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After attacking <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a>, who confirmed he will not go for second term, BJP MP <a href="http://www.businessinsider.in/searchresult.cms?query=subramanian+swamy&amp;sortorder=effectivedate">Subramanian Swamy</a> now has a new target. 
 Now, he wants India’s Chief Economic Adviser <keyword id="6355547" type="PERSON" weightage="20" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword>, a PM Narendra Modi-appointee, to be sacked. 
 
Swamy claimed that Subramanian had recommended that the US government act against India through the <a href="http://www.businessinsider.in/searchresult.cms?query=WTO&amp;sortorder=effectivedate">WTO</a> over its pharmaceutical IPR regulations. 
 
In a series of tweets, Swamy alleged that Subramanian encouraged Congress to remain adamant on <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">GST</a> clauses. Swamy said he was helping Finance Minister Arun Jaitley in identifying his enemies. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind Subramanian MoF !! Sack him!!! — <keyword id="6370187" type="PERSON" weightage="20" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> (@Swamy39) <a href="https://twitter.com/Swamy39/status/745429777234825216">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Guess who encouraged Congi to become rigid on GST clauses ? Jaitely's economic adviser Arvind Subramanian of Washington DC
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745439703013302273">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Now PTs can understand why our core economic sectors could not perform last two years. Trojan horses galore in MoF/ Fin Institutions
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745466119461314563">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		<a href="https://twitter.com/omsinghis">@omsinghis</a> : I am helping Jaitely to recognise the enemies in our camp.
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745478227594883072">June 22, 2016</a></blockquote>
 
Subramanian had made that recommendation to the US Congress in a written testimony, which was submitted in March. 
Also, he had sought changes in Indian patent law. 
 
"If India does not address the problems created by Section 3(d) of the patent legislation or by compulsory licensing for nonworking, the United States should consider initiating WTO disputes against India," read Subramanian's testimony to the US Congress. 
 
Earlier, Swamy had accused Rajan on anti-national intentions. 
 
READ ALSO: <a href="http://www.businessinsider.in/Swamysays-Raghuram-Rajan-is-leaking-secrets-and-defending-US-power-gives-Modi-6reasons-to-sack-him/articleshow/52450672.cms">Swamy says Raghuram Rajan is leaking secrets and defending US’ power, gives Modi 6 reasons to sack him</a> 
 
READ ALSO: <a href="http://www.businessinsider.in/Subramanian-Swamy-is-stepping-up-the-political-ladder-and-how/articleshow/52850894.cms">Subramanian Swamy is stepping up the political ladder and how</a>

Subramanian Swamy now wants India’s chief economic adviser to be sacked

India’s ruling party <keyword id="14666" type="ORGANIZATION" weightage="100" keywordseo="BJP">BJP</keyword> tried to steer away from giving an appropriate reaction to all the slurs that senior party leader <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> hurled against Narendra Modi government's chief economic advisor (CEA) <keyword id="6355547" type="PERSON" weightage="100" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword>. 
 
Here is what Swamy had tweeted about Arvind Subramanian: 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind Subramanian MoF !! Sack him!!!
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745429777234825216">June 22, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		Guess who encouraged Congi to become rigid on GST clauses ? Jaitely's economic adviser Arvind Subramanian of Washington DC
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745439703013302273">June 22, 2016</a></blockquote>
The BJP, however, stayed away from commenting on his public disapproval by calling it as his personal opinion. 
 
"That's his opinion. We do not have to say anything," BJP spokesperson Gopal Krishna Agarwal told <a href="http://economictimes.indiatimes.com/news/politics-and-nation/bjp-fumbles-over-swamys-attack-on-modi-governments-chief-economic-advisor/articleshow/52865205.cms">ET</a>. 
 
"This is his statement. You can ask him, he is an MP. Party has nothing to say on this," Agarwal added. 
 Party leaders struggled to exude confidence in what was called his "individual opinion," because of the credibility that Swamy has attained after his public attack on RBI Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>. 
 
