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(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

New Delhi, May 15 () Realty firm Mahindra Lifespace Developers on Friday said it has appointed Arvind Subramanian as Managing Director and Chief Executive Officer of the company with effect from July 1. The board approved the decision in its meeting on Thursday. He will succeed Sangeeta Prasad who resigned on February 7 this year. She had worked with the Mahindra group for over 11 years. Arvind joined the company as Chief Executive Officer of Mahindra Happinest, the affordable housing business, in September 2018. Arun Nanda, Chairman, Mahindra Lifespaces Developers said, the company is poised for strong growth in a rapidly consolidating market. At Happinest, Subramanian has demonstrated his ability to imagine and engineer a new future for the sector, for the company and for our customers. Subramanian has over 23 years of experience, starting his professional career with the Tata Administrative Service, the central management cadre of the Tata Group. He spent close to 15 years with the Boston Consulting Group (BCG) where he was a Partner and Managing Director. Prior to joining the Mahindra Group, Subramanian was Regional CEO at a leading real estate developer. He holds an MBA degree from the Indian Institute of Management, Ahmedabad, and a BTech degree from Indian Institute of Technology, Madras. Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group. MJH ANSANS

Mahindra Lifespace appoints Arvind Subramanian as MD, CEO

New Delhi, Dec 20 () Former Chief Economic Adviser Arvind Subramanian on Friday said there is no space for expansionary fiscal policy and opined against reducing personal income tax rate.
 "...no space to have expansionary fiscal policy. There's a lot of talk about personal income tax cut and raising GST rates, and I would be categorically against the both, we do not have the space," he said at an event here.
 Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable.
 Any cut in personal income tax, he said, will benefit the only top 5-7 per cent people, who are actual taxpayers.
 "So if you want to boost consumption it has to be something much more, which actually reaches much poorer people. It has to be some kind of DBT (direct benefit transfer) or universal basic income (UBI)," he said.
 Reminding that all the countries that are developed have more number of tax payers in their respective systems, he said adding that it is beneficial in the long term.
 While on the other hand opposing GST rates hike, the former CEA said that it will affect the consumption and a slowdown or a recession is not the time to be embarking on (such options).
 "You can't have too much expansionary fiscal policy but equally you can't be crunching government demand at a time when the economy is weak and in stress," he added.
 India's economic growth fell to the lowest in more than 6 years at 4.5 per cent during the second quarter ended September of the current fiscal due to slowing demand as well as fall in output, exports among others. In the first quarter ended June of 2019-20, the economy grew by 5 per cent, which was the lowest in six years.
 On the GST front, the government earlier this week fixed a uniform tax rate of 28 per cent on both state and private lotteries, which is to come to effect from March 2020.
 In the previous various meetings of the GST Council, the government has cut the rates on various services and goods, amidst GST collections remaining below expectations, with an aim to boost demand.
 Amid concerns that the government may fall short of tax collection target in a slowing economy, the government has set an ambitious Rs 1.1 trillion monthly GST target for the remaining four months of the current fiscal and asked taxmen to step up efforts to achieve the goal. KPM MKJ

