Page 8 - Chief Economic Advisor

Indian economy to see 9.5% growth this fiscal: Ex-chief economic adviser

The Indian economy is likely to register a growth of 9.5 per cent in this financial year, former chief economic adviser Arvind Virmani said on Tuesday. Addressing a virtual event organised by industry body PHDCCI, Virmani said that government expenditure and exports have peaked, but so far private consumption has not recovered due to the COVID-19 pandemic. "The current financial year's growth will be higher and close to 9.5 per cent. And this decade's (FY21-FY30) average growth will be 7.5 per cent plus minus 0.5 per cent," he said. According to the recent government data, the Indian economy is estimated to grow at 9.2 pc in 2021-22, as against 7.3 pc contraction in 2020-21. The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5 per cent, while the International Monetary Fund (IMF) has projected a growth of 9.5 per cent in 2021, and 8.5 per cent in the next year. The eminent economist said that India's GDP growth is now positive, bu

Hunt for new chief economic adviser starts, eligibility criteria tweaked

Subramanian's term is ending on December 6. He's decided to return to academia

Government invites applications for chief economic adviser post

Candidates from recognised universities or recognised research institutions or central regulatory bodies and registered private institutions or financial institutions are eligible

Centre to appoint a committee within two weeks to select next CEA

The selection committee interacts with key people in the finance ministry and other stakeholders before sending the shortlisted names to the finance minister

Expect more than 7% growth for India this decade: CEA Subramanian

CEA told an American audience from the corporate sector that 'the fundamentals of the economy were strong, even before the pandemic. There were only financial problems'

India to see stronger growth on structural reforms, govt's capex push: CEA

GDP data for first quarter reaffirms govt's prediction of an imminent V-shaped recovery made last year, says CEA K V Subramanian

Feudalism of corporate debtors gone after IBC implementation, says CEA

With the implementation of the insolvency law, the days of feudalism of corporate debtors where they had considered it their divine right to be in control are gone: Chief Economic Adviser

Growth in FY'22 to be around 11% as projected in Economic Survey, says CEA

He also said the overall impact of the second wave on the economy will not be very large.

New laws to fetch good returns, farmers can sell produce to corporates: CEA

New farm laws will ultimately help farmers get better returns as the legislations provide for competition by allowing them to sell their produce to even corporates like Reliance and ITC

Govt open to more measures to boost economy: CEA K V Subramanian

The government is open to coming out with more measures to boost the economy which has been hit by the second wave of the coronavirus pandemic, says Chief Economic Advisor (CEA) K V Subramanian.

West Bengal polls: Meet Ashok Lahiri, a catholic thinker in Hindutva's camp

If the BJP actually gets to form a government, Lahiri's name is at the top of several BJP lists for the post of finance minister

Chief Economic Advisor Subramanian bats for growth over inflation

Subramanian on Saturday has said that the country requires growth at this juncture

Lenders 'can't be asleep', must suffer compensation cut for bad loans: CEA

Ever-greening and zombie loans lead to sub-optimal capital allocation, says Chief Economic Advisor.

CEA Subramanian pitches for private sector led bad bank to deal with NPAs

Subramanian made a case for setting up of a bad bank led by pvt sector to deal with financial sector NPAs which may see a surge once regulatory forbearance to deal with Covid impact is withdrawn

India must work to get rating upgrade in line with fundamentals: CEA

India will have to persistently make efforts for improvement in its sovereign rating by different global agencies in line with its economic fundamentals, Chief Economic Adviser K V Subramanian said on Saturday. The Economic Survey presented in Parliament on Friday expressed concern over lower sovereign rating assigned by agencies like Fitch, S&P and Moody's to India despite its strong economic fundamentals. "We have made the case very very forcefully (to rating agencies)...These changes happen over time. They don't happen instantaneously, but you have to continue making efforts," he told PTI in an interview. The Survey said sovereign credit ratings methodology must be amended to reflect economies' ability and willingness to pay their debt obligations, and suggested that developing economies must come together to address this bias and subjectivity inherent in sovereign credit ratings methodology. "Never in the history of sovereign credit ratings has the fifth largest economy in the

Govt should spend, increase healthcare allocation: CEA to industry leaders

Speaking on privatisation, Subramanian said disinvestment would happen this year and selling Air India would be a seminal moment that would clearly signal the government's intent

LIVE: India took 'short-term pain' for long-term economic gain, says CEA

BUDGET SESSION 2021 LIVE UPDATES: Ahead of the Budget 2021, Parliament Session is set to begin today. Stay tuned for LIVE updates on Budget session of the Parliament

Investment in infra essential to growth boost, says Economic Survey 2020-21

The Survey emphasised that the year after the crisis will require sustained and calibrated measures to facilitate the process of economic recovery

V-shaped recovery of economic activity continued in Oct: CEA Subramanian

Chief Economic Adviser K V Subramanian on Saturday said V-shaped recovery of economic activity continued in October and both factory output and core sector growth have inched up to the pre-COVID level. The Index of Industrial Production (IIP) rose 3.6 per cent in October, mainly due to better performance of manufacturing and electricity generation sectors. The manufacturing sector, which has a weightage of 77.6 per cent in the IIP, recorded a growth of 3.5 per cent in October. In the year-ago period, the sector had a contraction of 5.7 per cent, according to data released by National Statistical Office (NSO) on Friday. "V-shaped recovery of economic activity continued in Oct... IIP & eight-core index further inched up to pre-COVID levels. The broad-base recovery in IIP resulted in a growth of 3.6 per cent in October 2020 as compared to a contraction of 6.6 per cent in Oct-19," he said in a series of tweets. Growth in IIP and eight core industries is on the back of broad-based ...

NBFC needs to monitor its rollover risk and interconnected risk, says CEA

CEA Subramanian also suggested a way to solve the problem -- adopt technology and use available data to screen sketchy borrowers