Of Counsel: The Challenges of the Modi-Jaitley Economy

by Arvind Subrahmanian

For nearly four years, Arvind Subramanian stood at the centre of economic policymaking in India. Through the communication of big ideas and the publication of accessible Economic Surveys, he gained a reputation as an innovator. Through honest pronouncements that avoided spin, he became a figure of public trust. What does it entail to serve at the helm of the world's fastest-growing economy, where decision-making affects a population of more than a billion people?

In Of The Challenges of the Modi-Jaitley Economy, Arvind Subramanian provides an inside account of his rollercoaster journey as the chief economic advisor to the Government of India from 2014-18, succeeding Raghuram Rajan as captain of the ship. With an illustrious cast of characters, Subramanian's part-memoir, part-analytical writings candidly reveal the numerous triumphs and challenges of policymaking at the zenith, while appraising India's economic potential, health and future through comprehensive research and original hypotheses.

Charged with the task to restructure an insecure and fragile economy, Subramanian's trusteeship has seen the country through one of the most hotly contested and turbulent periods of economic governance and policymaking in recent decades-from the controversial recall of 85 per cent of circulated currency during demonetization to a complete overhaul in taxation with the introduction of the GST. Subramanian also addresses the overleveraging of public-sector banks, the fraught links between the state and private sector ('stigmatized capitalism'), the changing relationship between the state and the individual, and the ever-pervasive, life-threatening issues surrounding climate change.

Recognized as one of the Top 100 Global Thinkers according to Foreign Policy magazine, Arvind Subramanian's Of The Challenges of the Modi-Jaitley Economy is a deep-dive into the man, the moments, the measures and the means.

Genres: Economics, India, Politics

430 pages, Kindle Edition

Published December 5, 2018

Reviews

[Hrishikesh · Rating 4 out of 5]

Excellent read. Thoroughly enjoyable, imminently readable. Profound insights. I particularly enjoyed the discussion on UBI [hopefully more on that tomorrow?], the TBT/"bad bank", and the commentary on the IBC. To be perfectly objective, the parts on GST/Climate Change/Agriculture were underwhelming. On the whole, an excellent study. The cherry on the top is the last section, where Kenneth Arrow, Roger Fedrer & the Nadal-Fedrer rivalry are discussed in the context of globalization. Highly recommended read.

[Karthik Kailash · Rating 4 out of 5]

In this book, Arvind Subramanian recounts his days as CEA. From Demonitization to GST to climate change, he touches upon a range of topics. Read only if the topics interest you and you like lots of data. Isn't a casual read, is quite serious, but ain't too technical.

[Namita · Rating 4 out of 5]

I liked the book because it gives (a) awareness of the current policy challenges that the Govt is grappling with (b) a contrarian perspective to many things we might deem obvious. Of course, the NPA problem was the storm of the eye when the BJP Government came to power in 2014 and the AQR began in 2015. Solutions such as the "bad Bank", asking RBI to let go of certain excesses under its possession not to the Govt but so that the fellow banks can become healthy again; not going gaga over renewables when it makes the Govt incur double costs + the social angle, the FRBM Act in light of the changing times and how optimal debt to GDP ratios should be determined. The fact that there is a fear of action because of these agencies (CAG / CBI) and that executive is scared to act and everything is then left to the judiciary (IBC) etc was very revealing and apt. What remains to be seen is how the Government factors in these inputs, and if we can see a reduction in the veiled subsidies and more DBT (almost like the UBI) into force. Loved the free flowing style and easily comprehensible by a layman like me.

[Sangram Tayade · Rating 4 out of 5]

A right time to release the book I would say! Just had the budget come out and the elections coming up.
The perspective of a CEA in moulding new policies and judging the effects of current & old policies is something new I could explore.
Arvind Subramanian's provides unbiased opinions about the past policies of government. The effects of subsidies and other benefits are explained in detail.

Although I found some parts of his views and suggestions on some policies as too idealistic keeping in mind the general way of working in India, but they do make sense in theory.
Would love to read more about topics that he took my attention to like the fertilizer subsidy and its effect on agriculture and the revival of WTO.

[Soham Naik · Rating 5 out of 5]

The book is very technical. It is written in such a fluid and lucid manner that even the technical aspects of the book seem easy on the eye and the mind. The book provides a great overview of the Indian economy. It covers topics such as NPA crisis, climate, agricultural distress, globalization and also on Federer-Nadal. What I enjoyed the most in this book was his hypothesis on the banking crisis and the discussion on the FRBM part was very deep. It is a must-read for all those who want to learn more about the Indian economy.

[Asani · Rating 3 out of 5]

Arvind Subrahmanian had a ring-side view of the Indian economy as the chief economic adviser during the early period of Indian Prime Minister Modi's rule (2014-2018). He knows the details of how the Indian economy works as well as anyone, so there's much to learn here. The book collects a variety of Subrahmanian's speeches and writings, and the book reflects the somewhat haphazard feel of the material. Nevertheless, this is a good place to start to understand some of the basic issues in Indian economic development in the past decade.

[Vrushabh · Rating 5 out of 5]

Amazing book. Read it to get to know all the working of Finance ministry of India and the actual economic developments and problems India has had during AS's period as CEA. It's bit technical but his story telling manner will take you through the book.