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