Chief Economic Adviser Arvind Subramanian today indicated that he would write a memoir in which he will disclose his views on demonetisation, a big event with far reaching economic implications for the country. Without giving any firm answer to a question whether he supported demonetisation or had expressed his reservations, the chief economic adviser said: “Why do you want to deprive my memoir of commercial value?”
He was participating in a panel discussion at the Delhi Economics Conclave. “Had you internally supported demonetisation or expressed your reservations?” a participant asked Subramanian during the discussion. Prime Minister Narendra Modi on November 8 announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption. The cash crunch following demonetisation adversely impacted the economy. Montek Singh Ahluwalia, who also participated in the same panel discussion, said that India cannot achieve high growth without structural changes.
Former RBI Governor Bimal Jalan said that he got complete support from the government when he was RBI Governor and faced any problem. Speaking at the different session former chairman of UIDAI Nandan Nilekani said data is the oil of the 21st century. Noting that data created huge businesses and data companies have unique scale advantages, Nilekani said, “India needs a policy on data.” He also stressed that the government should make law to give people control of their own data. “India will go for data poor from data reach in the next three years. India has a unique digital infrastructure,” Nilekani said.