<a href="https://i.ytimg.com/vi/ehibLNo6J2k/maxresdefault.jpg">Image source</a>

BJP tries to steer away from Swamy's slurs against Modi’s chief economic advisor

(Photo Source : flickr.com) <ul><li>The Indian government is said to be considering <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword> lead economist <keyword id="172342" type="PERSON" weightage="20" keywordseo="Poonam-Gupta">Poonam Gupta</keyword> for the role of Chief Economic Advisor (CEA). </li><li>The position became vacant after <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> left the role months before his term was to expire . </li><li>A government search committee is said to be looking at other candidates as well. </li></ul> The Indian government is said to be considering World Bank Lead Economist Poonam Gupta to fill the role of Chief Economic Advisor (CEA), Economic Times reported. If confirmed, Gupta would become the first woman to hold the position. Prior to joining World Bank in 2013, Gupta was <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank Of India</keyword> Chair Professor at National Institute of Public Finance and Policy. The government’s search committee is also said to be considering other names including Sajjid Chinoy, chief India economist at JPMorgan, and Krishnamurthy Subramanian, a professor at the Indian School of Business. India is seeking to fill the position after the abrupt resignation of Arvind Subramanian who left several months before his tenure as the government’s Chief Economic Advisor was to expire. Subramanian reportedly left because of “<a href="https://www.facebook.com/notes/arun-jaitley/thank-you-arvind/804077679780782/">pressing family commitments</a>.” He had been appointed as the CEA to the India’s finance ministry in October 2014. Even though there are only six months remaining for the upcoming general elections, the Indian government has been looking for a ‘fresh face’ to seek expert advice amid global turmoil, according to the report. The Finance Ministry <a href="https://economictimes.indiatimes.com/news/economy/policy/government-likely-to-appoint-new-chief-economic-advisor-in-next-1-2-months/articleshow/66281908.cms">appointed</a> a search committee in October headed by former Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> governor <keyword id="90390" type="PERSON" weightage="20" keywordseo="Bimal-Jalan">Bimal Jalan</keyword>, who has been asked to shortlist suitable candidates.

India could soon have its first woman Chief Economic Advisor: Report

The <keyword id="6354872" type="ORGANIZATION" weightage="20" keywordseo="Economic-survey">Economic Survey</keyword> 2017 states once the cash is pumped back in the system, the economy will be back to what it was. The annual document which outlines the growth of the Indian economy projected GDP in the range of 6.75-7.5%. 
 The survey, drafted by Chief Economic Adviser <keyword id="6355547" type="PERSON" weightage="20" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword>, pointed out that <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> has pushed the <keyword id="6357550" type="UNKNOWN" weightage="20" keywordseo="Digitisation">digitisation</keyword> to rise exponentially and also highlighted both the long term and short term effects of it. Here are the effects of demonetisation highlighted in the survey

