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Of Counsel Arvind Subramanian was in the news recently when he exploded a bombshell in knowledgeable circles when he claimed that Indian governments from 2011 onwards regularly massage the GDP figures to uote a value which is almost 2 3 per cent higher than the actual Coming from a former chief economic advisor CEA to the government from 2014 to 2018 this comment struck on the very credibility of the financial establishment However news clips now appear which negate Subramanian’s contentions and deride him for producing an erroneous report without the rigour of a serious academic paper Whatever may be the truth in this set of claims and counterclaims one thing that is incontestable is that our former CEA is not averse to courting controversy He had a dream career spanning four years at the helm of economic decision making in India which was full of challenges and opportunities Demonetisation and implementation of GST were two major hurdles of the government which assumed epic proportions Memoirs of such a person who contributed his part in driving the country to safety is of great significance to readers That is how this book becomes worthwhile for the reader – before he actually gets hold of itIf I can say it without disrespect to the wisdom of a financial guru of the stature of Arvind Subramanian I would straightaway conclude that the book is a deep disappointment to laymen who are not much conversant with the finer nuances of economic theory Instead of a memoir what we get is a series of opinions on the problems facing the country some of which are formed three or even four years ago In short it is not a record of how it was done but rather how it should be done On the other hand his primer on the uniueness of India is appealing India is claimed to be a complete outlier among the comity of nations in that it sustains a fully functional democracy at very low levels of income low level of literacy with deep social fissures and with a highly agrarian economy In short it is an exception rather than the rule that democracies are rich industrialized Western nations having small populations Subramanian points out that we had committed two great economic sins when we went for heavy licensing in industrial policy and the nationalisation of banks in 1969 In all the other cases we tried to protect Indian industry against competition through import substitution and public sector But in this case we taxed and expropriated domestic investors This was a very costly mistake Though India is undeniably capitalist the system doesn't find many backers among mass media or the public The author identifies India's economic system as stigmatised capitalism It assumed the stigma from its troubled experience in the country’s failed socialist experiment The private sector was midwifed the in the pre 1990 licence raj which was marked by widespread corruption and collusion between industrialists and politicians The stigmatized capitalism thus grew through crony socialism The slur associated with capital in the public mind prevents the officials from deciding in its favour even though circumstances demand it The decision is thence left to the courts Capitalism in India is still unwieldy as there are no exit routes for failed enterprises other than simply dragging along Earlier we had socialism with limited entry that led to capitalism with no exit Even with this dichotomy India is integrated than we think Language – which are so many in India – is not a barrier to the flow of goods services and people Ratio of internal trade to GDP is 54% which is uite high Indian trade is focused on products reuiring higher skill to manufacture This leads to outflow of human resources from states where living conditions have not improved much Subramanian suggests many solutions for India's economic woes The point of listing all such options after demitting one’s office is anybody's guess His plan for tackling the nonperforming assets of banks is ingenuous Banks as well as private enterprises are involved in bad loans The author proposes an asset rehabilitation agency in the public sector to take over bad loans and resolve the issues possibly by selling the company itself Capital demanded by this exercise may be obtained by diverting the surplus capital owned by the Reserve Bank of India This amounts to a whopping 45 7 lakh crores of rupees and Subramanian calls this forced transfer rationalisation of capitalDemonetisation was a bold initiative of Narendra Modi There are arguments on its rate of success but there is no denying the great audacity on the part of the government Instead of relating in first person the undercurrents of the decision Subramanian calmly presents a few analytical details that are not much exciting than the Op Ed page of a conventional newspaper Demonetisation is said to have engendered two puzzles It was exceedingly popular politically even at great economic cost as attested by BJP’s sweep in the 2017 Assembly elections in Uttar Pradesh which was the first major election that followed this initiative The breadth of its impact could have been a credibility enhancing device If it hurts me so much it must have hurt the rich immeasurably must have been the reasoning of the poor The second puzzle is that it didn't have bigger effects on overall economic growth in spite of the draconian 86% reduction in cash supply He suggests a possible mechanism for this There are no timely measures on informal sector activity that gets reflected in GDP calculation GDP figures are tied only to the formal sector After demonetisation the informal sector declined but was not displayed by the numbers This is just a hypothesis of the authorWhat is uncharacteristic of a scholar with strong links to the West is the author’s less than forthright approach to the continued use of coal discounting its effect on global warming This book argues for clean and green technologies that can improve the way coal is used in India The social cost of coal is still higher The chapter titled ‘Renewables May be the Future But Are They the Present’ is an excellent technical argument with lots of charts and diagrams Readers would however find this tedious Subramanian is not much enthusiastic about renewable power as subsidy for renewables