Ad Here  
Solar, solar everywhere … Russi Mody – a tribute TN-leverage strength of BHEL, NLC... EVM is tamper-proof Welcome GST Liberal imports idling indigenous capacities New IT products of Ramco in the pipeline… Shaming of Tamils by Tamil farmers at Delhi Delhi Chalo... Wanted: a second airport for Chennai Tough task taking states together IAS invades NDDB... Preserving for the future Tribute – M V Murugappan Cleaning Ganga – relocate tanneries and install electric crematoria Adapt Vajpayee dinner diplomacy Welcome changes that testify to Jayalalithaa’s return to health Like Hinduism: many paths to reach God... Discoms deserve better… Sweet news for TN sugar mills Odisha: spectacular win by Naveen Patnaik Online not in line with brick and mortar businesses... A Grand Finale for SN’s MS centenary at the US… Tihar, Puzhal not different from Parappana Agrahara L&T: focus on infrastructure and more infrastructure… The star of Spencers is no more Reliance’s TV – 18 ready to launch Tamil News Channel The brown list of Venkitaramanan More tributes to GR Kudos to NDTV... A professional at the helm of IRDA... Tatas moving out of urea production... The sea- saw battle continues... Measuring roof tops in terms of KW/MW Banning booze... MHC should not return to its old indisciplined ways Poor quality of university VCs Air Asia India will set new benchmarks for budget travel S Ramanathan – a versatile musician, musicologist Breaththrough in malaria control Godspeed, Chief Minister JJ Music happens A think tank for Chennai Roaring Ro-Ro facility Build close rapport with business leaders Alexa – Talking Wikipedia Airlines in India: cost and space Contrarian cousins Rahman at CIC Muffled voices for merit… When Ratan Tata visited SRM Moily’s bold thrust More heat than light Diamond jubilee of Egmore Samskrt School Revving up the manufacturing sector Maximising the micro pricing … How Air-India loses customs... Parliament in paralysis... SoA @ 80 Naidu will soon build a new Hyderabad Delhi is distant S V Raju – a ‘good’ true liberal Naidu’s return augurs well for Seemandhra No mega rail project for Tamil Nadu CIPET hqrs to stay at Guindy – for the present? The Ports’ Pasha expands into Tamil Nadu The Swadeshi Trump Lesson from Chandrababu Naidu Modi and the lady Medical costs hit the roof... Towards speedy justice Demise of a media baron... Where is Rajaji? Welcome focus on core competence Return to king coal for urea... Tribute – Manikam Ramaswami This scant respect for Law Lalu’s envy, India’s pride Poor representation for Kerala and TN in Cabinet Scientists urged to take up farmer-oriented research Gay abandon in pricing B H Kothari - a tribute GNS - 100: our first subscriber Fuel for thought A friendly business group Engineering seats go abegging More Shakti to resource mobilisation... WTO Meet: resolved to meet again Sweeter prospects for sugar ONGC at KG Basin Another Indian music maestro at the UN TN – agglomerate land holdings without alienating ownership Excel Generators provide the vital back-up Small units prefers to remain small... Auto components surge… Silver Years of Madras Musings There was flood of milk. Reason: no milk commissioner! Make standards certification mandatory... He saved millions from starvation... R Sridhar steps down as CEO of Shriram Capital When small is no larger beautiful.. Secularism and anti-Hinduism …and of a popular trade leader Strengthen the base... IPL type auction for VCs? Insurance companies bleeding, yet no decision on increasing FDI limit! Editor's Notes Convulsions in The Hindu Put expensive assets created to use... Computation of GDP – conundrums continue All eyes on Sankara Nethralaya Tribute – UCAL Selvan… A rich pool of talent not utilised…. Tax agriculture Things happen by accident and not by design... More Shakthi to Das’ elbow Haul over the coal A welcome initiative by the judiciary Fortune for Indian Airlines Cement prices continue to rise… Telangana in top gear… Revive development banks... The balancing act He continues the focus on social amelioration Don’t seem to feel the pulse… Tatas moving out of urea production... Infrastructure funding – lessons learnt Making ‘my Amaravati’... The Gulf aviation boom Gas is the way forward Boy, can you beat these? Mu Sigma – is no more An enemy’s enemy is a friend Quality education through the PPP mode Which side are you, Montek? Five star activism stalls development activity TIAM turns a full cycle A Grand Finale for SN’s MS centenary at the US… Align crops to agro climate endowments… Whistle-Stop Tour of Raghuram Rajan Focus on quality of power - its only around 170-180V Funding the un-funded GM Technology at last! Shipping woes of Chennai companies A more liberated TN… Tribute A C Muthiah – his munificent bequeaths to science CSR and CMI: promise of another Srinivasan Ramanujan... L&T- the specialty of special purpose vehicles Cutting the nose to spite the face For whom the bell tolls? PC’s preference for professionals Adharma of opposition politics Nuclear power at the nucleus A yen for wastage… A proud Madrasi Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated The few handicaps... Streamlining mandatory third party cover Quality silica from Neyveli Shanti and Sadhana through Music Permanent secretariat for TN GIM Why land prices zoom in TN? When TN politicians can emulate Kerala's Noble nonagenarians... Plummeting profits of PSBs Welcome thrust on trade in Modi’s foreign visits... Of course, Gujarat is vibrant CII projects higher growth… The nuclear option Vibrant Gujarat IPL - no surprise this scam Road development slows down TN accounts for the largest recruits by the IT sector Building loyalty through the stomach Fall in crude prices help in oil sector reform Inflation: are we emulating Argentina and Brazil? When the President was rendered homeless… Shale gas and its shallow future The power-full Hindujas Colour-Chem’s colourful KRVS Delhi is distant… Kinetic Karnataka Kulandai was a giant TGS- The king storyteller TELANGANA at last…BUT PPP mode for upgrading Corporation Hospitals Fortune 500 review Where a state respects its litterateurs… The rise and rise of KCP Limit foreign borrowings to hi-tech, export potential projects... The rise and fall of Annamalai University Pharma – overdose of copying West Bengal: mindless malignancy Remembering Indira Sivasailam... China invests in India Padma Bhushan for A Ramakrishna Waning interest in public discussions… Bihar elections - the Rajaji formula worked The Jan Dhan bonanza Polls and promises Modi storms Silicon Valley The ‘Ayyo-yes’ is no more Not just in-laws (and outlaws); they’ve renowned academics at the helm! Editor's Says Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Readers' Mail Dr C Rangarajan returns to Chennai Bihar – Nitish Kumar adopts the Lalu model Sri Lanka votes for change Why this malaise in medical education? Recognition to role of NBFCs.... Mersal magnified Intellectual of rare qualities Come elections, come advertisements... Marketing expert Balagopal is no more When nations steal growth from one another… London, London Narayan Valli, they are more marginalised An informal presentation - analytical, forward locking... The ‘Jayanthi Tax.’ 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 Rs.1600 crore paper board plant of TNPL CRS, a jewel among managers, is no more. Land reclamation from sea appears cheaper! Protest masters... Paytm karo... Should we change the official year? Solar thermal shines… Multi-faceted Venkat EEC at the National Media Centre Delhi returns to BJP Wise Presidents Increasing non co-operation of state leaders No Maha Koottani in TN... A glass full of corruption Robber barons everywhere Eternal support for capitalisation of PS banks An inexplicable neglect For whom the MIDS bell tolls? F C Kohli - his concerns all embracing When online building permits work…. No engine for this car The why of tax incentives
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.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236