Eco Survey: Real impact of demonetisation in short and long term

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Jayanta DeyA shopkeeper counts 500 Indian rupee banknotes at a cash counter inside a medicine shop in Agartala, India, November 9, 2016</div></div></div>India is considering a radical idea for tackling poverty: rolling out a Universal Basic Income (UBI), <a href="http://indiabudget.gov.in/es2016-17/echapter.pdf">according to a report by the country's Ministry of Finance</a>.Released on Monday, the annual Economic Survey says that the scheme would nearly eradicate poverty - although it says there are "considerable implementation challenges" which have to be addressed first. The report calls for more pilot trials before India decides whether to roll out UBI nationally.The idea behind universal basic income, which is attracting attention in countries including the USA and France, is simple: a regular state payment made to all citizens, regardless of working status.The Economic Survey, written by the finance ministry's chief economic adviser Arvind Subramanian, says that a UBI would promote social justice, and empower the country's poor - <a href="http://uk.businessinsider.com/india-indian-government-set-to-endorse-universal-basic-income-free-money-economic-survey-2017-1">as Business Insider first reported at the start of January</a>.Subramanian estimates that the scheme would reduce nationwide poverty to 0.5%, and cost between 4-5% of GDP.While that might sound expensive, the survey notes that India's current welfare schemes - which provide mostly middle-class Indians with subsidies for food, fuel, and fertiliser - cost around 5% of annual GDP.He also argues it would be easier to implement than India's current anti-poverty programmes, which are riddled with corruption.In a country of over 1.2 billion people, the task of identifying who is and isn't in need of financial assistance is a messy and wasteful one, something which a UBI could theoretically solve. He says that "by directly transferring money to bank accounts, and circumventing multiple layers of bureaucracy," the scope for financial "leakage" is lower.However, he also notes that India's state has "low capacity, with high levels of corruption, clientelism, rules and red tape," which could make implementing a far-reaching scheme like UBI difficult.Subramanian concludes by calling for further trials of the scheme in a few districts <a href="http://uk.businessinsider.com/india-indian-government-set-to-endorse-universal-basic-income-free-money-economic-survey-2017-1">after a number of successful pilots</a>, but says the scheme is not ready to be rolled out yet.Significant practical challenges facing the introduction of a UBI include the fact that nearly a third of Indians do not have a bank account."It's an idea whose time is ripe for further deliberation and discussion, and not necessarily for immediate implementation," Subramanian said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/chess-board-piece-move-own-london-startup-square-off-harry-potter-2016-12">An Indian startup made a chess board where pieces move on their own just like in Harry Potter</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="s5Z2U3ODE6mgdbp4T-gyvonngygeAklZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

