diary entry for that day.
“Gandhiji noted in his weekly journal Young India in 1925: ‘From a pecuniary standpoint, in the initial stages at any rate, the cost of feeding people after taking work from them will be more than the cost of the present free kitchens. But I am convinced that it will be cheaper in the long run, if we do not want to increase in geometrical progression the race of loafers which is fast overrunning this land.” Now you understand how Gandhi defeated the British, he was Brutal. And Rutger Bregman would say, Wrong.
“I maintain a strong view that good, accessible and catchy writing is terribly important in public policy debates and formulation. So, the manner in which it was written, I believe, was important to the dissemination and acceptability of the idea itself.” Words that every word merchant likes to hear.
“There is a famous joke about asking three economists for a view and getting four different answers. Today there are hundreds of economists outside the government and the RBI and several within. Instead of getting a hundred-plus views, we get about one view—the official view. ”
On the subject of beef ban:
“In a piece of verbal circumlocution, I hinted that the effect would be to reduce the ‘terminal values of livestock as assets’."
On agriculture:
“Agriculture is critical for India in so many ways, not least in its ability to hold the entire economy back via inflation, agrarian distress and political restiveness, as well as the policy responses necessary to address them.”
You can trust Subramanian to bring realism to the yard. Even his chapter on climate change and support of India ramping up coal production to meet its energy needs is drenched in realism. He talks of clean coal technology being of more importance to India than any renewables tech. Donald Trump was mocked for talking about clean coal. Subramanian must've been aghast at that and noted so in his diary entry for that day.
“Gandhiji noted in his weekly journal Young India in 1925: ‘From a pecuniary standpoint, in the initial stages at any rate, the cost of feeding people after taking work from them will be more than the cost of the present free kitchens. But I am convinced that it will be cheaper in the long run, if we do not want to increase in geometrical progression the race of loafers which is fast overrunning this land.” Now you understand how Gandhi defeated the British, he was Brutal. And Rutger Bregman would say, Wrong.
“I maintain a strong view that good, accessible and catchy writing is terribly important in public policy debates and formulation. So, the manner in which it was written, I believe, was important to the dissemination and acceptability of the idea itself.” Words that every word merchant likes to hear.
December 25, 2018
A very lucid and well written account of the many challenges Indian economy faces. Especially revealing are the distortions and wastes that creep in society due to wrong subsidies and govt schemes and policies that are introduced without an exit or sunset clause.
The grand bargain to kick start indian growth by recapitalizing the nationalized banks with the excess RBI capital is a great effort even if a lot of people like me may not be aligned with it. The issue with the bargain is not the intent behind it but the fact that knowing Indian nationalized banks one is sure that they will find ever interesting routes to squander off whatever capital is provided to them even after the reforms suggested by the author.
Kudos to the former CEA for making the policy constraints and requirements accessible in an understandable manner to the populace.
The grand bargain to kick start indian growth by recapitalizing the nationalized banks with the excess RBI capital is a great effort even if a lot of people like me may not be aligned with it. The issue with the bargain is not the intent behind it but the fact that knowing Indian nationalized banks one is sure that they will find ever interesting routes to squander off whatever capital is provided to them even after the reforms suggested by the author.
Kudos to the former CEA for making the policy constraints and requirements accessible in an understandable manner to the populace.
September 28, 2020
Must read to know about some of the biggest financial reforms done by Modi Govt. Brilliantly captured by ex CEA, AS.
December 29, 2018
I just read this wonderful book by Arvind Subramanian, Chief Economic Advisor to the Govt from 2014 to 2018.
The book covers Indian macro economics in terms of various policies and their impact, outcomes, challenges & suggestions for the future. The views are through multiple lens :analytical, social & political.
He covers Agriculture, Poverty, Capitalism , Public Sector Banks, GST, Demonitisation, Climate Change, UBI, Demographic dividends & many more. Each topic is wonderfully written for a lay person punctuated with telling data/graphs. The challenges of Center / State relations & the concept of Cooperative & Competitive Federalism are well covered in each topic.
There is a call to action in each & every topic.
There are gems of facts scattered throughout the book. Very powerful in conveying a point or buttressing an argument for or against a policy or a suggestion.