No space for expansionary fiscal policy: Ex-CEA Arvind Subramanian

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

<ul><li>As homes across India have emerged as a haven during this time, <keyword id="174745" type="COMPANY" weightage="20" keywordseo="Mahindra-Lifespaces">Mahindra Lifespaces</keyword> celebrates the joy of daily routines and cherished interactions with loved ones. </li><li>The film was shot over three days under remote supervision, and edited and mixed remotely.</li></ul> Mahindra Lifespaces, the real estate and infrastructure development arm of the Mahindra Group, has launched a new ad film that captures the simple joys of life as experienced by individuals and families during the lockdown in India. The film, which was released at the time that India was readying itself for Unlock 1.0, was conceived by <keyword id="3017247" type="PERSON" weightage="20" keywordseo="Network-Advertising">Network Advertising</keyword>, and entirely self-shot by real families in locked-down homes across Mumbai, Bengaluru and Bhopal. <div type="Youtube" id="Un_v-ol2414" title="Iss Ghar Ki Bohot Yaad Aayegi - #JoyfulHomecomings" thumbUrl="https://i.ytimg.com/vi/Un_v-ol2414/mqdefault.jpg"></div> The world’s largest lockdown came into effect towards the end of March 2020 and has resulted in Indian families spending more time at home than ever before. Homes across India have emerged as a haven during this time, with families rediscovering the joy of daily routines and cherished interactions with loved ones. Mahindra Lifespaces’ new ad film reflects the simple, joyful moments that will be missed once life goes back to normal post lockdown. The film was shot over three days under remote supervision, and edited and mixed remotely. Arvind Subramanian, CEO - Mahindra Happinest; MD &amp; CEO Designate – Mahindra Lifespace Developers Ltd., said, “In the last couple of months, each one of us has realized anew the significance of quality time spent at home with those we care for. At Mahindra Lifespaces, we recognize that these moments of togetherness will remain indelibly etched in our memories as we move on to a post-lockdown life. For us, these moments comprise the very essence of Joyful Homecomings.” Shayondeep Pal - Chief Creative Officer, Network Advertising, said, "The idea of the film is rooted in a basic insight. As human beings, the desire is to always long for something we don't have. To put it simply, the longing we will have for our homes as we inch towards normalcy and go out for work reflects this insight. We will miss what we all experienced at home during the lockdown. It sits beautifully well with the Mahindra Lifespaces brand promise of Joyful homecomings.” Surjo Deb, Film Director, UBIK Films, added, “We felt a treatment that brought to the fore the lyrical and personal aspect of the script would do justice to the writing. Filming required a careful balance of detailed planning and last-minute adaptability. Thanks to Satchith Paulose, who came onboard as Director of Photography to ensure that even under these constraints, the visual and technical aspects of the film remained strong.”

Mahindra Lifespaces' ad film celebrates treasured memories created at home during the lockdown

New Delhi, Jan 31 () India's GDP growth is neither overestimated nor underestimated and the concerns on data are "unfounded", the Economic Survey 2019-20 said on Friday as it tried to settle the debate over veracity of the macroeconomic data following change in estimation methodology. Recently, <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword>, the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government's former chief economic adviser, had said India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. India's <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword> (GDP) growth rate between this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he had said in a research paper published at Harvard University. The Economic Survey tabled in Parliament on Friday said the level and growth of a country's GDP informs several critical policy initiatives as it is a barometer of the economy's size and health.
 "It is also a pre-eminent driver of investment. Therefore, it is important that GDP is measured as accurately as possible," it said.
 The survey notes that the recent debate and discussion among scholars, policymakers and citizens alike about India's GDP growth rates following the revision in GDP estimation methodology in 2011 assumes significance, especially given the recent slowdown.
 Using careful statistical and econometric analysis that "does justice" to the importance of the issue, the Survey in a dedicated chapter said it has found no evidence of mis-estimation of India's GDP growth.
 It said that cross-country comparisons are fraught with risks of incorrect inference due to various confounding factors that stem from such inherent differences.
 As a result, cross-country analysis has to be carefully undertaken so that correlation is distinguished from causality.
 The models that incorrectly overestimate GDP growth by 2.77 per cent for India post-2011 also mis-estimate GDP growth over the same time period for 51 other countries out of 95 nations in the sample, it said.
 However, when the models are estimated correctly by accounting for all unobserved differences among countries as well as the differential trends in GDP growth across countries, growth for most of these 52 countries (including India) is neither over- nor underestimated.
 "In sum, concerns of over-estimation of India's GDP are unfounded," it said.
 It further said the need to invest in ramping up India's statistical infrastructure is undoubted.
 In this context, setting up of a 28-member Standing Committee on <keyword id="1112111" type="COMPANY" weightage="20" keywordseo="economic-statistics">Economic Statistics</keyword> (SCES) headed by India's former chief statistician is important, it said. Nevertheless, carefully constructed evidence in the Survey must be taken on board when assessing the quality of Indian data, said the survey tabled in Parliament by Finance Minister Nirmala Sitharaman a day before she presents the Union Budget. NKD CS ABM

