Falling economy, rising stock markets leave Arvind Subramanian puzzled; asks what’s this puzzle?

Former chief economic adviser Arvind Subramanian (File image | Express)

Former Chief Economic Adviser Arvind Subramanian on Thursday expressed surprise that even when the economy is “going down”, stock markets in the country are “going up”. Subramanian, the Narendra Modi government’s first chief economic adviser, was speaking after inauguration of the `NSE Centre for Behavioral Science in Finance, Economics and Marketing’ at the Indian Institute of Management Ahmedabad here.

He would specially visit the IIMA the day the Centre cracks this “puzzle” about the Indian economy, he quipped. Equity benchmarks advanced to fresh lifetime highs for the third session on the trot on Thursday, spurred by buying in energy, IT and auto counters amid persistent foreign fund inflows.