EP-229 | Job Crisis, Indian Economy, Start-up Culture & Wealth Creators | Krishnamurthy Subramanian

Krishnamurthy Venkata Subramanian served as the 17th Chief Economic Adviser to the Government of India from 2018 to 2021, becoming the youngest to hold this prestigious position. Subramanian's tenure as the Chief Economic Adviser was marked by his contributions to shaping India's economic policies during crucial years, including the Covid-19 pandemic. He is now India's Executive Director at the International Monetary Fund (IMF), where he continues to represent India on global economic matters. In this episode of the ANI Podcast with Smita Prakash, Prof. Subramanian delves into the critical role of wealth creators in driving India’s economic progress, explaining why they are the backbone of a thriving economy. He emphasizes the importance of balancing economic policies to encourage entrepreneurship while also addressing income inequality. Subramanian doesn’t shy away from discussing the systemic challenges facing the country, including the pressing need for judicial reforms to address backlogs that hamper business operations and economic efficiency. He also touches on the impact of India's increasing digital transactions on economic transparency and efficiency. Additionally, he discusses how spirituality and mindfulness can serve as tools for personal growth, especially in the fast-paced world of economics. 00:00 - Introduction 01:00 - India @100 Book 05:41 - India's Projected Economic Growth 10:35 - Wealth Creators 15:25 - Slow Growth of Small Businesses 25:03 - India's Agricultural Policies 32:55 - Importance of Economic Reforms 41:27 - Signs of a Good Economy 47:23 - The Willful Defaulter Phenomenon 51:45 - Need for Judicial Reforms 1:00:02 - India's Digital Boom 1:06:29 - Lessons from Demonetisation 1:11:32 - India's Job Market 1:18:25 - Responsibility of State Govts. in Job Creation 1:21:35 - The Politics of Freebies 1:34:22 - Snap Reaction Segment 1:45:39 - Remembers His Father & Family 1:57:04 - Economic Challenges During the Pandemic 2:05:39 - Spirituality & Mindfulness 2:08:45 - Importance of Reading