Chief Economic Advisor to the Government of India Dr. Arvind Subramanian has been given a one year extension, post the completion of his current-three year tenure. The decision assumes importance in the backdrop of brainstorming sessions held by Jaitley with Cabinet colleagues and senior officials, including the CEA, to devise a plan to lift economic growth, which slipped to a three-year low of 5.7% in the April-June quarter of 2017-18.
Subramanian, whose term was to end on October 16, will continue as the CEA for another year, the Ministry of Finance confirmed in a statement.
"The news of his resignation was wrong".
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Sources said that Subramanian had been keen to leave for the USA at the end of his term next month to return to his family but was requested to stay back. Also, his extension can be perceived as a signal that the government wants to retain its core economic policy team with the 2018 Union Budget going to be the last full Budget of the NDA before the 2019 general elections. The office of the CEA had remained vacant for over a year after Raghuram Rajan was appointed Reserve Bank of India Governor in September 2013.
Subramanian is now on leave for "public service" from his position as the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics, Washington. While he has been providing critical inputs on the economy, including to the PM, Subramanian was closely associated with designing the Goods and Services Tax and his report formed the basis for arriving at rates, which was one of the most contentious issues for the new regime.
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