Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> and RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>. Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a lifeline is today her primary duty. "I'm taking a minute to respond I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> at a time when the Indian economy was all buoyant, Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University. Asked about Rajan's comments during a recent lecture at Brown University in which he had apparently mentioned that in its first term, the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government had not done better on the economy because the government was extremely centralised and the leadership does not appear to have a consistent articulated vision on how to achieve economic growth, the minister said instead there were major issues with bank loans during Rajan's tenure as the central bank head. "It was in Rajan's time as Governor of the Reserve Bank that loans were given just based on phone calls from crony leaders and public sector banks in India till today are depending on the government's equity infusion to get out of that mire," she said. "Dr Singh was the Prime Minister and I'm sure Dr Rajan will agree that Dr Singh would have had a consistent articulated vision' for India, she said amid laughter from the audience. "With due respect, I'm not making fun of anybody but I certainly want to put this forward for a comment which has come like this. I have no reason to doubt that Rajan feels for every word of what he is saying. And I'm here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of Reserve Bank, had. At that time, none of us knew about it, she said. Sitharaman said while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today. "I am grateful that Rajan did an asset quality review but I'm sorry, can all of us put together also think of asking what ails our banks today. Where has it been inherited from, she said. The event was also attended by former <keyword id="2665691" type="COMPANY" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> Vice Chairman Arvind Panagariya, professor and eminent economist <keyword id="45634" type="PERSON" weightage="20" keywordseo="Jagdish-Bhagwati">Jagdish Bhagwati</keyword> and India's Consul General in New York, Sandeep Chakravorty. Sitharaman said: "While economists can take a view of what prevails today or prevailed years ago, but I will also want answers for the time when Rajan was in the Governor's post speaking about the Indian banks, for which today to give a lifeline is the primary duty of the Finance Minister of India. And the lifeline-kind of an emergency has not come overnight . Responding to the question, Sitharaman further pointed out that if there is a feeling that there's been a centralised leadership now, "I'd like to say that very democratised leadership led to a whole lot of corruption. Very democratised leadership. The Prime Minister, after all is the first among equals in any cabinet". "You need to have a country as diverse as India with an effective leadership. A rather too democratic leadership, which probably will have the approval of quite a lot of liberals, I'm afraid, left behind such a nasty stink of corruption, which we are cleaning up even today," she said.

Sitharaman now blames Manmohan Singh and Raghuram Rajan for India's banking crisis

<img class="gwt-Image" src="/photo/54380857.cms" /> What is the best gift you gave someone on his/her birthday? Can’t remember! Well it’s definitely not as grand as what <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> has given their beloved leader. <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> on his birthday has been gifted a mobile app, which lets people wish him on his birthday. Anyone can download the app in their phone and wish <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> on his birthday. Moreover, as a return gift the users will receive a personalized ‘Thank You’ video from the Prime Minister himself. Our tech savvy Prime Minister should be much elated to get this. 
 
The messages from top 50 prominent personalities of the country have gone live on the app today. 
 Some of the messages were accessed by the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> before they go live on the mobile app. <keyword id="6357912" type="PERSON" weightage="20" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword>, Madhuri Dixit, <keyword id="31278" type="PERSON" weightage="20" keywordseo="Lata-Mangeshkar">Lata Mangeshkar</keyword> and <keyword id="6355923" type="PERSON" weightage="20" keywordseo="Aamir-Khan">Aamir Khan</keyword> have written in, so have <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> and <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>, Uday Kotak, <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, <keyword id="190960" type="PERSON" weightage="20" keywordseo="Baba-Kalyani">Baba Kalyani</keyword>, Venu Srinivasan, Chanda Kochhar, <keyword id="45634" type="PERSON" weightage="20" keywordseo="Jagdish-Bhagwati">Jagdish Bhagwati</keyword> and Kiran Mazumdar-Shaw. Shashi Tharoor, Vinod Rai, Sanjay Baru and Sri Sri Ravishankar have also sent in their greetings. Sports people like PV Sindhu, P Gopichand, Saina Nehwal and <keyword id="487" type="PERSON" weightage="20" keywordseo="Sania-Mirza">Sania Mirza</keyword> have shared their reflections of experiences with PM. 
 
