The government’s former Chief Economic Advisor (CEA), Arvind Subramanian, will open up about his tenure, which saw the controversial demonetisation of high-value currency notes and the introduction of the Goods and Services Tax (GST), in a new book to be out this November.
In “Of Counsel: The Challenges of the Modi-Jaitley Economy”, Subramanian will provide an inside account of his rollercoaster journey as the CEA from 2014 to 2018, publisher Penguin Random House India said.
“With an illustrious cast of characters, Subramanian’s part-memoir, part-analytical writings candidly reveal the numerous triumphs and challenges of policymaking at the zenith, while appraising India’s economic potential through comprehensive research and original hypotheses. This book is a deep-dive into the man, the moments, the measures and the means,” the publisher said in a statement.
Charged with the task of restructuring an insecure and fragile economy, Subramanian’s trusteeship saw the country through one of the most hotly contested and turbulent periods of economic governance and policymaking in recent decades — from the controversial recall of 85 per cent of circulated currency during demonetisation to a complete overhaul in taxation with the introduction of the GST.
“In his work on changing balances in global power, as well as in his position as the Chief Economic Advisor to the Government of India, Dr Subramanian had a ringside view of the economy — and indeed the state of the nation. Much has happened in this country in recent times that many of us grapple with in our everyday transactions… this is the book that we need to read if we are to understand our own place as citizens in the economy,” said Meru Gokhale, Editor-in-Chief, Literary Publishing, Penguin Random House India.
Subramanian will also address the overleveraging 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.
“I am excited to share my thinking on India and my experience as CEA — a sort of first draft of history — with a wide readership, hopefully as wide as that of the last few Economic Surveys,” said Subramanian, who is currently a visiting lecturer of public policy at Harvard University’s Kennedy School of Government and senior fellow at the Peterson Institute for International Economics.
He has previously authored “Eclipse: Living in the Shadow of China’s Economic Dominance”, and “India’s Turn: Understanding the Economic Transformation”, among others.