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Protest masters... GM Technology at last! Telangana in top gear… TN accounts for the largest recruits by the IT sector The why of tax incentives A welcome initiative by the judiciary This scant respect for Law Lalu’s envy, India’s pride Inflation: are we emulating Argentina and Brazil? Why this malaise in medical education? Silver Years of Madras Musings Welcome GST Insurance companies bleeding, yet no decision on increasing FDI limit! Editor's Says A C Muthiah – his munificent bequeaths to science Dr C Rangarajan returns to Chennai to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines Valli, they are more marginalised Land reclamation from sea appears cheaper! No engine for this car Moily’s bold thrust L&T- the specialty of special purpose vehicles Naidu’s return augurs well for Seemandhra Bihar elections - the Rajaji formula worked Engineering seats go abegging Tribute – M V Murugappan Don’t seem to feel the pulse… When TN politicians can emulate Kerala's Pharma – overdose of copying New IT products of Ramco in the pipeline… Small units prefers to remain small... B H Kothari - a tribute Gay abandon in pricing Tax agriculture CSR and CMI: promise of another Srinivasan Ramanujan... Funding the un-funded Computation of GDP – conundrums continue Vibrant Gujarat Should we change the official year? No Maha Koottani in TN... Five star activism stalls development activity Reliance’s TV – 18 ready to launch Tamil News Channel When the President was rendered homeless… Towards speedy justice Welcome changes that testify to Jayalalithaa’s return to health Permanent secretariat for TN GIM IPL type auction for VCs? 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S V Raju – a ‘good’ true liberal The sea- saw battle continues... All eyes on Sankara Nethralaya Fall in crude prices help in oil sector reform Delhi is distant Contrarian cousins Plummeting profits of PSBs Kulandai was a giant Wise Presidents Auto components surge… Fortune for Indian Airlines Readers' Mail TN – agglomerate land holdings without alienating ownership TGS- The king storyteller Tatas moving out of urea production... Build close rapport with business leaders For whom the bell tolls? Discoms deserve better… Tribute Building loyalty through the stomach The rise and rise of KCP GNS - 100: our first subscriber Whistle-Stop Tour of Raghuram Rajan When small is no larger beautiful.. Colour-Chem’s colourful KRVS No mega rail project for Tamil Nadu Tough task taking states together Secularism and anti-Hinduism Convulsions in The Hindu The balancing act The nuclear option Infrastructure funding – lessons learnt Road development slows down Poor representation for Kerala and TN in Cabinet Increasing non co-operation of state leaders EVM is tamper-proof A Grand Finale for SN’s MS centenary at the US… Remembering Indira Sivasailam... Put expensive assets created to use... For whom the MIDS bell tolls? Modi storms Silicon Valley Demise of a media baron... Make standards certification mandatory... The Jan Dhan bonanza TIAM turns a full cycle Godspeed, Chief Minister JJ R Sridhar steps down as CEO of Shriram Capital Return to king coal for urea... A think tank for Chennai Sweet news for TN sugar mills An inexplicable neglect Nuclear power at the nucleus Strengthen the base... Kudos to NDTV... 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Sweeter prospects for sugar Shipping woes of Chennai companies Measuring roof tops in terms of KW/MW The ‘Jayanthi Tax.’ The Ports’ Pasha expands into Tamil Nadu Mu Sigma – is no more China invests in India The Swadeshi Trump He saved millions from starvation... Tatas moving out of urea production... Tribute – UCAL Selvan… Delhi is distant… Delhi returns to BJP More Shakthi to Das’ elbow CRS, a jewel among managers, is no more. More Shakti to resource mobilisation... Tribute – Manikam Ramaswami Sri Lanka votes for change Multi-faceted Venkat WTO Meet: resolved to meet again The ‘Ayyo-yes’ is no more When Ratan Tata visited SRM Tihar, Puzhal not different from Parappana Agrahara …and of a popular trade leader When online building permits work…. Paytm karo... Align crops to agro climate endowments… Medical costs hit the roof... Solar thermal shines… Another Indian music maestro at the UN Airlines in India: cost and space Excel Generators provide the vital back-up Polls and promises Kinetic Karnataka Preserving for the future Naidu will soon build a new Hyderabad London, London Narayan Modi and the lady Why land prices zoom in TN?
 
An informal presentation - analytical, forward locking...

“It was Eureka moment for me: if you look at the Centre and states’ finances as a whole, there is almost a 0.5 per cent increase in GDP growth thanks to the combined efforts of the states and the Centre in stepping up capital expenditure by around Rs 150,000 crore. There is more consolidation of macro- economic factors by the states than by the Centre,” said Arvind Subramanian, Chief Economic Adviser (CEA).
Addressing a packed audience at the Madras School of Economics (MSE) organised by the Southern India Chamber of Commerce and Industry, Subramanian expressed confidence on accelerated growth of the economy and even forecast a 8.5 per cent growth during this year and the next. He attributed this to three favourable factors: one,  oil prices have come down; two, firms are registering profits; and three, monetary easing had begun. 
A MSE student raised an interesting question: whether the CEA was making an honest professional assessment as an economist or is constrained by selling a favourable, government point of view. Subramanian admitted to the compulsions of both! 
Chennai rarely gets to hear a CEA on the state of the economy. Thanks to Dr C Rangarajan, Chairman, MSE, such an opportunity was provided. Subramanian spoke on several of the basic features of the Economic Survey prepared by him and his team mates and described this  as analytical, forward looking and descriptive of the economic situation.  The CEA held that big bang reforms are not applicable to India because ‘world history told us that such reforms happen only around crisis.’ These are not easy to happen in democracies: “we have multiple decision making centres and multiple veto centres. It is very difficult to push through dramatic changes. India, at this juncture, is not in a crisis. Compared to July 2013 we have come out of macro-economic crisis. Since then, inflation has come down, current account deficit improved and stock prices have gone up. There are some signs of revival of growth. India has become an attractive destination for investments in international context,” said Subramanian. 
The informal, American style presentation from the young economist was relished by the audience. The CEA also responded to several questions raised, especially by the students of MSE. 
I have been suggesting policymakers in Delhi, especially senior bureaucrats, to visit state capitals and explain the nuances of economic policy. After the expansion of the national news television, this had dried up. 
For long, we never had a CEA from the south. Though Raghuram Rajan donned this for a while, his tenure was short. Subramanian has made an interesting good 
beginning in explaining policy at the MSE. Hopefully the TN Global investors’ Meet will present more such 
policymakers to address on current and emerging economic issues.

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