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Boy, can you beat these? TIAM turns a full cycle F C Kohli - his concerns all embracing The rise and fall of Annamalai University Focus on quality of power - its only around 170-180V R Sridhar steps down as CEO of Shriram Capital Air Asia India will set new benchmarks for budget travel Adharma of opposition politics Return to king coal for urea... Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Silver Years of Madras Musings Auto components surge… Convulsions in The Hindu WTO Meet: resolved to meet again Tribute – M V Murugappan CRS, a jewel among managers, is no more. Scientists urged to take up farmer-oriented research A welcome initiative by the judiciary Bihar – Nitish Kumar adopts the Lalu model Streamlining mandatory third party cover Revive development banks... 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The power-full Hindujas Modi and the lady Tihar, Puzhal not different from Parappana Agrahara Sweeter prospects for sugar …and of a popular trade leader MHC should not return to its old indisciplined ways Land reclamation from sea appears cheaper! Strengthen the base... Kinetic Karnataka A Grand Finale for SN’s MS centenary at the US… Not just in-laws (and outlaws); they’ve renowned academics at the helm! Building loyalty through the stomach The balancing act Haul over the coal S V Raju – a ‘good’ true liberal For whom the MIDS bell tolls? Discoms deserve better… Small units prefers to remain small... Parliament in paralysis... Colour-Chem’s colourful KRVS Waning interest in public discussions… The sea- saw battle continues... Permanent secretariat for TN GIM IAS invades NDDB... Liberal imports idling indigenous capacities Delhi is distant Editor's Notes Kudos to NDTV... Solar thermal shines… Put expensive assets created to use... 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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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