Highlighting the importance of wealth creation through liberalisation of the economy and promotion of the private sector, chief economic advisor Krishnamurthy V Subramanian laid out a blueprint for India to chart the path towards achieving the $5-trillion economy target in the Economic Survey 2019-20.
While listing the government interventions that have failed to yield results, Subramanian, in the Survey, projected that the economic slowdown may be tapering, with green shoots visible in a few quarters of the economy — an issue of intense debate.
Subramanian will be the guest at the Express Adda in Mumbai on Wednesday.
Subramanian advocated adoption of counter cyclical fiscal policy to create additional fiscal headroom. He also highlighted efficiency gains, increased profitability, improved return on assets, and better access and service to customers through opening up of several areas, from banking to cement and steel to private players, along with indicating preference for privatisation of government-owned companies and setting up a holding company structure — on the lines of Singapore government-owned Temasek Holdings — to carry out stake sale in central public sector enterprises (CPSEs).
A B.Tech. in Electrical Engineering from IIT-Kanpur and a management post-graduate from IIM-Calcutta, Subramanian has straddled diverse areas that include economic policy, banking, academics and corporate
governance. He has an MBA and PhD in Financial Economics from the University of Chicago Booth School of Business, under the advice of Professor Luigi Zingales and Professor Raghuram Rajan.
Subramanian currently serves on the Board of NIPFP, IGC and IBBI and was a member of the task force for the implementation of the new Direct Tax Code in India. He has served on several expert committees including the P J Nayak Committee on governance of banks for the Reserve Bank of India and the Uday Kotak Corporate Governance Committee of Securities and Exchange Board of India.
At the Adda, Subramanian will be in conversation with Anant Goenka, Executive Director, Indian Express Group, and P Vaidyanathan Iyer, Executive Editor-National Affairs, The Indian Express.
The Express Adda is a series of informal interactions organised by The Indian Express Group and features those at the centre of change. Among the recent guests were Finance Minister Nirmala Sitharaman, Nobel laureates Abhijit Banerjee and Esther Duflo, former UK Deputy Prime Minister Nick Clegg, author and political thinker Ashis Nandy, Carnatic musician T M Krishna, and cancer specialist and Pulitzer Prize-winning author Dr Siddhartha Mukherjee.