India's Economy: An Insider's ViewVIEW EVENT DETAILS
Friday, 7th December, 6:30 PM
When Prime Minister Modi took office in 2014, India was in the midst of high inflation, declining growth rates and in the need of structural reforms. The nation expected PM Modi to replicate the Gujarat story at the national stage and accelerate India’s economy. More than four years later, the government has managed to overhaul an archaic bankruptcy law, introduce many Indians to banking, resurrect large projects and considerably improve India’s ease of doing business as per World Bank. But the two colossal and unprecedented policies have been demonetization and Goods and Service Tax (GST). While GST completely turned the indirect tax system in the country, demonetization temporarily wiped out 86% of the currency in circulation.
One of the people at the helm of these economic policies, was Dr Arvind Subramanian, the Chief Economic Adviser. He had a ringside view of the economy and indeed the state of the nation. In his new book, ‘Of Counsel’ Subramanian talks about his experience in the Modi-Jaitley government and the “numerous triumphs and challenges of policymaking at the zenith”. Subramanian also addresses the over leveraging of public-sector banks, the fraught links between the state and private sector, the changing relationship between the state and the individual, and the ever-pervasive, life-threatening issues surrounding climate change. He will be in a discussion with Uday Kotak, Founder MD & CEO of Kotak Mahindra Bank and Sajjid Chinoy, Chief Economist, JP Morgan India to share his research, experiences and chronicles.
Arvind Subramanian teaches at Harvard Kennedy School and is a senior fellow at the Peterson Institute for International Economics, having just served as the Chief Economic Adviser to the Government of India. He has previously worked at the IMF, Center for Global Development, and GATT (now WTO), and taught at Johns Hopkins and Harvard Universities. He is the author and co-author of several books, including Eclipse: Living in the Shadow of China’s Economic Dominance and India’s Turn: Understanding the Economic Transformation. Foreign Policy magazine named him one of the Top 100 Global Thinkers in 2011.
Uday Kotak is the Founder and MD & CEO of Kotak Mahindra Bank. In October 2017, a panel led by Mr. Kotak submitted a report on corporate governance to SEBI recommending sweeping changes to create a more robust and transparent governance environment. He is a member of the International Advisory Panel of Monetary Authority of Singapore and is the President-Designate of Confederation of Indian Industry (CII). He has been awarded the ‘Lifetime Achievement Award’ at Financial Express’ Best Banks’ Awards 2016 and ‘Businessman of the Year 2016’ by Business India.
Sajjid Chinoy is J.P. Morgan’s Chief India Economist and also covers South Asia. He has previously worked at the International Monetary Fund (IMF) and McKinsey & Company. He was recently appointed as an advisor to the 15th Finance Commission set up by the Government of India and has previously served on the RBI's “Expert Committee to Revise and Strengthen the Monetary Policy Framework" that proposed inflation targeting in India. He was a consultant to the FRBM Review Committee set up by the government to proposed a new fiscal anchor.
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