Economy

Arvind Subramanian's term as chief economic advisor extended for a year

Arvind Subramanian's term as chief economic advisor extended for a year”

Amidst reports of Chief Economic Advisor Arvind Subramanian resigning the office, the Finance Ministry has confirmed that the government will extend the term of Arvind Subramanian by one year on Saturday.

Finance Minister Arun Jaitley confirmed the development in a tweet: "CEA Dr Arvind Subramanian will continue for one more year after completion of his 3 year tenure on 16th October, 2017". "A formal announcement will be made soon", said Finance Ministry sources.

With the extension, his tenure became co-terminus with the current term of the Narendra Modi-led National Democratic Alliance (NDA) government till 2019.

Chief Economic Adviser to Government of India Arvind Subramanian. The extension will mean that his term will be nearly co-terminus with that of the NDA government. The principal author of the annual Economic Survey, Subramanian took over as the CEA on October 16, 2014 owing to a vacancy post the appointment of Raghuram Rajan as the Reserve Bank of India (RBI) governor in September 2013. He is on leave from US-based Peterson Institute for International Economics, where he's a senior fellow. He was closely involved in drafting the Goods and Services Tax. He has also put up various ideas for discussion at the policy and popular level such as his recent proposal for Universal Basic Income.

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