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July 2018
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Congress to set up group on alliances: Rahul        Prepare To Fight 2019 Alone, Amit Shah Tells BJP On Rift With Shiv Sena        Money laundering scam: Zardari declared absconder by FIA        Afghan vice president Dostum escapes blast on return from exile        Sri Lanka close in on whitewash of S. Africa        Hamilton regains title lead after stunning German win        Fakhar Zaman becomes first Pakistani to hit ODI double ton        Govt slashes GST rate on several products        Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        
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National News
Leaving CEA job for very compelling reason; will leave by early Sep: Subramanian
 
New Delhi, Jun 20 (PTI) Chief Economic Adviser Arvind Subramanian has decided to quit the job, with close to a year of his tenure remaining, and return to the US for "very compelling reasons" -- the second high profile exit from government in less than a year.

He said he would leave the office within the next two months even though his contractual term was co-terminus with the government.

Subramanian was appointed as CEA, finance ministry, on October 16, 2014 for a 3-year term and was given an extension last year.

"My departure from this job for entirely personal reasons. It is no secret that we are expecting our first grandchild in the early September. That's a very compelling reason that takes us back to old life of that used to lead of researching, writing, teaching and reflecting above all," he said .

Subramanian's official contract was till May 2019.

"The first person I mentioned this to was the Prime Minister after consulting Mr (Arun) Jaitley," he said, while expressing that this was the best job he ever had and probably ever will.

Earlier in the day Union Minister Arun Jaitley announced that Subramanian will be leaving the finance ministry after nearly 4 years because of "pressing family commitments" and return to the US.

Asked about his last date in the office, he said, "in terms of date, the hard deadline is early September, when the baby is going to arrive. We haven't exactly finalised. It would be over the next month or two. No firm date as yet has been fixed."

To a question on his future plans, he said, it will be revealed in the next few days.

"You will get to know what I am exactly, I will be going do, in the next few days. I can not reveal that right now for obvious reasons. Whatever has to be done has to done through formal channel but in few days you will get to know what I will doing in the next year at least," he said.

"I am profoundly grateful and humbled by these extraordinarily generous words by Minister Arun Jaitley announcing my decision to return-for personal reasons-to researching and writing. CEA job most rewarding, fulfilling, exciting I have ever had," he said

Subramanian is the second key economic policy adviser to quit the job mid-way to return to the US. Previously, the then NITI Aayog vice chairman Arvind Panagariya had quit in August 2017, nearly two-year before his term was to end. Incidently, both were handpicked after BJP government came to power in May 2014 and cited personal reasons for quitting the job ahead of tenure.

When asked about his successor, he said the process would start soon and Competence, competence, competence, that's what the government believes in and that's what the government should follow while choosing his successor.

On the unfinished agenda, he said, he would like to see office of CEA in every state.

"One thing which I wish we could have done... there was a lot of demand for creating the office of CEA in a number of states, a number of chief ministers were keen to have something like this and I wish I had more bandwidth, time and energy to kind of do this in the states as well. I hope it will happen going forward," he said.

On the recent talks of India aiming at touching double digit growth rate, he said it should certainly aspire for this.

Subramanian said: "It helps on so many fronts. To achieve double digit growth, you need two things, you need favourable external environment, which is not the case and you need to do a lot of domestic policy hard work at home.

"I think government has begun to do the later but I think economic environment has deteriorated. So may be task become that more challenging. I would never say double digit growth is beyond the reach of India. We can but you would need both need external environment and ongoing sustained policy reform at home."

On global trade wars and growing protectionism, the CEA said: "I do think we need to think about what measures we need to take to cushion any adverse fallout. I think trade war will not happen internationally but if does we have to find appropriate responses in terms of domestic polices as well."

When asked if he would be willing to take up assignment in the future in India, he said, he always committed to serving the country.

On the Goods and Services Tax, he said many of the exempted sectors should come under this as broader the base of GST better it is.

It is for the GST Council to take a call, he added.

On his proposal of setting up a bad bank two-and- a-half years ago to deal with bad loans, he said: "I was very passionate about that but the NCLT process offers a legal framework for resolving this bad bank might not have been able to do. I am very happy in this instance that an alternative idea gained traction and resolution process is moving well."

With regard to the Universal Basic Income proposed by him in the Economic Survey of 2016-17, he said, it didn't happen but it became a part of the policy discussion.

"The idea has been around. We just brought it in the more prominence. All policies will have to navigate through challenging times," he said.


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Unidentified 'intruder' killed at Indo-Pak border: official
Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers
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Opposition parties commit to fight against any amendment in RTI Act
Tharoor blames right-wing activists for attacks, demands PM intervention
Two dead, 3,500 relocated as rains lash parts of Gujarat
LJP raises Dalit issues in all-party, NDA meetings
SC asks Parliament to consider new law to deal with mob lynching
From April next year, national database for gun licence holders
SC refuses to stay new rules on health warning for tobacco products
CBI chargesheets Farooq Abdullah, three others in JKCA scam
Rajinikanth Supports 'One India, One Election' Proposal
Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress
If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti
Bombay HC pulls up Pune cops over probe into Rajneesh's 'will'
87 minor boys rescued from train, trafficking suspected
Ex-CM Kiran Reddy set to return to Congress, to meet Rahul
ENTERTAINMENT NEWS
I am a big flop actor: Karan Johar
 (Mumbai, May 5, 2018): Filmmaker Karan Johar is in mood to take up full-fledged acting jobs.  
Bittersweet moment for us: Akshaye on Vinod Khanna's Dadasaheb Phalke honour
Happy Sonam is getting married, Anand a great guy: Harshvardhan Kapoor
Auctioning 'Rustom' costume for good cause: Akshay Kumar
INTERNATIONAL NEWS
Money laundering scam: Zardari declared absconder by FIA
 (Karachi, July 22, 2018):Former Pakistan President Asif Ali Zardari and his sister Faryal Tal
Afghan vice president Dostum escapes blast on return from exile
Trump invites Putin to White House in the fall
Indian man shot dead in Canada, two suspects arrested
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
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