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While writing his maiden economic survey, CEA Arvind Subramanian says he was inspired by the IMF’s World Economic Outlook but tried to leave his own “imprint” and make it readable like “a blog“.
“The aim is to provoke and stimulate debate and discussion, thereby enriching the process of policy-making, and hopefully, improving its outcome. The survey also aims to be readable, rising to the challenge of making dry economics as accessible as an op-ed (or perhaps a blog) without fully sacrificing the rigor of a more serious tome,” the preface of the Survey 2014-15 said.
The survey prepared by Chief Economic Adviser Subramanian places a premium on new ideas or new perspectives both of an academic and policy nature.
It has a chapter on “wiping every tear from every eye” where the focus is on how support is best provided and the role that technology can play in this regard.
The Survey has highlighted the growing importance of India in the global arena. The cover page of the document shows the comparative growth graph of India and China since 1978.
As per the International Monetary Fund’s World Economic Outlook, India has overtaken China in terms of growth.
Data for India for the years 2012-14 are from the newly re-based series published by the Central Stastistics Office.
“This Survey departs structurally from its predecessors and presents its output in two volumes. Volume 1 discusses the outlook and prospects as well as a number of analytical chapters addressing topical policy concerns. Volume 2 describes recent developments in all the major sectors of the economy and contains all statistical tables and data,” it said.
In a sense, Volume 1 is forward-looking but gaining from the perspective provided by the recent past which is the subject of Volume 2, it said.
Quoting renowned economist John Maynard Keynes, Subramanian said: “It is necessary to distinguish the important from the urgent.”
At this juncture, he said, “with a new government in power and about to present its first full budget, and given the constraints of time and resources, this Survey has taken Keynes’ advice to heart.”
The Survey favours the present, erring on the side of being expansive in scope even if the consequence has been to privilege cursory examination over in-depth analysis, it said.
He has thanked translators and Government of India press among a whole lot of officials from various government departments.
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