India's GDP growth neither over- nor underestimated, says Eco Survey

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

<ul><li>The ruling party in the Northeast Indian state of <keyword id="48118" type="LOCATION" weightage="20" keywordseo="Sikkim">Sikkim</keyword> has announced that it plans to make a <keyword id="3625814" type="PERSON" weightage="20" keywordseo="Universal-Basic-Income">Universal Basic Income</keyword> (UBI) policy a key part of its re-election manifesto ahead of state polls this year. </li><li>If the SDF is elected again, the party, which is led by the state’s longest serving chief minister Pawan Chamling, plans to implement the policy by 2022- becoming the first state in the country to do so. </li><li>Sikkim, India’s least populous state, could serve as a good testing ground for the policy, which is being increasingly debated over even at the central level.</li></ul>As the rest of India debates whether the government should give every citizen a minimum amount of money for subsistence, the government in Sikkim has made a promise to its voters. The party in power in the Northeast Indian state of Sikkim, the Sikkim Democratic Front, has announced that it plans to make a Universal Basic Income (UBI) policy a key part of its re-election manifesto ahead of state polls this year, according <a href="https://indianexpress.com/article/india/sikkim-says-it-will-become-first-state-to-roll-out-universal-basic-income-5531093/">to media reports</a> citing a Member of Parliament from the party, Prem Das Rai. If the SDF is elected again, the party, which is led by the state’s longest-serving chief minister Pawan Chamling, plans to implement the policy by 2022. It is already said to have started assessing the requirements for rolling out a direct cash transfer scheme. This will be another big milestone for the Himalayan state, which already has the distinction of being the least populous and <a href="https://www.businessinsider.in/the-world-has-its-first-fully-organic-state-and-its-in-india/articleshow/66260408.cms">fully organic </a>. In January last year, <a href="https://www.thehindubusinessline.com/economy/policy/imf-bats-for-universal-basic-income-in-india/article9901324.ece">the IMF proposed the polic</a>y as an alternative that would replace the many social support schemes as well as food and gas subsidies. The proposal has had its champions even in India. In the Economic Survey in 2017, the then chief economic advisor <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> pegged the cost of offering UBI to 75% of the population <a href="https://www.indiabudget.gov.in/es2016-17/echap09.pdf">at around 5% of GDP</a>. India has had a number of small experiments with UBI but none that involved a state-wide approach. In 2013, the Self-Employed Women’s Association, an NGO, began a pilot in eight villages in Madhya Pradesh in tandem with UNICEF. The results from the experiment indicated <a href="https://www.thehindubusinessline.com/blink/know/no-small-change/article9727830.ece">an improvement in living outcomes</a>, especially for the poorest households, including a higher savings rate, nutrition intake and school enrollment. However, one of the major arguments against the implementation of a national UBI policy in India is the country’s population. With 1.35 billion residents, a mere fraction of which pay taxes and a majority of which are informal workers, the numbers just aren’t in the country’s favour especially as it tries to keep a ballooning fiscal deficit in check. In June 2017, just a few months after announcing <a href="https://indianexpress.com/article/business/banking-and-finance/ubi-may-be-launched-as-a-pilot-says-arun-jaitley/">the potential launch of a state-wide pilot</a>, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said that a UBI policy <a href="https://www.hindustantimes.com/business-news/universal-basic-income-may-not-be-politically-feasible-jaitley/story-zhgX79wfwMR5BSxKqfE1oM.html">may not be “politically feasible”</a> given the opposition from different parties to the rollback of <keyword id="6365564" type="UNKNOWN" weightage="20" keywordseo="welfare">welfare</keyword> schemes. Why Sikkim? It seems that starting out small is the best way to approach the policy and hence, Sikkim does seem like an obvious place to implement the policy because its estimated to be India’s least populous state. According to the 2011 Census, it had only 610,577 residents, a number that should reach 700,000 by the time the scheme is implemented. This, coupled with a gross secondary enrollment rate of <a href="http://rmsaindia.gov.in/en/17-state-brief/111-state-brief-information-sikkim.html">a little over 90%</a>, make it a suitable candidate. Sikkim also boasts the fiscal strength required for such an undertaking, being one of the few states to have recorded <a href="https://indianexpress.com/article/business/economy/25-states-uts-facing-revenue-shortfall-in-the-range-of-3-42-per-cent-5378800/">a revenue surplus from tax collections</a> so far this year. In addition to rolling back social schemes and subsidies, it could rely on a tourism tax as well as profits from state-backed energy ventures to fund the scheme. Speaking to the Indian Express, Rai touted the expected revenue gains from the state’s hydropower projects. He explained that Sikkim’s hydropower capacity was set to increase to 3,000 MW within the next few years, 90% of which would be sold to power trading firms. SEE ALSO: <a href="https://www.businessinsider.in/the-world-has-its-first-fully-organic-state-and-its-in-india/articleshow/66260408.cms">The world has its first fully organic state - and it’s in India</a>

