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Chief Economic Advisor Arvind Subramanian Resigns, To Return To US

SHAHNAWAZ | 0
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| June 20 , 2018 , 15:20 IST

Chief Economic Advisor Arvind Subramanian has decided to quit his position. This was announced by Finance Minister Arun Jaitley in a long Facebook post titled, “Thank you Arvind”.

Jaitley mentioned that Subramanian met him a few days ago over video conferencing and stated that would want to return to the United States ‘on account of pressing family commitments’.

“His reasons were personal but extremely important for him. He left me with no option but to agree with him.” wrote Jaitley.

Subramanian replaced Raghuram Rajan as the Chief Economic Advisor in October 2014 after the post fell vacant as Rajan left the Finance Ministry to take over as the Governor of Reserve Bank of India. Both Rajan and Subramanian had worked closely during their stint at International Monetary Fund. As Subramanian’s three-year term came to an end, Arun Jaitley gave him an extension of one year.

Appreciating Subramanian’s work Jaitley wrote, “The Chief Economic Advisor’s job had multi-facets to it. He is not a spokesman of the Government. He is an Advisor who has to analyse and thinks several steps ahead. It is a unique responsibility with the freedom to the work that he enjoys. Arvind functioned within these parameters and concentrated on the challenges to the economy.”

Interestingly while the Finance Minister’s farewell note heaps praise on the CEA for JAM, GST, rationalization of removal of subsidies for the rich, quality of economic survey, policy reforms in the sectors of clothing, fertilizers, kerosene, power and pulses, there is no mention of demonetisation.

The Congress party and its President Rahul Gandhi had alleged that the Chief Economic Advisor was not informed about demonetisation. “Only under Modi Ji will the Chief Economic Advisor not be consulted before a major economic decision like Demonetisation” the party had tweeted.

Communications In-charge of the Congress Party, Randeep Singh Surjewala said the resignation does not come as a surprise as 'Financial Experts' of Modi Government were completely fed up by its Economic Mismanagement.