Here's a look at how a entrepreneurs wished the Prime Minister on his birthday 
 
Anand G. Mahindra Over a decade ago when Narendra Modi visited Mumbai and invited businessmen to invest in <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, I remember thinking to myself: 'This man is different'. And over the ensuing years, PM Modi has indeed proved that he is a different kind of man. He is a man in a hurry to transform India. 
 
Sunil <keyword id="272096" type="COMPANY" weightage="20" keywordseo="Bharti-Mittal">Bharti Mittal</keyword> 
The last couple of years have been quite revealing. Under a visionary leader, India's potential, which was never quite in doubt, has suddenly found new meaning, and more importantly, acceptance and respect among global audiences at the highest level. The eloquence with which the PM communicated India's vision for the world...the way his charismatic statesmanship gets applauded, it makes each and every Indian proud. 
 
Cyrus P Mistry One of my first meetings I had, along with <keyword id="3660053" type="UNKNOWN" weightage="20" keywordseo="mr-ratan-tata">Mr Ratan Tata</keyword>, after assuming a new role in <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> group in 2012, was with Mr Narendra Modi. I remember going into the meeting thinking that this would entail the standard exchange of pleasantries. That day, I came out of the meeting having learnt an important lesson in leadership. 
 
Anil Ambani I recall the first time I met <keyword id="1267365" type="UNKNOWN" weightage="20" keywordseo="Narendrabhai">Narendrabhai</keyword> in the 1990s when my father <keyword id="6418409" type="PERSON" weightage="20" keywordseo="Dhirubhai-Ambani">Dhirubhai Ambani</keyword> invited him home for dinner. At the end of the conversation, Papa remarked: "<keyword id="110806" type="CITY" weightage="20" keywordseo="Lambi">Lambi</keyword> race no ghodo chhe, leader chhe, PM banse - he's a thoroughbred for the long run, a true leader, he will be prime minister. In the words of my father, Narendrabhai "dreams with his eyes open" and with <keyword id="6359315" type="PERSON" weightage="20" keywordseo="arjuna">Arjuna</keyword> like clarity of vision and purpose. 
 
Kumar Mangalam Birla 
Today, there is an air of confidence, a 'can do' feeling. Narendra Modi's has put in place the foundation for strong and sustained economic growth that benefits everyone. Not surprisingly, there has been a distinct improvement in the ease of doing business in India. Above all, Mr Modi is a man of integrity, a man of character, and that is what resonates the most. 
 
 Here’s how <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> wished the Prime Minister on his birthday on the app 
 
Lata Mangeshkar 
You were opposed a lot but you have kept on walking on the path of truth. The whole world in the grip of violence but I am sure your policies will win over this violence. 
 
Aamir Khan 
I always pray that your health always remains fine and you get all your desired happiness. This year has been more memorable for you compared to your earlier years. 
 
 
Amitabh <keyword id="6354348" type="COMPANY" weightage="20" keywordseo="bachchan">Bachchan</keyword> 
I first met you at your CM residence, Gujarat to seek tax exemption for Pa. An ordinary house, an ordinary room...you said let's watch the fi lm, took me along to a theatre and saw the film. Spoke a bit about Gujarat tourism... and Surprise, within a week Gujarat tourism offi cials were at my home in Mumbai to speak to me...and within a few days work started.

​ Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday

<img class="gwt-Image" src="/photo/46027349.cms" /> <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> has been amid a flurry of good news—oil prices have been crashing down, significantly slashing the oil subsidy bill; <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> has nosedived and industrial activity has been picking up. However, despite all these positives, Modi and his right-hand man in the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> seem to be worried. The reason: the country’s <keyword id="6365485" type="UNKNOWN" weightage="20" keywordseo="fiscal-deficit">fiscal deficit</keyword> reached nearly 83% of its full-year target in the first half of financial year 2014-15 (the government aims to nip fiscal deficit to 4.1% of the gross domestic product in the current fiscal year, down from 4.5 % in the previous year), giving the government a tough job in terms of meeting its budget target. 
 