If you want a highly readable book on the macro ecomonic scenario of India, then this book stands out. Also, it is a pleasure to read a Practitioner who is in love with his subject .
Bottom line : Everyone needs to read this, not only to understand & get upto date on Indian macro economic scenario but, also to see the beauty & logic of a Social Science applied to problems of Society.
May 25, 2020
This book is written by the former CEA to the GoI (2014-2018).
In this book, he talks about the work done by the Government since 2014 and draws a comparison with that done before that. He also talks about the state of the Indian Economy, its ills, and the way forward from a neutral point of view.
The book is a good read for someone who wants to catch up with the current trends and ideas about India's economy. Its simple to read and understand for someone who isn't very well versed with the technicalities and the jargon, and offers a refreshing view of the challenges facing the government today, drawing from the works of some eminent economists around the world.
One thing I didn't like about the book was how it almost always bashes the earlier governments, especially from 2008 to 2014. It smacks of partisanship and unnecessary critique and should be taken with a pinch of salt.
In this book, he talks about the work done by the Government since 2014 and draws a comparison with that done before that. He also talks about the state of the Indian Economy, its ills, and the way forward from a neutral point of view.
The book is a good read for someone who wants to catch up with the current trends and ideas about India's economy. Its simple to read and understand for someone who isn't very well versed with the technicalities and the jargon, and offers a refreshing view of the challenges facing the government today, drawing from the works of some eminent economists around the world.
One thing I didn't like about the book was how it almost always bashes the earlier governments, especially from 2008 to 2014. It smacks of partisanship and unnecessary critique and should be taken with a pinch of salt.
September 7, 2019
A wonderfully written book which captures a myriad of topics spanning across GST, the holy trinity of Jan Dhan Yojana, Aadhar and the Mobile Movement, the issues and opportunities facing our country on various fronts from climate change, globalization, agriculture, implications of demonetization and the debts that our Government organizations have had to bear as a result of welfare politics. Given the fact that the author, Arvind Subramanian was the Chief Economic Advisor to the Government of India in Modiji's first term provides a very close view of how matters at the highest level are planned and who the key stakeholders are. The author has done a great job of roping in the talents of his accomplished team in writing the various articles presented in the book.
December 29, 2018
I am going to be little partial to the book and rate it a tad higher than I would normally have ...
This book has no spicy gossip or inside information on modi or Jaitley. I kind of appreciate it, that Author did not cheap out and indulge mindless gossip.
It also has almost no information on DeMo except for 2 thoughts post it. There is considerably more detail on GST, as he was more involved in it.
Few chapters on Federer and Nadal are a complete miss and should have been left out of it.
There was considerable information on fiscal deficit, primary deficit most of which I did not follow and May have to re read it.
This book has no spicy gossip or inside information on modi or Jaitley. I kind of appreciate it, that Author did not cheap out and indulge mindless gossip.
It also has almost no information on DeMo except for 2 thoughts post it. There is considerably more detail on GST, as he was more involved in it.
Few chapters on Federer and Nadal are a complete miss and should have been left out of it.
There was considerable information on fiscal deficit, primary deficit most of which I did not follow and May have to re read it.
January 1, 2019
For the lay person who does not know the difference TBS and GBS or GDP and GTT, this book was very simply and lucidly written – at least in parts. The sections on Power and complicated Fiscal stuff was gibberish to me. The initial sections were very informative, as was the section on Agriculture.
The postscript on Federer and Nadal was the author’s tribute to these legends of tennis. Particularly evocative was the photo of Federer hitting a backhand and the similarity in grace with a ballerina.
How the GST evolved is fascinating stuff. Alas, the ‘real’ reason for demonetization was not there....
The postscript on Federer and Nadal was the author’s tribute to these legends of tennis. Particularly evocative was the photo of Federer hitting a backhand and the similarity in grace with a ballerina.
How the GST evolved is fascinating stuff. Alas, the ‘real’ reason for demonetization was not there....
January 31, 2019
Of Counsel.... Ideas shapes the world..Keynes observation is substantiated by AS in this book. Official discretion leads to policy paralysis. Chakravyuha challenge..of socialism with limited entry to capitalism without exit is dragging Indian Economic Activity.Not to assign blame but to draw lessons for the future is evident from the book. Bankruptcy law facilitates exit. The chicken egg problem... Who mobilizes the resources first is still affecting governance. Engender Public Trust is one of the solution proposed for growth by AS. Openness and equality helps for mobilizing the team. CEA's experience suggests that JS's are the real seat of decision making in Govt of India. From stigmatized capitalism India should move towards trust based system.
