Arvind Subramanian

Centre sacrificed large sum of GST revenue to compensate states: Former CEA

The Centre has sacrificed a large portion of revenue from Goods and Services Tax (GST), up to 1 per cent of GDP, every year since the rollout of the new indirect tax regime to fund a 14 per cent compensation guarantee provided to states, former Chief Economic Advisor Arvind Subramanian said on Thursday. Subramanian, who was actively involved in the implementation of the GST regime, also said that it would not be advisable at this point in time to bring petrol and alcohol under the GST. GST was rolled out on July 1, 2017, subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby, simplifying the tax regime. Addressing an event organised by the Centre for Social and Economic Progress(CSEP), Subramanian further said that the GST is a remarkable reflection of cooperative federalism and a counterexample to the narrative of fiscal centralisation by the Centre in the last decade. Subramanian, currently a senior fellow at Peterson Institute for International Economics, said that the

India's Q3 GDP numbers are 'absolutely mystifying': Arvind Subramanian

Former chief economic adviser Arvind Subramanian on Friday said India's latest GDP numbers are 'absolutely mystifying' and difficult to comprehend. India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 - the fastest pace in one-and-half years. "I want to be honest with you that the latest GDP numbers, I just simply can not understand them. "I say that with genuine respect and things. They are absolutely mystifying. They don't add up. I don't know what they mean," Subramanian said while speaking at the India Today conclave. The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively. Elaborating further, Subramanian said while the implied inflation in these numbers is 1 to 1.5 per cent, actual inflation in the economy is somewhere between 3 and 5 per cent. "The economy is growing at seven and a half per cent, even though private consum

Iron Mountain appoints Arvind Subramanian as executive VP, MD India

Iron Mountain has appointed Arvind Subramanian as Executive Vice President and Managing Director, India. Iron Mountain, which is listed on NYSE, is a global leader in innovative storage, data centre infrastructure, asset lifecycle management and information management services. Earlier, Subramanian was Managing Director (MD) and Chief Executive Officer (CEO) of Mahindra Group's real estate arm, Mahindra Lifespace Developers Ltd. In February, the Mahindra Lifespace board approved the resignation of Subramanian as MD and CEO and as a director of the company with effect from May 22. He has also held a senior leadership role at Boston Consulting Group. Iron Mountain, in a statement on Thursday, said "Arvind Subramanian has joined the company on September 20th, 2023 as Executive Vice President and Managing Director, India." Arvind will report to CEO William Meaney and will be responsible for Iron Mountain's commercial and operational activities across the company's storage, digital ..

Defending GDP figures, former CEA K Subramanian attacks his predecessor

Former CEA Krishnamurthy Subramanian said that his predecessor Arvind Subramanian could have 'easily picked up the phone and spoken to the chief statistician' something was wrong with GDP figures

We work in a few mkts, don't spread ourselves thin: Mahindra Lifespaces CEO

In a Q&A, Arvind Subramanian says his firm hopes to achieve Rs 2,500 crore residential sales a year and industrial leasing of Rs 500 crore by 2025

Mahindra Lifespaces Developers logs net loss of Rs 8 crore in Q2

The company has also set a target of achieving annual residential sales of Rs 2500 crore and annual leasing of Rs 500 cr

Best of BS Opinion: Conflicting businesses, parity on the pitch, and more

Here are the top BS Opinion articles of the day

EAC-PM's report suggests scheme for urban jobless, universal basic income

According to the report, while growth has taken place in terms of an increase in wages earned, the benefits of that growth have been concentrated and this has marginalised the poor further

NSE case: CBI opposes bail plea of Chitra Ramakrishna, Anand Subramanian

The CBI had earlier opposed the bail applications of both the accused, saying that they could influence the witnesses and tamper with the evidence

Mahindra Lifespace shares rally nearly 8% after earnings announcement

Its consolidated total income stood at Rs 408.2 crore in the last fiscal, against Rs 187.8 crore FY21, according to a regulatory filing

As multiple crises hit, a case for fresh economic assessment to Parliament

Given the Covid-19 pandemic, and now the war in Europe, economists assert there could be a case for reviving the practice for the sake of fiscal transparency at least temporarily

Old vs new: The GDP estimation debate

The argument that the new methodology over-estimates GDP numbers requires deeper analysis

Few takers for Subramanian's theory that GDP collapsed before Covid

But those involved with GDP calculations concede he used robust parameters

Two 'A's plus… Could concentrated corporate dominance fade away in India?

It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, writes T N Ninan

India's pandemic death toll could be close to 5 mn, shows US study

The report by Washington-based Center for Global Development, co-authored by India's former CEA Arvind Subramanian, included deaths from all causes since start of the pandemic through June this year

Ex-CEA Arvind Subramanian to join Brown University as senior fellow

Subramanian was appointed as the chief economic advisor to the government on October 16, 2014, for a period of three years. He was given an extension in 2017.

Et tu Ashoka?

A pioneer in liberal education takes a hard knock

Will work to rectify lapses in institutional process: Ashoka University

Ashoka University expressed 'deep regret' at events surrounding resignations of Pratap Bhanu Mehta and noted economist Arvind Subramanian

Ashoka Univ acknowledges lapses in institutional process, expresses regret

Ashoka University acknowledged "lapses in institutional processes" and expressed "deep regret" at events surrounding resignations of Pratap Bhanu Mehta and noted economist Arvind Subramanian

Ashoka University row: Students announce two-day class boycott in protest

Students of Ashoka University have announced a two-day boycott of classes in protest against resignations of faculty members Pratap Bhanu Mehta and Arvind Subramanian