It is true that the steep fall in oil prices to around $40 a barrel from $115 a barrel in June 2014 has helped the NDA government control oil and fertiliser subsidies. Oil price dip also allowed the government to repeatedly raise excise duties on petrol and diesel, enhancing its source of income without alienating consumers by higher fuel prices. 
 However, revenue growth has been far from satisfactory. While the government’s reform agenda has lifted <keyword id="60655" type="ORGANIZATION" weightage="20" keywordseo="financial-markets">financial markets</keyword> to record highs, its efforts to curb spending have been met with little success. 
 
A section of analysts feel the slower-than-expected growth in tax collections is likely to compel the government to slash capital spending in a bid to maintain its credit ratings. 
 
The key silver lining for the government is the $10 billion it aims to raise from the sale of stake in state-run companies and minority stakes in private companies this fiscal year. 
 Cutting the fiscal deficit to 4.1 % by March 2015 looks next to impossible without offloading stakes in state-owned businesses. However, going by the previous <keyword id="26374" type="ORGANIZATION" weightage="20" keywordseo="UPA-government">UPA government</keyword>’s failed attempts to shore up revenue by selling stake in <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> firms, the Modi government is unlikely to meet with success in its divestment initiative. 
 While the bid to sell stake in state-owned steelmaker <keyword id="105753" type="ORGANIZATION" weightage="20" keywordseo="Steel-Authority">Steel Authority</keyword> of India got delayed, plans to offload 10% of Coal India which may fetch close to $4 billion, elicited strong opposition from trade unions. 
 
In an attempt to overcome the eventuality of not meeting its divestment target of $10 billion, the government recently announced a series of spending cuts and asked all departments to tighten the purse strings. 
 
As part of an effort to cut discretionary spending by 10% in the current financial year, Modi also ordered bureaucrats to stop flying ‘first class’. 
 
A slew of austerity measures indicate that even if the government falls short of meeting the divestment target, it is determined to meet the fiscal deficit target one way or the other. 
 
Reinforcing its resolve to somehow hit the fiscal deficit target, Modi has asked his government to reduce wasteful spending, streamline the payment of welfare benefits and raise investment in roads and railways to boost growth. 
 
He also said while it would be difficult to significantly push economic growth, the government is committed to deliver a combination of big-bang and incremental reforms. 
 
The recent quarter-point cut in its main policy rate to 7.75% by Raghuram Ragan-led RBI is expected to provide the government a leg-up. Arun Jaitley, who termed the rate cut as ‘an important turning point for the economy’ after repeatedly calling for lower <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword>, said it will add to growth and investment. 
 Modi’s recent remark that he doesn’t rule out calling a joint session of both houses to enact key legislations, clearly points to the fact that the government is determined to keep all options open to push its reforms agenda. The idea is to help reduce fiscal deficit and take India towards the path of what noted economist <keyword id="45634" type="PERSON" weightage="20" keywordseo="Jagdish-Bhagwati">Jagdish Bhagwati</keyword> terms as ‘the country’s second economic revolution’. 
 
Image: Thinkstock

Will Meeting Fiscal Deficit Be A Surmountable Challenge?

<img class="gwt-Image" src="/photo/48987627.cms" />From a polarising figure to India’s Prime Minister, Narendra Modi, who is popularly called as NaMo, has built his own brand with a lot of hard work. 
 
He has sailed in choppy waters with aplomb and today, Modi is the most popular brand in India. The margin of his popularity, relationships, growth and achievements is much higher than his competitors. He is a leader who has been able to connect with global leaders as well as the common man. 
 
Modi, who can also be referred to as the CEO of our country, has taught us innumerable things on becoming a brand. 
 
So, on his 65th birthday, we jot down seven lessons that can be learnt from his life. 
 
