He also said that although the goal is a bit of a stretch, achieving $5 trillion economy by 2024-25 is possible. There is a need to consider tapping into foreign capital to trigger a cycle of investment and growth, Chief Economic Adviser (CEA) Krishnamurthy Subramanian said on July 16.

The ex-RBI chair questioned the government’s argument that raising part of its gross borrowing from overseas markets would ensure enough domestic credit for the private sector.

He said the argument that foreign borrowing would be cheaper because dollar interest rates are lower than rupee interest rates is “bogus”.

If one rummages through economic theories, one finds three powerful ideas that show why education is important for society. Firstly, education ‘converts’ humans into human capital. This makes us productive and creative.