Explaining the economic philosophy contours of a laissez-faire approach to facilitate productivity and competitiveness, the authors of the Economic Survey 2004-25 found themselves caught in a political storm.
While advocating specific policy efforts, the survey delved into the nuances of the philosophical approach to governance defined by a ‘getting out of the way’ formula.
“... ‘get out of the way’ and trust people, we must, for we have no other choice. ‘Business as usual’ carries the high risk of economic growth stagnation, if not economic stagnation. Yes, trust is a two-way street and non-government actors in the economy have to vindicate the trust reposed... Nonetheless, wiping out the trust deficit in the country is imperative and government agencies have to set the agenda in this regard,” said the Economic Survey.
It was not long before the nudge to government agencies caught wider attention. Taking to social media, former finance minister P Chidambaram congratulated Chief Economic Advisor V Nantha Nageswaran for asking government agencies to wipe out ‘trust deficit’.
“The final advice given by the CEA is the most timely and powerful... Nobody trusts this government and its weaponised agencies — not business, not academics, not professionals, not farmers, not workers, not teachers, not students, not the middle class and not the power,” Chidambaram wrote on X.
“Congratulations, Mr CEA! And thank you Honourable Finance Minister for letting the CEA speak his mind frankly,” he added, for good measure.