1. Optimism &amp; self confidence: His journey from a tea-seller to a leader of world’s largest democracy teaches us about self-confidence and optimism. His life has inspired and has given very important message to three generations - youth, middle aged and old aged-that family background, elite education and age cannot act as a roadblock to one’s dream to achieve something extraordinary in life. 
 
2. Resilience: Modi drew flak from all quarters during 2002 Gujarat riots, both nationally and internationally. Many business leaders questioned favorable environment for businessmen in Gujarat, and countries like the US revoked his visa. During 2014 general elections, few key leaders of his Bharatiya Janata Party (BJP) and its allies were not in favor of his selection as the Prime Ministerial candidate. But, he came out strong from tough situations and surprised everyone with the results. 
 
3. Develop faith: Modi is often criticized for his foreign tours and his government has been through a roller-coaster ride on several issues including black money, Lalit Modi row, Vyapam scam, etc. Still, through counter-attacks and speeches, Modi has instilled a faith in the common man. Also, by pitching India as the best place to invest and highlighting the positives, he has also lead business honchos, worldover, to invest in India. Highlight positives and show your strengths. If you have confidence in yourself, everyone else will also show the same in you. 
 
4. Nurture relationships: NaMo himself has been putting continuous efforts to nurture relationships with various global leaders. The US President Barack Obama attended Republic Day function, Columbia University Professor Jagdish Bhagwati has lauded Modi's Gujarat model of development in his book, yoga guru Baba Ramdev, India’s golden voice Lata Mangeshkar, business tycoon Ratan Tata and many other influential leaders have praised NaMo for his work. 
 
5. Think Different: Ditch the traditional methods and do something offbeat to connect. During the 2014 parliamentary elections, Modi engaged with his target audience using different technologies and innovative campaigns. Through webcasts, data analytics, digitization, 3D holograms, social media, etc, Modi was omnipresent. His ‘chai pe charcha’ campaign was a hit. 
 
6. Communication and keep in touch: It’s not that NaMo, who is an excellent communicator, forgot his audiences after elections. His monthly address ‘Mann ki baat’ is still a rage among Indians. Modi’s speeches are articulate and well-crafted which also touch an emotional nerve. Communication is one of the best tools, which can really build a brand. 
 
7. Vision &amp; knowledge: Modi has great insights on challenges faced by public, his knowledge on historic and cultural facts are also remarkable. Most importantly, he has a vision to make India an efficient and modern country that thrives in various industries and fields. He wants to turn India into world’s manufacturing hub and his ‘Make in India’ initiative has already garnered lot of steam. It is important to targets and a vision and tread of that path. 
 
(Author of this article is Harsh Pamnani, who is a former Senior Manager of TiE Mumbai and an alumnus of XLRI, Jamshedpur) 
 
(Image: PIB)

7 incredible things that we can imbibe from birthday boy Narendra Modi

<img class="gwt-Image" src="/photo/45866853.cms" /> With noted economist <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword> taking charge as Vice-Chairman of the National Institution for Transforming India (NITI) Aayog, which was announced by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> in his first Independence Day speech on August 15, 2014, the <keyword id="46913" type="ORGANIZATION" weightage="20" keywordseo="Planning-commission">Planning Commission</keyword>, a vestige of the Nehruvian socialist era, has literally become a memory. 
 
