Chief Economic Advisor Arvind Subramanian on Tuesday said the future journey of the Indian economy will be to achieve dynamism in both growth and social justice.

Completing this journey will require a further evolution in the underlying economic vision across the political spectrum, he said, while delivering a lecture jointly organised by the Economics Department of St Teresa’s College and Kerala Economic Association here.

This year’s stocktaking suggest that shifts will be needed in the underlying vision to overcome the major challenges ahead, thereby accelerating growth, expanding employment opportunities and achieving social equality, he said.

According to him, this year has been marked by several historic economic policy developments.

On the domestic side, a constitutional amendment paved the way for the long-awaited and transformational Goods and Service Tax, while demonetisation of the high-value currencies signalled a regime shift to punitively raise the cost of illicit activities, he said. The demonetisation has been a redistributive device to transfer illicit wealth from the rich to the rest via the government.

In the short run at least, the cost are being borne to a great extent by those in the informal/cash-intensive sectors that tend to be less well off than the rich, he added.

The Chief Economic Advisor also released the green protocol of the college prepared by the Bhoomitra Sena Club.