Precocious Development Model works if credibility and legitimacy in providing essential services are maintained.Then regressive nature of subsidies and free electricity are analysed.Big data in government policies,governance and institutional traps are explained.Migrant flows,internal trades etc outlined. Recognition,resolution,recapitalization and reforms are needed to sort out TBS. AQR and PCA by RBI are needed.Excess capital with RBI can be redeployed. IBC provide exit through legal system.Only major crisis can galvanize reforms(never waste a crisis). Demonetization is interpreted by AS as" i lost a goat but they lost their cow attitude--by people".Any squeeze in informal sector incomes would depress demand in the formal sector,and this effect should have been sizable.
Future of farmers income policy is linked to DBT and QUBI. setting up of MSP must also incorporate SOCIAL costs and benefits. Converting crises into opportunities is the hallmark of good public policy. How QUBI is defended against Gandhi's "Never go for/receive reward with out effort".
States which lack implementation capacity to help poor may give subsidies. UBI from a Gandhian perspective are given. Placing govt debt on a gradually declining trajectory is needed. NSSF are not get reflected in the deficit numbers. AS. Focuses on the idea "Economics should be learnt and used to solve people's problem".Now the trend is once the decision was made it was rationalised rather than challenged. Economic growth rate exceeding interest rate is a feature of emerging markets. India's future is seen in cooperative federalism. Globalisation Vs hyper globalisation is discussed. Shallow integration among unequals and deep integration among similars are happening. Regional trade agreements may continue to flourish. Impossibility theorem and general competitive equilibrium of Kenneth arrow are mentioned. Transmission from individual selfishness to social good is recommended based on Adam Smith's argument. This book is written before 2019 Australian Open. AS concludes the book by trying to find GOAT in tennis.
Precocious Development Model works if credibility and legitimacy in providing essential services are maintained.Then regressive nature of subsidies and free electricity are analysed.Big data in government policies,governance and institutional traps are explained.Migrant flows,internal trades etc outlined. Recognition,resolution,recapitalization and reforms are needed to sort out TBS. AQR and PCA by RBI are needed.Excess capital with RBI can be redeployed. IBC provide exit through legal system.Only major crisis can galvanize reforms(never waste a crisis). Demonetization is interpreted by AS as" i lost a goat but they lost their cow attitude--by people".Any squeeze in informal sector incomes would depress demand in the formal sector,and this effect should have been sizable.
Future of farmers income policy is linked to DBT and QUBI. setting up of MSP must also incorporate SOCIAL costs and benefits. Converting crises into opportunities is the hallmark of good public policy. How QUBI is defended against Gandhi's "Never go for/receive reward with out effort".
States which lack implementation capacity to help poor may give subsidies. UBI from a Gandhian perspective are given. Placing govt debt on a gradually declining trajectory is needed. NSSF are not get reflected in the deficit numbers. AS. Focuses on the idea "Economics should be learnt and used to solve people's problem".Now the trend is once the decision was made it was rationalised rather than challenged. Economic growth rate exceeding interest rate is a feature of emerging markets. India's future is seen in cooperative federalism. Globalisation Vs hyper globalisation is discussed. Shallow integration among unequals and deep integration among similars are happening. Regional trade agreements may continue to flourish. Impossibility theorem and general competitive equilibrium of Kenneth arrow are mentioned. Transmission from individual selfishness to social good is recommended based on Adam Smith's argument. This book is written before 2019 Australian Open. AS concludes the book by trying to find GOAT in tennis.
February 13, 2019
I was impressed by Mr. Subramaniam's mien and splendid out of the box solutions to the current economic problems, from the Economic Surveys of 2016. This book is a verbose extension of three buzzing problems(NPA crisis, RBI-FM conflict,and post GST effects) which Mr Subramaniam explains and solves in the book through innovative ideas along with a considerable density of data to prove his point.
A great read for an economic aficionado!
A great read for an economic aficionado!
