Chief Economic Advisor Arvind Subramanian. ( Source: File Photo)Former Chief Economic Adviser Arvind Subramanian said on Monday that although the country’s growth has slowed down in the past few years, India continues to be very important globally.
Subramaian was speaking at a session organised by NGO Manthan at Vidyaranya School, where he interacted with former RBI Governor Y V Reddy and other panellists during the interactive session.
Both Reddy and Subramanian declined to comment on RBI Governor Urjit Patel’s resignation.
The former CEA said that the Indian economy faces many challenges and in the current situation the country’s growth has been declining from very high levels to 8 per cent 7 per cent.
Subramanian said that inclusion of petrol and diesel in GST was highly desirable but it will take time for revenues to stabilise under new GST rules.
“There is good economic and fiscal explanation why it is not easy because if you put petroleum products into GST, you will have a loss of revenues. GST revenues have to stabilise before that can be brought in because you need to have enough other revenues to cushion for the loss of putting petroleum into the GST,” he said at the gathering.
Talking on the subject of ‘The Politics of Economics’’, Subramanian said that standard of living of majority of Indians has improved much more rapidly during the past 25 to 30 years. “We notice a big reduction in poverty and improvement in life expectancy. But it is true that disproportionately the benefits of are concentrated at the top but that is a worldwide phenomena not only for India,” he said.
urjit patel resigns, urjit patel, urjit patel resignation, urjit patel resignation news, urjit patel rbi governor, urjit patel rbi governor resigns rbi governor urjit patel, rbi governor urjit patel resigns, rbi governor resigns, rbi new governor
