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Jobs, people's incomes, people's wages and of course government revenues are slowing, he said.
Subramanian has suggested that India's GDP growth estimate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17, a period that covers the years during both the UPA and the NDA governments.
In his recent research paper published by Harvard University, the former CEA Arvind Subramanian has said there is a possibility of substantial overestimation in the growth figures.
The detractors of the government had said that the prime minister had not consulted the CEA on the crucial decision.
In 'Of Counsel: The Challenges of the Modi-Jaitley Economy', Subramanian will provide an inside account of his rollercoaster journey as the CEA from 2014 to 2018.