In the Idea Exchange of Indian Express, published today, Chief Economic Adviser to Government of India, Arvind Subramanian, reveals that he is Keynesian, is also divorced from reality of Indian economy. And that he is also illiterate of the reasons why Indian economy is in crisis.
1. Like Keynes, the guru of Welfare Economists, he believes that public spending stimulates economy.
2. He is unable to see that the Indian economy is in deep crisis.
3. And of course, therefore, he also can’t figure out that the Indian economy is in crisis because of a rampaging Ministry of Environment and Forest, and ever tightening regulations and ever broadening labour laws.
If such people are deciding the direction of the Indian economy, we are doomed.
Read the interview here.