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If one were to read the Economic Survey 2018-19 with a keen eye, one can find an imprint of the Indian School of Business (ISB) on it, perhaps for the first time.
In policy suggestions and theoretical observations, research conducted by ISB, its findings and suggestions are mentioned across the survey in the form of direct and indirect contribution and references.
It is also not surprising to find the research and views of the Chief Economic Adviser Krishamurthy Subramanian himself who had served as an Associate Professor at ISB before his appointment as CEA in December last year. But there are few other faculty, including Prasanna Tantri and K Vaidyanathan, whose works have also been used.
“Yes. ISB faculty did contribute to the content of the Survey directly and indirectly though one cannot own up anything completely as its a piece of collective scholarship and team work involving many experts from different agencies,’’ Prasanna Tantri, Interim Director, Centre for Analytical Finance, ISB, told Business Line while responding to a query.
The counter cyclical aspects related to the National Rural Employment Guarantee Act (NREGA), Aadhaar-related aspects, governance issues in banking have found place both in perspectives and data given in the Survey and the CEA has promptly acknowledged the contribution of his former colleagues in the preface too.
His own research on labour laws and innovation, bankruptcy codes, corporate governance, lessons learnt from financial crisis has been quoted and many of his joint research papers with other economists and researchers have been cited.
For instance, out of about 40 references given in the first chapter on ‘Shifting Gears: Private Investment 01 as the Key Driver of Growth, Jobs, Exports and Demand’ nine joint and individual research papers of Subramanian have been cited.
“This is mainly because of the data-driven approach the ISB has been following. In terms of style, the Survey has based itself on strong number and a data driven approach which is empirically impressive,’’ Tantri said.
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