India's government thinks a Universal Basic Income could eradicate poverty

India is facing a "Great Slowdown" with its economy headed for intensive care unit primarily due to a "second wave" of the twin balance sheet crisis at banks, <keyword id="8462612" type="UNKNOWN" weightage="20" keywordseo="former-Chief-Economic-Adviser-Arvind-Subramanian">former Chief Economic Adviser Arvind Subramanian</keyword> has said. Subramanian, who was Modi government's first chief economic adviser but quit in August last year, in new paper co-authored with the former head of the International Monetary Fund's India office Josh Felman said India is facing a "Four Balance Sheet" challenge -- comprising banks, infrastructure, plus NBFCs and real estate companies -- and is trapped in an adverse interest growth dynamic. "Clearly, this is not an ordinary slowdown. It is India's Great Slowdown, where the economy seems headed for the intensive care unit," he wrote in a draft working paper of the <keyword id="97117" type="COMPANY" weightage="20" keywordseo="Harvard-University">Harvard University</keyword>'s Centre for International Development. Subramanian had flagged the twin balance sheet (TBS) problem - debt accumulated by private corporates becoming non-performing assets (NPA) of banks - back in December 2014, while he was CEA to the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government. In his new paper, he has made a distinction between the original TBS and "TBS-2".
 TBS-1 was about bank loans made to steel, power, and infrastructure sector companies during the investment boom of 2004-11 turning bad. TBS-2 is largely a post-demonetization phenomenon, involving non-banking financial companies (NBFCs) and real estate firms.
 "Since the Global Financial Crisis, India's long-term growth has slowed as the two engines propelling rapid growth -- investment and exports -- sputtered. Today, the other engine -- consumption -- has also stalled. As a result, growth has plummeted precipitously over the past few quarters," he wrote.
 India's GDP growth in the July-September quarter slowed to a six-year low of 4.5 per cent. This was the sixth consecutive quarter when the growth rate had fallen.
 "Indeed, the economy seems locked in a downward spiral," he said. "Best capturing this stark reality is the astonishingly high interest-growth differential. The corporate cost of borrowing now exceeds the GDP growth rate by more than 4 percentage points, meaning that interest on the debt is accumulating far faster than the revenues that companies are generating."
 This, he said, has caused "a resurgence in the amount of stressed debt, a second wave of the Balance Sheet Crisis".
 If this process is left unchecked, the economy will continue to spiral downward, as stress reduces growth, which then intensifies the stress, he said.
 "Clearly, action must be taken to stabilize the economy and get it back on the path of rapid growth," he said. "But in the current circumstances, the standard macroeconomic tools are not very useful. There are actions that the government cannot do (further significant fiscal stimulus); must not do (reducing personal income tax rates or raising GST rates); can do with only limited effectiveness (easing monetary policy)."
 According to Subramanian, first major action -- almost a pre-condition for righting the economy -- could be a Data Big Bang, which instill confidence and produce a reliable basis for policy making.
 "This must comprise the publication of unreleased reports together with a strategy for improving official statistics in at least three areas: the real sector (GDP, consumption, and employment), fiscal accounts, and stressed assets in the banking system," he said.
 Next, a new asset quality review to cover banks and NBFCs must be conducted. Also changes to the Insolvency and Bankruptcy Code (IBC) be made to ensure that participants actually have incentives to solve the problem.
 He also advocated the creation of two executive-led public sector asset restructuring companies (bad banks), one each for the real estate and power sectors, while at the same time strengthening oversight, especially of NBFCs. Recapitalization of banks should be linked to resolution and reforms such as shrinking public sector banking should be undertaken.
 "There is, of course, a reason why these policies have not been implemented before. They are politically difficult and other, easier alternatives have seemed more attractive. But, the government currently has a tremendous amount of political capital. And by now all the alternatives have been tried and found wanting. So, finally, after a long and difficult decade, the government has both the opportunity and the clear need to resolve the Four Balance Sheet (FBS) problem," he said.
 Dwelling into the current problem facing the economy, he said, after demonetization, considerable amounts of cash made their way to banks, who on-lent a major part of that to NBFCs. The NBFCs, in turn, channelled this money to the real estate sector. By 2017-18, NBFCs were accounting for roughly half of the estimated Rs 5 lakh crore of outstanding real estate loans.
 The collapse of IL&amp;FS in September 2018 was a "seismic event" not only because of the Rs 90,000 crore-plus debts of the infrastructure-cum-lending behemoth, but also its "prompting markets to wake up and reassess the entire NBFC sector," he said.
 What the markets discovered was profoundly disturbing. A lot of NBFC lending in the recent period was concentrated in one particular industry -- real estate -- which itself was in a precarious situation.
 The current slowdown, the paper says, is worrisome not just because GDP growth has slowed down to 4.5 per cent in the second quarter of 2019-20. Even more distressing is the disaggregated data.
 "The growth of consumer goods production has virtually ground to a halt; production of investment goods is falling. Indicators of exports, imports, and government revenues are all close to negative territory," it said. "These indicators suggest the economy's illness is severe, unusually so. In fact, if one compares the indicators for the first seven months of this year with two previous episodes, the current slowdown seems closer to the 1991 slowdown than the 2000-02 recession."
 Electricity generation figures suggest an even grimmer diagnosis: growth is feeble, worse than it was in 1991 or indeed at any other point in the past three decades, it added. ANZ ANZ BAL
BAL

India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian

Just days after the <keyword id="6360789" type="ORGANIZATION" weightage="80" keywordseo="Modi-Government">Modi government</keyword> presented the <keyword id="2609226" type="UNKNOWN" weightage="80" keywordseo="Union-Budget-2015">Union Budget 2015</keyword>, the <keyword id="6354335" type="CITY" weightage="80" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword>) today lowered its policy repo rate by 25 basis points to 7.5%. Following this surprise by India’s apex bank, Chief Economic Advisor <keyword id="6355547" type="PERSON" weightage="80" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword> asserted that the global <keyword id="113124" type="UNKNOWN" weightage="80" keywordseo="rating-agencies">rating agencies</keyword> should consider upgrading their stance on the credit outlook of the country. 
 "Now we have a 50 basis points rate cut (in two tranches within two months) and I think that is good for the <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> and all rate cuts benefits... If the outlook is looking good, the rating agencies should draw their lessons from that on improving the outlook," a PTI report quoted Subramanian as saying. 
 
However, after the presentation of budget for the upcoming fiscal, global and domestic agencies had ruled out any immediate upgrade in India's sovereign ratings. 
 
