Of Counsel: 8 key ideas
The core ideas of Of Counsel, each in under a minute, written in our own words. Want the full depth? Get the book.
- IDEA 1 OF 8
An adviser looks back
Subramanian, India's Chief Economic Adviser from 2014 to 2018, reflects on his years inside government.
He describes the ideas he pushed, the debates he joined and the policies he supported or questioned, offering an insider's view of economic policymaking.
- IDEA 2 OF 8
Bad loans weighed on two sides
Subramanian popularised the idea of a Twin Balance Sheet problem.
Both large companies and the banks that lent to them were weighed down by bad debts, which held back investment and growth until the problem was tackled.
- IDEA 3 OF 8
JAM could transform welfare
Subramanian promoted the JAM trinity: Jan Dhan bank accounts, Aadhaar identity numbers and mobile phones.
Together, he argued, they could deliver subsidies and benefits directly to people, reducing leakage and corruption.
- IDEA 4 OF 8
Firms find it hard to exit
Subramanian described a Chakravyuha challenge in the Indian economy, named after the battle formation in the Mahabharata that was easy to enter but hard to leave.
Indian firms, he argued, struggle to exit when they fail, which locks up resources.
- IDEA 5 OF 8
A basic income was debated
Subramanian discusses the Economic Survey chapter on Universal Basic Income, which explored giving every citizen a regular cash payment.
He presents it as an idea worth serious debate rather than a finished policy.
- IDEA 6 OF 8
GST was a major reform
Subramanian describes the introduction of the Goods and Services Tax, which replaced many state and central taxes with a single system.
He sees it as historic, while noting problems in its design and implementation.
- IDEA 7 OF 8
Demonetisation raised hard questions
Subramanian discusses the 2016 decision to withdraw high-value banknotes.
He describes its sharp short-term impact on the economy and the puzzles it raised for economists. He notes that cash shortages hit informal workers and small traders hardest.
- IDEA 8 OF 8
Capitalism faces stigma in India
Subramanian argues that many Indians distrust private business because of past crony capitalism.
He calls this stigmatised capitalism and suggests it makes reforms harder. Changing perceptions, he argues, requires clean and fair rules for business.
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