India moved from crony socialism to stigmatised capitalism: CEA Subramanian

Chief Economic Adviser Arvind Subramanian on Monday said that in the last 50 to 60 years, India has moved from "crony socialism to stigmatized capitalism."

Addressing the media persons on the Economic Survey 2017-18, Subramanian shed light on a number of broader aspects and recommendations from the Survey, which are as follows:

1 The working of the GST Council has shown that cooperative federalism can really work

2 India should gradually move from a net consumer to a net producer of knowledge

3 Government does not have to do anything radical; just finish what it has started

4 This year, oil prices went up, that affected consumption, government finances and held back real economic activity

5 Urgent prioritisation of investment revival required to arrest more lasting growth impacts

6 Exports registered growth of 12.1 percent, while industrial output increased by 3.2 percent during April - December 2017

7 Inflation during 2017-18 averaged to the lowest of the last six years

8 IBC mechanism being used actively to resolve NPA problem

9 India is in the midst of simultaneous slump in investment and saving rates post the great financial crisis

10 50 percent increase in indirect taxpayers under the GST, compared to the pre-GST period

-ANI