Economic surveys get Jaitley’s praise

New Delhi, June 20: Chief economic advisor Arvind Subramanian will be leaving the finance ministry after nearly 4 years because of “pressing family commitments” and return to the US, Union minister Arun Jaitley said.

“But I know that his heart is very much here. I am sure he will keep sending advice and analysis wherever he is,” he wrote. Mr Jaitley said that Mr Subramanian’s early diagnosis of the twin balance-sheet had led the government to adopt the macro-economic strategy of higher public investment in the Budget of 2015-16.

“He conceptualised JAM (Jan Dhan, Aadhar, Mobile) as a data base for availing public benefits. He contributed to the debate of federalism by conceptualising that the Indian federalism has not merely to be cooperative but also competitive. He came out with newer ideas, policy reforms in the sectors of clothing, fertilisers, kerosene, power and pulses,” Mr Jaitley said.

Recalling his contribution on formulating the Revenue Neutral Rate, Mr Jaitley said “it was of great use in forging a consensus which led to the constitution amendment enabling the GST. He participated in every meeting of GST, gave his independent views and was heard in rapt attention by almost every finance minister”.

Mr Subramanian, the minister added, elevated the quality of the analysis and the presentation of ideas for public deliberation in his four “Economic Surveys”.

“His documents for four years was treated by several independent critics as one of the best ever produced... The Economic Survey today is a basic teaching material all over India,” Mr Jaitley noted.

— PTI