A small Indian state could become the country's first to introduce universal basic income

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies. Here are the top departures that left the country in surprise: 1. <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> <div type="image" title="Urjit patel" tempid="286964" msid="67322946" hostid="261"></div>
 In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government. While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das. 2. <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> <div type="image" title="Arvind" tempid="286980" msid="67322947" hostid="261"></div>

(Image Credits- IANS) India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was <a href="https://www.businessinsider.in/indian-government-appoints-krishnamurthy-subramanian-as-its-new-chief-economic-advisor/articleshow/66987414.cms">appointed</a> as the new CEA after the post was left vacant for nearly six months. Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ <a href="https://www.businessinsider.in/demonetisation-was-a-massive-draconian-monetary-shock-says-narendra-modi-governments-former-chief-economic-advisor-arvind-subramanian/articleshow/66860962.cms">commented</a> on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy. 3. <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> <div type="image" title="binny-bansal1" msid="67322928" hostid="261"></div>

(Image Credits-Wikimedia.org) Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-former-flipkart-executive-to-launch-new-startup/articleshow/67085632.cms">reported</a>. 4. M.J Akbar <div type="image" title="907c8b2772a84537d8c711eba43627b2" tempid="287008" msid="67322948" hostid="261"></div>
 (Image Credits-IANS) The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, <a href="https://www.businessinsider.in/too-little-too-late-indian-government-reacts-to-metoo-by-forming-a-panel-to-review-sexual-harassment-laws/articleshow/66347468.cms">to put down his papers days </a>after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry. 5. <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> <div type="image" title="ananth-narayan" tempid="287014" msid="67322949" hostid="261"></div>
 Myntra’s Chief Executive Officer (CEO), Ananth Narayanan,<a href="https://www.businessinsider.in/myntra-is-in-the-middle-of-a-management-shakeup-after-key-leaders-resign-in-succession/articleshow/67043730.cms"> stepped down</a> from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart. Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company. 6. Chanda Kochhar 
 <div type="image" title="95b438c9e8e160e4d9704c9dc628ce2a" tempid="287133" msid="67322950" hostid="261"></div>

In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">scandal</a> that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group. 7. <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> 
 <div type="image" title="5e96e735b844a0506c8cd17e3f2bbc9d (1)" tempid="287157" msid="67322951" hostid="261"></div>

The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">resigned</a>, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.

Here were the most controversial resignations India saw in 2018

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>

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