The Planning Commission was established on 15 March 1950, with the then Prime Minister Jawaharlal Nehru as the Chairman mainly to formulate a plan for utilisation of country's resources and definingthe stages, on the basis of priority, in which the plan should be carried out. 
 The first Five-Year Plan, launched in 1951, focused mainly on development of the agricultural sector and the emphasis of the eight subsequent Plans was on a growing public sector with massive investments in basic and heavy industries. However, since the launch of the Ninth Plan in 1997, the emphasis on the public sector has become less pronounced and it has been suggested that the Planning Commission should henceforth play a strategic and indicative role, assisting the Centre and State in carrying out broader economic planning. Subsequently, it was scrapped last year and <keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> was constituted following a Cabinet resolution. 
 Sixty-two-year-old Arvind Panagariya, who is named as the first Vice-Chairman of NITI Aayog (in contrast, Planning Commission had a Deputy Chairperson at the helm), is an Indian-American economist and Professor of Economics at Columbia University. A close associate of well-known trade economist Jagdish Bhagwati, Panagariya is known for his market-friendly views. He has earlier Chief Economist of Asian Development Bank and a Professor of Economics and Co-director, Centre for International Economics, University of Maryland at College Park. Holding a Ph D in Economics from Princeton University, Panagariya has also worked for <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, International Monetary Fund, World Trade Organisation, and the United Nations Conference on Trade and Development (UNCTAD) in various capacities. 
 The <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> also named Sindhushree Khullar (who was appointed as the Secretary of Planning Commision in April 2012 and continued to hold the post even after the Modi Government scrapped the Cabinet resolution in August 2014 through which the Planning Commission set up) as the first CEO of NITI Aayog. 
 
Earlier this month, Prime Minister Narendra Modi, who is NITI Aayog’s Chairman, <a href="http://pib.nic.in/newsite/mbErel.aspx?relid=114338">appointed</a> economist Bibek Debroy and former Defence Research &amp; Development Organisation (DRDO) chief V K Saraswat as full-time members. 
 Also, Union Home Minister <keyword id="6355121" type="PERSON" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword>, Union Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, Railways Minister Suresh Prabhu and Union Agriculture Minister Radha Mohan Singh are Ex-Officio members. In addition, Union Roads and National Highways Minister Nitin Gadkari, Union Human Resource Development Minister Smriti Zubin Irani and Union Social Justice and Empowerment Minister Thawar Chand Gehlot are special invitees to the NITI Aayog. 
 
As NITI Aayog is expected to meet soon to review the 12th plan that runs up to 2017, there are concerns whether the government is going scrap Five Year Plans altogether. A section of economists has been arguing that the Five Year Plans should go along with the Plan Panel. Modi, too, has repeatedly said states should be given a free hand in determining their policies and plans, indicating that Five Year Plans are redundant. 
 
Another topic of debate is the classification of public expenditure in terms of revenue and capital, and plan and non-plan expenditures. Plan expenditure is spent on government programmes and schemes, while non-plan expenditure includes spending on defence, subsidies and devolution to states. The government has been trying to remove the distinction as it has become dysfunctional and an obstacle in outcome-based budgeting. As NITI Aayog assumes responsibility as the government’s economic think tank, one is curious as to how it would approach plan and non-plan expenditures. 
 
Given the multiplicity of NITI Aayog’s objectives—as a centre-state council, think tank and advisory body—its proposed structure seems to be cumbersome. Also, considering the untimely death of Planning Commission, which was not a Constitutional body and was not set up through legislation, one is forced to wonder about the fate of NITI Aayog, which too was not set up though legislation, in the long run. 
 
Image: Indiatimes

Will NITI Aayog Effectively Substitute Nehruvian Planning Paradigm?

