The stinging criticism of economic experts came alongside a censure of the global ratings agencies, which had put China ahead of India despite India's rising growth parameters. While India still has a BBB rating, China's rating has been upgraded to AA, despite its slowing growth and rising debts.
But while the Narendra Modi government is pushing hard to uplift the economy and bring in investment, India, Mr Subramanian said, is not being served well by its economic experts and bankers.
Pointing out that high-quality policy-making demands "high quality inputs and high quality debates", the Chief Economic Advisor said economic experts are not sufficiently critical while speaking in public fora.
Urging bankers to upgrade the quality of their advice, Mr Subramanian said, "Bankers are careful not to get on the wrong side of the government or the Reserve Bank of India" since they are the regulatory authorities. The bankers, he said, are worried about "losing access".