Chief Economic Adviser Arvind Subramanian quits months before term ends
Indian Chief Economic Adviser (CEA) Arvind Subramanian is quitting and moving to the US due to "pressing family commitments," Finance Minister Arun Jaitley announced today. The CEA is responsible for advising the finance minister on economic matters, and producing the mid-year analysis and the Economic Survey, among others. Jaitley lauded Subramanian's tenure, which has been marked by his "futuristic ideas" on various issues.
Subramanian is an IIM-Ahmedabad and Oxford alumnus
Subramanian, an alumnus of Delhi's St. Stephen's College, did MBA from IIM-Ahmedabad before going to Oxford University for a doctorate. He took over as CEA on October 16, 2014, for a period of three years, when his predecessor Raghuram Rajan was appointed RBI governor. Last October, his tenure was extended by another year. The 59-year-old is a senior Fellow at the Peterson Institute for International Economics.
'CEA job most rewarding, fulfilling, exciting I have ever had'
Jaitley highlights key achievements of Subramanian as CEA
Announcing the development through a Facebook note titled 'Thank You Arvind,' Jaitley highlighted Subramanian's key achievements. Subramanian's "early diagnosis of the twin balance-sheet" that led to the strategy of higher public investment in Budget-2015; conceptualizing JAM (Jan Dhan, Aadhar, Mobile) as a "database for availing public benefits"; and policy reforms in clothing, fertilizers, kerosene, power and pulses, are only some of them.
'Several critics hailed his Economic Survey among the best ever'
Jaitley showered praise on Subramanian's report on the Revenue Neutral Rate and his four Economic Surveys, which were hailed by "several independent critics as (some) of the best ever produced." He launched the first online course on Indian economy, as well as 'Swayam,' the government's online education platform. "He built up a strong team of both "insiders" and "outsiders" in the Economic Division."
'He thought ahead and, therefore, came out with futuristic ideas'
"(Subramanian) thought ahead and, therefore, came out with futuristic ideas on rationalization of removal of "subsidies for the rich", universal basic income, climate change, from "socialism without entry and capitalism without exit" and the four C's that he had historically paralysed decision making," Jaitley wrote. "He participated in every GST meeting, gave independent views and was heard in rapt attention by almost every Finance Minister."
'He left me with no option but agree with him'
Jaitley, who's been in hospital recovering from a kidney transplant, said Subramanian submitted his resignation through video conference a few days ago. He recollected that even when in October'17, he had requested Subramanian to continue, "he was torn between family commitment and his current job."
