Did the GoI’s MoF’s CEA certify India’s fiscal health yesterday? If so, it is a mistaken certificate

June 15, 2010 — drsubrotoroy

From Facebook:

Subroto Roy reads that Dr Kaushik Basu, Chief Economic Adviser to the Finance Ministry of the Manmohan Singh Government, has “expressed great confidence in the fiscal health of the economy” and says to Kaushik:

You are unaware of that of which you wish to speak.

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Posted in Academic research, Economic Policy, Economic quackery, Economic Theory, Government accounting, Government Budget Constraint, Government of India, India's Government economists, India's bureaucracy, India's Macroeconomics, India's Monetary & Fiscal Policy, India's Public Finance, Manmohan Singh, Microeconomic foundations of macroeconomics. 2 Comments »

2 Responses to “Did the GoI’s MoF’s CEA certify India’s fiscal health yesterday? If so, it is a mistaken certificate”

  1. Shanty Mathew Says:
    June 16, 2010 at 1:32 am

    Dr. Roy, thank you. This blog is a source of much-needed clarity. I am not an economist yet find the ‘economic story’ being touted in the mainstream media sounds illogical in the harsh light of everyday reality.

    For example, news of a fresh wave of divestment, http://www.thehindubusinessline.com/2010/06/16/stories/2010061653840100.htm says, “The stake sale is part of Government’s plans to raise Rs 40,000 crore in the current fiscal by selling shares in one state-run company almost every month in a bid to limit its fiscal deficit at 5.5 per cent of gross domestic product.” So that’s the plan for 2010. But what about in 2011? And 2012? Is this the best way to control fiscal deficit?

  2. drsubrotoroy Says:
    June 16, 2010 at 5:25 am

    My thanks to the previous commentator. As long as you stay with clear facts and logic, do not be worried about your lack of formal credentials in economics — there has been a significant amount of intellectual fraud continuing among purported economists in New Delhi, e.g., of heads of institutions making out publicly as if they have doctoral degrees from this or that well-known university when they don’t.

    Re. disinvestment, my position may be found in the following:
    https://independentindian.com/2009/06/12/mistaken-macroeconomics-an-open-letter-to-prime-minister-dr-manmohan-singh/


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