The Government will extend the term of Chief Economic Adviser Arvind Subramanian by one year till October 2018, Finance Minister Arun Jaitley said on Saturday. Subramanian, a Senior Fellow at the Peterson Institute for International Economics, was appointed India’s Chief Economic Adviser (CEA) in October 2014. His term was for three years, which was to end on October 16.
Interacting with reporters today, Jaitley said “he (Subramanian) gets extension for one year”. The BJP-led NDA Gvernment’s 5-year term ends in May 2019. According to sources, a formal announcement will be made after all procedures are complete. The CEA is usually the main go-to person for advice for the finance minister on macro-economic matters, and primary responsibilities, among others, include authoring the mid-year analysis and the Economic Survey.
Subramanian’s predecessor was Raghuram Rajan, who quit the position in September 2013 after his appointment as the Governor of the Reserve Bank of India (RBI).
Speaking after the government's decision, Subramanian said the economy is facing multiple headwinds and there is a need to attack them on various fronts.