The New Chief Economic Adviser of India
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Dr. V Ananth Nageswaran
* The Central Government has recently appointed Dr. V Ananth Nageswaran as the new Chief Economic Adviser of the country.
* This information was given by the Ministry of Finance through a tweet on 28 January 2022.
The Finance Ministry said that the government has appointed Dr. V Anantha Nageswaran as the new Chief Economic Adviser of the country.
* The new Chief Economic Adviser has been appointed at a time when the government is going to release the Economic Survey for the financial year 2021-22 after two days on 31 January.
* A day after this i.e. on February 01, the budget for the year 2022-23 is also to be presented.
* Dr. V Ananth Nageswaran has replaced KV Subramaniam. He left the post of Chief Economic Adviser (CEA) in December 2021 after completing his three-year term.
* Dr. V Anantha Nageswaran has taken over the post of CEA on 28 January 2022.
* Dr. V Anantha Nageswaran was Dean of the IFMR Graduate School of Business and Distinguished Visiting Professor of Economics at Krea University.
* He has also been a part-time member of the Economic Advisory Council to the Prime Minister of India from the year 2019 to 2021.
* He holds a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad and a Doctorate degree from the University.
* He helped co-found the Taxila Institution, an independent center for research and education in public policy. Apart from this, he has played many roles like a writer, teacher and mentor.
* He has been a Faculty of Business School and Management Institute of India.
* Also he has been a teacher in many educational institutions of Singapore.
An effective economic advisor in government has to work within the bounds of what is politically possible, while expanding the policy-possibility frontier with radical new ideas.
The job thus requires not just the technical skills of a traditional economist, but also a fine sense of the political, social, institutional and historical context.
This is both science and art.
The Narendra Modi government has done well to appoint V. Anantha Nageswaran as our new chief economic advisor (CEA). His is a reasoned voice on economic policy matters and he is known for the attention he pays to facts on the ground rather than grandstanding in the cause of any particular school of thought in economics.
He is truly heterodox in that sense. He is also a sharp observer of geopolitics, and blew the whistle on the China threat at least a decade before it was common knowledge in India. The bipartisan applause that has greeted his appointment as CEA also shows his ability to work with a diverse set of people.
Nageswaran joins the finance ministry just as India recovers its pre-pandemic level of output, but scars remain. These include persistent inflation, growing inequality, labour-market stress, a crisis in the informal economy, and the long-term costs from two years of school shutdowns.
The risk to our balance of payments from a further increase in global crude oil prices is still modest, but not irrelevant. In the decade ahead, we must maintain a high rate of economic expansion to provide opportunities to our people.
Much will depend on the quality of economic policy if India in the 2020s is to resemble India of the 2000s rather than of the 1970s on that score. The new CEA has been a prolific writer on the Indian economy, with his weekly column in Mint widely followed.
Though Nageswaran is driven by what the data says, and has readjusted some of his views over the years, there are some common themes in his writing that are worth highlighting.
First, he has consistently argued that the requirements of the real economy are more important than those of the financial one.
Second, monetary policy should be used carefully to avoid blowing sequential asset bubbles that lead to the mis- allocation of capital.
Third, any country should have ways to maintain policy independence, either through the tactical use of capital controls during episodes of global financial mania, or (unfortunately these days) via restrictions on global trade.
Fourth, inequality is a risk for both sustainable economic growth as well as social stability; not just inequality in terms of the gap in household incomes, but also the split of national income between profits and wages.
Nageswaran has also written thoughtfully on the Indian economy’s prospects over the long term. In a fine 2016 report that he wrote in collaboration with Gulzar Natarajan, Nageswaran argued that India should not take rapid economic growth for granted.
The title of this report is telling: Can India Grow? The problems identified by the two authors included the end of a global economic boom, structural problems such as a large informal sector and premature deindustrialization, limited state capacity, a lack of robust federalism, and the costs of our transition to a low-carbon economy.
They put forth a well-reasoned set of policy responses to these problems. We wish our columnist of 15 years the very best for his stint in government. The Centre has made a worthy choice.
Happy day dears! Thank you!
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