February 17, 2019
A good insightful account of Arvind Subramanian's tenure as the Chief Economic Advisor to Indian Government by the man himself. Crisp, dense and readable - the book highlights major policy decisions and thinking that went behind them.
The political prowess of the author is betrayed in the use of high prose and magnificent rhetoric in explaining and trying to convince the readers of his positions.
The political prowess of the author is betrayed in the use of high prose and magnificent rhetoric in explaining and trying to convince the readers of his positions.
March 10, 2019
Its one of the best accounts of the Indian economic model, it's problems and how to over come them
The mantra of competitive and co-operative federalism resonates in every page of the book
My best chapter is truth to power, especially about the double game of research community in Inda
A must read for every p public policy aspirant
The mantra of competitive and co-operative federalism resonates in every page of the book
My best chapter is truth to power, especially about the double game of research community in Inda
A must read for every p public policy aspirant
July 10, 2020
It might be a little bit repetition for someone who has carefully read his economic surveys. But nevertheless, the book will be a nice treat for someone willing to explore the wide-ranging thoughts that goes through the mind of a scholar who is at the helm of policy making. His chapter on GST was my personal facourite.
February 6, 2019
In this book, Arvind Subramanian recounts his days as CEA. From Demonitization to GST to climate change, he touches upon a range of topics. Read only if the topics interest you and you like lots of data. Isn't a casual read, is quite serious, but ain't too technical.
May 5, 2019
Though technical the author tries to elucidate the problems faced by the Indian economy and suggests a few radical solutions. He is all praise for the finance minister Arun Jaitley which somehow rings hollow. Overall a good read.
December 24, 2018
Slightly wonky but accessible to a lay reader, an excellent account of the economic policies advocated by the chief economic advisor.
December 30, 2018
An easy to follow yet exhaustive overview of the challenges facing the Indian economy in 2019 and the achievements of the current government.
March 15, 2019
Loved reading this one
October 13, 2019
Good mix of biography and economic strategy
September 21, 2021
A brilliant entry into what goes behind policy making. Engaging chapters on GST, UBI, NPA, Demonetisation, Subsidies.
June 30, 2022
Bit technical.
Read
May 25, 2024Insightful analysis of India's economic policies and challenges.
#EconomicInsights #NonFiction #ArvindSubramanian
June 26, 2019
Economics is probably the most weakest area for me to understand except holding layman view. The reason I picked up this book as I wanted a book not written with any political agenda to support or oppose policy choices but give me a neutral but easy to understand view point on where India really stand and what needs to be done to exploit immense resources this country at it's best. Book actually exceeded my expectations as it not only supports government good policy choices like GST with technical and palatable reasons but it also clarified what hard choices government is failing to make due to political agenda and/or international pressures such as abolishment of urea subsidies, to deploy reforms on finanical vows of coal power generation units etc. He also stated his views where he is not in full agreement with Government priorities from economic stand point and also lot which should be and could be focus to really put India on significant strong path. He at places also make readers cognisant how much difficult it is for any government to make some choices when you have to bargain 29 states agenda with centre and it doesn't help even if you have single party government at both places.
I loved the way he could manage to describe all these very subtly without being controversial or being sensed as taking sides. India had been very lucky to have CEA like him who had immense knowledge and experience not only about challenge and potential of India but also about world economics and policy history. I hope we can take full benefits of intellectual and experience such Indian bureaucrates are capable to
Recommended for anyone interested in economic and India journey around this.
I loved the way he could manage to describe all these very subtly without being controversial or being sensed as taking sides. India had been very lucky to have CEA like him who had immense knowledge and experience not only about challenge and potential of India but also about world economics and policy history. I hope we can take full benefits of intellectual and experience such Indian bureaucrates are capable to
Recommended for anyone interested in economic and India journey around this.
March 29, 2019
Dr. Subramanian gives some great insights into the different economic issues that has surrounded the narrative in the past 5 years such GST, UBI, NPA and many more when he was the CEA to GoI. The best part is the alternative views and fresh ideas that he brings with credible data and analysis to suggest a change in narrative around the macroeconomics of India and asks fellow economists and experts to independently present their views even if it departs from the prevailing narrative.
Overall, its a great read to understand the economic developments of past 5 years.
Overall, its a great read to understand the economic developments of past 5 years.
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