"It (rate cut) shows that RBI and government are on the same page in terms of how we view the economy. It also means that Budget can be seen as conducive to non-inflationary growth," said Subramanian. 
 Revealing about the on monetary policy framework agreement, Subramanian informed that both the Ministry of <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">Finance</keyword> and Reserve Bank of India have expressed apprehension about rising prices. 
(Image: The Economic Times)

After RBI’s surprise rate cut, Govt wants rating agencies to mellow down

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Anindito Mukherjee/ReutersArvind Subramanian speaks at the Global Business Summit in New Delhi, January 17, 2015.</div></div></div>Speaking to students at a recent event, the chief economic advisor to the Government of India <a href="http://basicincome.org/news/2016/09/india-government-economic-survey-address-ubi/">expressed support</a> for a radical system of wealth distribution known as universal basic income.Under the system, all citizens of a given society would receive a standard amount of money to ensure they could pay for essential items like food, clothing, and shelter.If everyone had enough money to survive and contribute to society, the thinking goes, governments could eliminate poverty altogether.Arvind Subramanian, speaking at an outreach event in the city of Bhubaneswar, fielded a student's question about basic income. The student wondered whether, given the growing popularity of basic income in Kenya, Switzerland, <a href="http://www.techinsider.io/finlands-plan-to-give-everyone-free-money-2015-11">Finland</a>, the Netherlands, <a href="http://www.businessinsider.com/ontario-announces-basic-income-plan-2016-3">Canada</a>, and <a href="http://www.businessinsider.com/inside-y-combinators-basic-income-project-2016-6">the US</a>, India might be next. The country has in fact <a href="http://isa-global-dialogue.net/indias-great-experiment-the-transformative-potential-of-basic-income-grants/">already seen small pilots</a> of the system lead to positive outcomes.Subramanian told the student that basic income will play a major role in the next Economic Survey, an annual document presented to parliament that outlines the country's financial health and makes suggestions for the future."People are dragged into poverty due to droughts, declining agriculture opportunities, disease, and so on," he said, <a href="http://timesofindia.indiatimes.com/city/ahmedabad/Universal-Basic-Income-key-to-tackle-poverty-Arvind-Subramanian/articleshow/54649881.cms?from=mdr">according to the Times of India</a>. "So the safety net provided by the government should be quite wide, and that is why this [basic income] has some merit."Subramanian said basic income will be one of the big topics he and the other ministers of finance address in the survey.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Amit Dave/Reuters</div></div></div>Despite being the second-most-populous country on Earth, India could likely implement a basic income policy relatively cheaply due to the low costs of living there. The median income in the country falls somewhere around $900 a year, compared to $52,000 in the US.Subramanian cautioned that the idea of basic income still lives mostly in the world of hypotheticals, however. "Both in terms of politics and economic[s] there is a whole range of very important things we have to look into, and are going to look at, very carefully," he said, <a href="http://economictimes.indiatimes.com/news/economy/policy/next-economic-survey-might-float-universal-basic-income-balloon/articleshow/54015451.cms">according to the Economic Times</a>.A massive 12-year basic income trial <a href="http://www.businessinsider.com/givedirectly-gives-kenyans-basic-income-2016-4">is now underway in Kenya</a>, where thousands of people are receiving a set income of about $0.75 a day.As more data come in, India and other countries around the world will have more ammunition to conduct ambitious experiments of their own. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/rickshaw-run-adventure-2000-miles-across-india-2016-5">A crazy adventure takes people more than 2,000 miles across India in a rickshaw</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="YxNWdwMzE6cp4z9uWHMuQ5EmjjXdyvwa" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Subramanian Swamy now wants India’s chief economic adviser to be sacked

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BJP tries to steer away from Swamy's slurs against Modi’s chief economic advisor

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India could soon have its first woman Chief Economic Advisor: Report

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Eco Survey: Real impact of demonetisation in short and long term

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India's government thinks a Universal Basic Income could eradicate poverty

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India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian

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After RBI’s surprise rate cut, Govt wants rating agencies to mellow down

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India's highest-ranking economist just announced his support for universal basic income

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