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EEC at the National Media Centre The rise and fall of Annamalai University Tax agriculture Kulandai was a giant More Shakti to resource mobilisation... He saved millions from starvation... New IT products of Ramco in the pipeline… He continues the focus on social amelioration More heat than light Quality education through the PPP mode Bihar – Nitish Kumar adopts the Lalu model Infrastructure funding – lessons learnt Rahman at CIC Maximising the micro pricing … Sweet news for TN sugar mills Revive development banks... A yen for wastage… Tribute – Manikam Ramaswami Welcome focus on core competence Mu Sigma – is no more Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai An inexplicable neglect Valli, they are more marginalised …and of a popular trade leader 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 Strengthen the base... CRS, a jewel among managers, is no more. TN accounts for the largest recruits by the IT sector Adapt Vajpayee dinner diplomacy China invests in India Padma Bhushan for A Ramakrishna Towards speedy justice A Grand Finale for SN’s MS centenary at the US… Insurance companies bleeding, yet no decision on increasing FDI limit! TN – agglomerate land holdings without alienating ownership CIPET hqrs to stay at Guindy – for the present? S V Raju – a ‘good’ true liberal Readers' Mail Gay abandon in pricing Welcome changes that testify to Jayalalithaa’s return to health Like Hinduism: many paths to reach God... All eyes on Sankara Nethralaya No engine for this car Fortune 500 review Measuring roof tops in terms of KW/MW Banning booze... 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Polls and promises Cement prices continue to rise… No mega rail project for Tamil Nadu Welcome GST Delhi returns to BJP Airlines in India: cost and space PC’s preference for professionals Mersal magnified A professional at the helm of IRDA... Five star activism stalls development activity Tatas moving out of urea production... Engineering seats go abegging Where is Rajaji? When the President was rendered homeless… Moily’s bold thrust The balancing act F C Kohli - his concerns all embracing Adharma of opposition politics Roaring Ro-Ro facility West Bengal: mindless malignancy A rich pool of talent not utilised…. Waning interest in public discussions… Fortune for Indian Airlines Scientists urged to take up farmer-oriented research Secularism and anti-Hinduism Another Indian music maestro at the UN Editor's Notes Poor quality of university VCs More tributes to GR Which side are you, Montek? Telangana in top gear… Shaming of Tamils by Tamil farmers at Delhi Limit foreign borrowings to hi-tech, export potential projects... Contrarian cousins Liberal imports idling indigenous capacities Small units prefers to remain small... Lalu’s envy, India’s pride IPL type auction for VCs? Bihar elections - the Rajaji formula worked TN-leverage strength of BHEL, NLC... Things happen by accident and not by design... The few handicaps... Of course, Gujarat is vibrant Wanted: a second airport for Chennai Preserving for the future Naidu’s return augurs well for Seemandhra Delhi is distant When online building permits work…. When Ratan Tata visited SRM Tribute – UCAL Selvan… Solar, solar everywhere … Rs.1600 crore paper board plant of TNPL Shale gas and its shallow future Land reclamation from sea appears cheaper! Multi-faceted Venkat Online not in line with brick and mortar businesses... Permanent secretariat for TN GIM For whom the MIDS bell tolls? 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The star of Spencers is no more R Sridhar steps down as CEO of Shriram Capital Build close rapport with business leaders Tribute A think tank for Chennai Sri Lanka votes for change The power-full Hindujas Auto components surge… Tatas moving out of urea production... Dr C Rangarajan returns to Chennai The Gulf aviation boom Silver Years of Madras Musings Increasing non co-operation of state leaders Diamond jubilee of Egmore Samskrt School Revving up the manufacturing sector The rise and rise of KCP When small is no larger beautiful.. S Ramanathan – a versatile musician, musicologist The Jan Dhan bonanza Noble nonagenarians... Fall in crude prices help in oil sector reform Whistle-Stop Tour of Raghuram Rajan The Ports’ Pasha expands into Tamil Nadu Remembering Indira Sivasailam...
 
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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