"These actions would allow growth to return to trend in 2017-18, following a temporary decline in 2016-17," the report said. "The faster that re-monetisation takes place, the shorter and less severe will be the impact of demonetisation," Subramanian told a media conference. Quoting Keynes, the chief economic adviser said the Survey "must try and do everything... it must be purposeful and objective. Subramanian wasn't fully in favour of a cashless economy - a utopian ideal that the Narendra Modi government has set for itself. Subramanian also seemed to advocate a cautious, growth-oriented budget, by stating that fiscal activism does not help while fiscal prudence does.

Source: The Telegraph January 31, 2017 22:19 UTC