eventually lead to stranded power assets in the traditional sector Profitability and efficiency would decline for thermal power and public sector banks which liberally lent to them would find their assets nonperformingThe author’s resentment against fertilizer subsidy is partially powered by irrational fears of the incidence of cancer due to supposedly high use of fertilizers This is totally baseless and pseudoscientific The book is burdened with a lengthy introductory chapter which practically sums up the entire argument Each chapter is further provided with the long preface repeating the structure in a somewhat fractal way An issue is discussed briefly followed by a number of possible reasons listed with ordinal numbers This becomes taxing further into the text Some of the arguments in the book stray into flights of fancy such as this one “One lesson we could draw is that we should go back to restricted franchise which of course is a decision no one in this day and age would make” What should one expect from a high government official who waxes nostalgic about a thoroughly undemocratic constructMany chapters were written in 2015 or 2016 and don't represent insightful opinion made with hindsight The author concedes that the first seven chapters are turgid and provides a diversion by dwelling on tennis which itself is cumbersome to follow The economist’s terse style is visible here alsoThe book is recommended I just read this wonderful book by Arvind Subramanian Chief Economic Advisor to the Govt from 2014 to 2018 The book covers Indian macro economics in terms of various policies and their impact outcomes challenges suggestions for the future The views are through multiple lens analytical social political He covers Agriculture Poverty Capitalism Public Sector Banks GST Demonitisation Climate Change UBI Demographic dividends many Each topic is wonderfully written for a lay person punctuated with telling datagraphs The challenges of Center State relations the concept of Cooperative Competitive Federalism are well covered in each topic There is a call to action in each every topic There are gems of facts scattered throughout the book Very powerful in conveying a point or buttressing an argument for or against a policy or a suggestion If you want a highly readable book on the macro ecomonic scenario of India then this book stands out Also it is a pleasure to read a Practitioner who is in love with his subjectBottom line Everyone needs to read this not only to understand get upto date on Indian macro economic scenario but also to see the beauty logic of a Social Science applied to problems of Society The book is very well written At least half of it is technical that we can't understand But we can understand the other half The technical chapters are marked with so we can easily skip them But no controversial statements no unnecessary political facts only thoughts how to develop India how to get rid of povertyI thought of reading a book on Indian economy but I thought they would be having old thought process socialistic So I thought of picking this one which is uite latest It didn't spoil my expectations My one opinion is these economists give very good suggestions in removing poverty but they are not bothered about cultural facts Livestock business Export of meat and all Rest all are very practical and knowledgeable ideas He doesn't bother to point out the mistakes in our polcies Like fertiliser subsidies the faulty banking system and all A really good read A very lucid and well written account of the many challenges Indian economy faces Especially revealing are the distortions and wastes that creep in society due to wrong subsidies and govt schemes and policies that are introduced without an exit or sunset clause The grand bargain to kick start indian growth by recapitalizing the nationalized banks with the excess RBI capital is a great effort even if a lot of people like me may not be aligned with it The issue with the bargain is not the intent behind it but the fact that knowing Indian nationalized banks one is sure that they will find ever interesting routes to suander off whatever capital is provided to them even after the reforms suggested by the authorKudos to the former CEA for making the policy constraints and reuirements accessible in an understandable manner to the populace A wonderfully written book which captures a myriad of topics spanning across GST the holy trinity of Jan Dhan Yojana Aadhar and the Mobile Movement the issues and opportunities facing our country on various fronts from climate change globalization agriculture implications of demonetization and the debts that our Government organizations have had to bear as a result of welfare politics Given the fact that the author Arvind Subramanian was the Chief Economic Advisor to the Government of India in Modiji's first term provides a very close view of how matters at the highest level are planned and who the key stakeholders are The author has done a great job of roping in the talents of his accomplished team in writing the various articles presented in the book This book is written by the former CEA to the GoI 2014 2018 In this book he talks about the work done by the Government since 2014 and draws a comparison with that done before that He also talks about the state of the Indian Economy its ills and the way forward from a neutral point of view The book is a good read for someone who wants to catch up with the current trends and ideas about India's economy Its simple to read and understand for someone who isn't very well versed with the technicalities and the jargon and offers a refreshing view of the challenges facing the government today drawing from the works of some eminent economists around the world One thing I didn't like about the book was how it almost always bashes the earlier governments especially from 2008 to 2014 It smacks of partisanship and unnecessary critiue and should be taken with a pinch of salt I am going to be little partial to the book and rate it a tad higher than I would normally have This book has no spicy gossip or inside information on modi or Jaitley I kind of appreciate it that Author did not cheap out and indulge mindless gossipIt also has almost no information on DeMo except for 2 thoughts post it There is considerably detail on