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59fce5914d05acd7028b6954-1162/rts1i81f.jpg" alt="paul ryan donald trump" data-mce-source="Carlos Barria/Reuters" data-mce-caption="Paul Ryan and Donald Trump." />Carlos Barria/ReutersPaul Ryan and Donald Trump.</div></div></div>Dear Senators and Representatives:"Ask five economists," as the Edgar Fiedler adage goes, "and you'll get five different answers."Yet, when it comes to the tax reform package aimed at fixing our broken system, the undersigned have but one shared perspective: <a href="http://www.businessinsider.com/trump-gop-tax-reform-plan-economic-growth-2017-11" target="_blank" rel="noopener">Economic growth will accelerate</a> if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. If, however, the bill fails, the United States risks continued economic underperformance.In today's globalized economy, capital is mobile in its pursuit of lower tax jurisdictions. Yet, in that worldwide race for job-creating investment, America is not economically competitive. Here's why: Left virtually untouched for the last 31 years, our chart-topping corporate tax rate is the <a href="http://www.businessinsider.com/trump-tax-plan-corporate-tax-rate-oecd-countries-2017-4" target="_blank" rel="noopener">highest in the industrialized world</a> and a full fifteen percentage points above the OECD average. As a result of forfeiting our competitive edge, we forfeited <a href="https://www.bloomberg.com/news/articles/2017-09-19/tax-code-hurts-u-s-firms-in-m-a-market-roundtable-study-finds" target="_blank" rel="noopener">4,700 companies</a> from 2004 to 2016 to cheaper shores abroad. As a result of sitting idly by while the rest of the world took steps to lower their corporate rates, we lowered our own workers' wages by thousands of dollars a year.Our colleagues from across the ideological spectrum - regardless of whether they ultimately support or oppose the current plan - recognize the record-setting rate at which the United States taxes job-creating businesses is, either significantly or entirely, a burden borne by the workers they employ. The question isn't whether American workers are hurt by our country's corporate tax rate - it's how badly. As such, the question isn't whether workers will be helped by a corporate tax rate reduction - it's how much.The enactment of a comprehensive overhaul - complete with a lower corporate tax rate - will ignite our economy with levels of growth not seen in generations. A twenty percent statutory rate on a permanent basis would, per the Council of Economic Advisers, help produce a GDP boost <a href="http://www.businessinsider.com/trump-tax-plan-gdp-effect-corporate-rate-2017-10" target="_blank" rel="noopener">"by between 3 and 5 percent."</a> As the debate delves into deficit implications, it is critical to consider that $1 trillion in new revenue for the federal government can be generated by four-tenths of a percentage in GDP growth.Sophisticated economic models show the macroeconomic feedback generated by the TCJA will exceed that amount - more than enough to compensate for the static revenue loss. We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity - all of which will yield more jobs and higher wages. Your vote throughout the weeks ahead will therefore put more money in the pockets of more workers.Supporting the Tax Cuts and Jobs Act will ensure that those workers - those beneficiaries - are American.Sincerely, James C. Miller IIIFormer OMB Director, 1985-88 Douglas Holtz-EakinAmerican Action Forum Alexander KatkovJohnson &amp; Wales University Ali M. RezaSan Jose State U (Emeritus) Ann E. ShermanDePaul University Anthony B. SandersGeorge Mason University Anthony NegbeneborGardner-Webb University Arthur HavennerUniversity of California, Davis Austin J. JaffePenn State University Barry W. PoulsonUniversity of Colorado Boyd D, CollierTarleton State University, Texas A&amp;M University System (Emeritus) Brian Stuart WesburyJoint Economic Committee Carlisle E. MoodyCollege of William and Mary Charles W. CalomirisColumbia University Christine P. RiesGeorgia Institute of Technology Christopher C. BarnekovFCC (Retired) Christopher Lingle Universidad Francisco Marroquin Clifford F. ThiesShenandoah University Daniel Fernandez Universidad Francisco Marroquin Daniel HouserGeorge Mason University David H. ReslerChief US Economist, Nomura (Retired) David RansonHCWE &amp; Co. Dennis E. Logue Steven Roth Professor, (Emeritus) Tuck School, Dartmouth Colleges Derek TittleGeorgia Institute of Technology DeVon L. YohoEconomist Ball State