The government has notified the Code after it received assent from the President of India on August 8.
GDP growth is set to slow further in April-June quarter of this year to 5.7 pc amid contraction in consumption, weak investments.
Subramanian sees moral hazard in giving relief.
Industrial growth is expected to decelerate sharply to 5 per cent in Q1 FY2020 from 9.8 per cent in Q1 FY2019.
The move would benefit the pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009.
Federal debt, which is already high by historical standards, is on an unsustainable course, said Phillip Swagel of CBO.
Petrol imports rose to 230,000 tonnes in July, the highest since PPAC data going back to 2011.
RBI has lowered the repo rate by 1.1 percentage points in 2019, the banks are yet to pass on the entire benefit to borrowers.
RBI underscores worries about near 5-year low economic growth pace.
India's economic growth slowed to 6.8 per cent in 2018-19 - the slowest pace since 2014-15.