GST as he was involved in itFew chapters on Federer and Nadal are a complete miss and should have been left out of itThere was considerable information on fiscal deficit primary deficit most of which I did not follow and May have to re read it What Does Of Counsel Mean LawSchooli “Of counsel’ one of these mysterious law firm terms simply means a lawyer who is employed by a firm to do work but is not an associate or a partner It’s essentially another way that lawyers get paid As an example attorneys “of counsel” are often really talented lawyers who come in to do work on high profile cases or those reuiring a specialty It can also be used in other COUNSEL | meaning in the Cambridge English counsel definition to give advice especially on social or personal problems advice one or of the Learn Counsel | Definition of Counsel at Dictionarycom Counsel definition advice; opinion or instruction given in directing the judgment or conduct of another See Of counsel Wikipedia Of counsel is the title of an attorney in the legal profession of the United States who often has a relationship with a law firm or an organization but is neither an associate nor partner Some firms use titles such as counsel special counsel and senior counsel for the same concept According to American Bar Association Formal Opinion the term of counsel is used to describe a Counsel dictionary definition | counsel defined counsel definition The definition of counsel is advice given or an exchange of ideas or opinions noun An example of counsel is someone going to their mother for advice Counsel legal definition of counsel COUNSEL Advice given to another as to what he ought to do or not to do To counsel another to do an unlawful act is to become accessory to it if it be a felony or principal if it be treason or a misdemeanor By the term counsel is also understood counsellor at law Vide To open; Opening COUNSEL an officer of court One who undertakes Counsel Wikipedia A counsel or a counsellor at law is a person who gives advice and deals with various issues particularly in legal matters It is a title often used interchangeably with the title of lawyer The word counsel can also mean advice given outside of the context of the legal profession of counselの意味・使い方・読み方 | Weblio英和辞書 of counselの意味や使い方 法律事務所顧問弁護士 約万語ある英和辞典・和英辞典。発音・イディオムも分かる英語辞書。 Counsel A Gift of the Holy Spirit Learn Religions Counsel in Practice Counsel builds on both wisdom which allows us to judge the things of the world in light of our final end and understanding which helps us to penetrate to the very core of the mysteries of our faith With the gift of counsel the Holy Spirit speaks as it were to the heart and in an instant enlightens a person what to do writes Father Hardon Registry International Criminal Court Abbassa Tahar M Algeria Abdal Labeed M Kuwait Abou Kasm Antonios M Lebanon Achache Florence F France Achaleke Taku Charles M Cameroon Adaka Frank For the lay person who does not know the difference TBS and GBS or GDP and GTT this book was very simply and lucidly written – at least in parts The sections on Power and complicated Fiscal stuff was gibberish to me The initial sections were very informative as was the section on AgricultureThe postscript on Federer and Nadal was the author’s tribute to these legends of tennis Particularly evocative was the photo of Federer hitting a backhand and the similarity in grace with a ballerinaHow the GST evolved is fascinating stuff Alas the ‘real’ reason for demonetization was not there Of Counsel Ideas shapes the worldKeynes observation is substantiated by AS in this book Official discretion leads to policy paralysis Chakravyuha challengeof socialism with limited entry to capitalism without exit is dragging Indian Economic ActivityNot to assign blame but to draw lessons for the future is evident from the book Bankruptcy law facilitates exit The chicken egg problem Who mobilizes the resources first is still affecting governance Engender Public Trust is one of the solution proposed for growth by AS Openness and euality helps for mobilizing the team CEA's experience suggests that JS's are the real seat of decision making in Govt of India From stigmatized capitalism India should move towards trust based system Precocious Development Model works if credibility and legitimacy in providing essential services are maintainedThen regressive nature of subsidies and free electricity are analysedBig data in government policiesgovernance and institutional traps are explainedMigrant flowsinternal trades etc outlined Recognitionresolutionrecapitalization and reforms are needed to sort out TBS AR and PCA by RBI are neededExcess capital with RBI can be redeployed IBC provide exit through legal systemOnly major crisis can galvanize reformsnever waste a crisis Demonetization is interpreted by AS as i lost a goat but they lost their cow attitude by peopleAny sueeze in informal sector incomes would depress demand in the formal sectorand this effect should have been sizable Future of farmers income policy is linked to DBT and UBI setting up of MSP must also incorporate SOCIAL costs and benefits Converting crises into opportunities is the hallmark of good public policy How UBI is defended against Gandhi's Never go forreceive reward with out effort States which lack implementation capacity to help poor may give subsidies UBI from a Gandhian perspective are given Placing govt debt on a gradually declining trajectory is needed NSSF are not get reflected in the deficit numbers AS Focuses on the idea Economics should be learnt and used to solve people's problemNow the trend is once the decision was made it was rationalised rather than challenged Economic growth rate exceeding interest rate is a feature of emerging markets India's future is seen in cooperative federalism Globalisation Vs hyper globalisation is discussed Shallow integration among uneuals and deep integration among similars are happening Regional trade agreements may continue to flourish Impossibility theorem and general competitive euilibrium of Kenneth arrow are mentioned Transmission from individual selfishness to social good is recommended based on Adam Smith's argument This book is written before 2019 Australian Open AS concludes the book by trying to find GOAT in tennis

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