After weeks of speculation, Arvind Subramanian, who has previously worked closely with Raghuram Rajan, is appointed as the new Chief Economic Advisor
The Indian government on Thursday appointed Arvind Subramanian as the country's next Chief Economic Advisor. Subramanian's name had been in the list of nominees sent by Finance Minister Arun Jaitley to the Prime Minister’s Office (PMO). However, after weeks of speculation, his name was officially confirmed today.
Arvind Subramanian has been a celebrated economist and academic. Arvind Subramanian is an alumnus of the St. Stephens College in Delhi, IIM Ahmedabad and the University of Oxford, where he got his M Phil and D Phil. He spoke to the media after the appointment and said that, "It was an honour and privilege to serve in the Government that has a mandate for reform and change." On the challenges ahead, he said that, "Macro economic growth and creating opportunities for growth and development are the two important things for any country."
However, in an Op-ed written for the Business Standard in January 2013, he had questioned the Chief Minister of Gujarat Narendra Modi's so-called Gujarat Model. "in the tax collection data, why can one see a Raman Singh effect, a Nitish Kumar effect, a Naveen Patnaik effect, but not a Narendra Modi effect?" he had written.
In the same article Subramanian had also spoken of the merits of a reasonable tax regime, "A corollary is that reasonable (but not onerous) taxation ensures that good governance will be durable, outlasting individual leaders," he wrote.
Writing about the lacklustre performance on tax collection by the Modi administration in Gujarat, he had said "On this important measure of governance, Mr Modi stands indicted as a mediocre performer and one whose performance has not improved over time."
This appointment takes on an interesting dimension in view of Arvind Subramanian's earlier views on Modi's performance in Gujarat.
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