Economy Not in Great Shape, Modi Govt Needs Change of DNA Because Its Handling is the Problem

3 months ago 66

The economy is not in great shape & the govt. needs to change its DNA and instincts because its handling of the economy is the problem: former CEA Arvind Subramanian to Karan Thapar for The Wire. .......................................... The first Chief Economic Advisor of the Modi government, who served from 2014 to 2018, has said, 48 hours before the budget is delivered on Saturday the 1st, that “on all fronts, the economy is not in great shape”. He says there is no doubt that the economy is slowing down and this is not a short-term slow down but structural. More importantly, Arvind Subramanian adds that to tackle the problem the government needs to change its “DNA and instincts” because the government’s handling of the economy is the problem. Dr. Subramanian identified three areas where this change is most required. They are: the national champions policy which the government is pursuing, the weaponization of the state in all its different aspects and the policy of protectionism. As he put it, “a deeper recalibration of policy is needed … the government needs to go back to the drawing board and accept that what it’s doing hasn’t worked”. In other words, the current model of handling the economy is not working. In a 43-minute interview to Karan Thapar for The Wire, Dr. Subramanian, who is presently a Senior Fellow at the Peterson Institute for International Economics in Washington DC, said that unless the government can rethink its handling of the economy it’s not plausible to believe that India can become Viksit Bharat and a developed country by 2047. In other words, the fundamental rethinking of the way the government handles the economy, which is necessary to overcome the present structural problems facing the economy, is also necessary – if not more so – to ensure India becomes a developed country in 22 years. Asked if there was a danger India could become old before it becomes rich, Dr. Subramanian said the real danger he sees is that India could become old before it becomes a credible middle income country with a per capita income of $5,000. At the moment India’s per capita income is $2,500 - $2,600. I will stop there. I’m only giving you the main headline points made by Dr. Subramanian. I want to encourage you to watch the interview for yourself rather than attempt to precis and paraphrase what Dr. Subramanian has said. Join The Wire's Youtube Membership and get exclusive content, member-only emojis, live interaction with The Wire's founders, editors and reporters and much more. Memberships to The Wire Crew start at Rs 89/month. https://www.youtube.com/channel/UChWtJey46brNr7qHQpN6KLQ/join

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