University (Retired) Donald J. Oswald California State University, Bakersfield (Retired) Donald KochKoch Investments Donald L. AlexanderWestern Michigan University Donald LuskinTrendMacro Douglas C FrechtlingGeorge Washington University Douglas KahlThe University of Akron Douglas O. CookThe University of Alabama Kingdon Hurlock Jr.Calvert Investment Counsel Edward M. ScahillUniversity of Scranton Eleanor CraigUniversity of Delaware Owen Irvine Michigan State University (Emeritus) Farhad RassekhUniversity of Hartford Francis AhkingUniversity of Connecticut Frank FaleroCalifornia State University (Emeritus) Gary R. SkoogLegal Econometrics, Inc. Gary WolframHillsdale College Gene SimpsonNPTC, Auburn University George LangelettSouth Dakota State University Gerald P. DwyerClemson University Gil SylviaUniversity of Georgia H Daniel FosterHDFCO Hugo J. FariaUniversity of Miami Inayat ManglaWestern Michigan University J. Edward GrahamUNC Wilmington Jagdish BhagwatiColumbia University James B KauUniversity of Georgia James C.W. Ahiakpor California State University, East Bay James D. AdamsRensselaer Polytechnic Institute James D. MillerSmith College James F. SmithEconForecaster, LLC James KeelerKenyon College James M. Mulcahy SUNY - Buffalo economics department James MoncurUniversity of Hawaii at Manoa Jeffrey DorfmanUniversity of Georgia Jerold ZimmermanUniversity of Rochester Jody LipfordPresbyterian College John A. BadenChm., Foundation for Research on Economics and the Environment (FREE) John C. Moorhouse Wake Forest University (Emeritus) John D. JohnsonUtah State University John H McDermottUniversity of South Carolina John McArthurWofford College John P. EleazarianAmerican Economic Association John RuggieroUniversity of Dayton John SemmensLaissez Faire Institute Joseph A. GiacaloneSt. John's University, NY Joseph Haslag University of Missouri- Columbia Joseph S. DeSalvo University of South Florida - Tampa Joseph Zoric Franciscan University of Steubenville Kathleen B. CooperSMU's John Tower Center for Politico Science Kenneth V. Greene Binghamton University (Emeritus) Lawrence Benveniste Goizueta Business School, Emory University Lawrence R. CimaJohn Carroll University Leon WeggeUniversity of California, Davis Lloyd CohenScalia Law School Lucjan OrlowskiSacred Heart University Lydia OrtegaSan Jose State University M. Northrup BuechnerSt. John's University, New York Maurice MacDonaldKansas State University Michael A. MorriseyTexas A&amp;M University Michael ConnollyUniversity of Miami Michael D Brendler Louisiana State University Shreveport. Michael L. MarlowCal Poly, San Luis Obispo Moheb A. GhaliWestern Washington University Nancy RobertsArizona State University Nasser DuellaCalifornia State University, Fullerton Nicolas SanchezCollege of the Holy Cross, Worcester, MA (Emeritus,) Norman LeftonSouthern Illinois University, Edwardsville Paul H RubinEmory University Pavel YakovlevDuquesne University Pedro PiffautColumbia University Peter E. KretzmerBank of America Peter S. YunUVAWISE (Emeritus) Phillip J. Bryson Brigham Young University (Emeritus) R. Ashley LymanUniversity of Idaho R. L. PromboinUniversity of Maryland University College (former) Richard J. CebulaJacksonville University Richard KilmerUniversity of Florida Richard TimberlakeProf. of Econ., Univ. of Ga. 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You Searched For "Jagdish Bhagwati" and got 6 results

Sitharaman now blames Manmohan Singh and Raghuram Rajan for India's banking crisis

PTI

Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday

BI India Bureau

Will Meeting Fiscal Deficit Be A Surmountable Challenge?

Preetam Kaushik

7 incredible things that we can imbibe from birthday boy Narendra Modi

Guest Author

Will NITI Aayog Effectively Substitute Nehruvian Planning Paradigm?

Preetam Kaushik

An open letter to Congress from over 100 economists: Pass tax reform and watch the economy roar

Business Insider

You Searched For "Jagdish Bhagwati" and got 6 results

Sitharaman now blames Manmohan Singh and Raghuram Rajan for India's banking crisis

PTI

​ Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday

BI India Bureau

Will Meeting Fiscal Deficit Be A Surmountable Challenge?

Preetam Kaushik

7 incredible things that we can imbibe from birthday boy Narendra Modi

Guest Author

Will NITI Aayog Effectively Substitute Nehruvian Planning Paradigm?

Preetam Kaushik

An open letter to Congress from over 100 economists: Pass tax reform and watch the economy roar

Business Insider

Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday