Chief Economic Advisor to the center Arvind Subramanian, who took a position in 2014, has been given an extension of a year on the post. He will resume office from 16th October, following the completion of his three-year term as CEA of the country.
The usual term for the post of CEA in India, like that of the RBI governor, is three years, and Subramanian is scheduled to complete it in October 2017 but will continue with the post till 2018.
- The extension is rather justified.
- Subramanian was enlisted as one of the top global thinkers by the foreign magazine in the year 2011.
Arvind took oath on 16th October 2014 a year after Raghuram Rajan vacated the post and signed up as RBI governor. He is a graduate of St. Stephen’s College, Delhi, and pursued an MBA from IIM, Hyderabad, and then completed his M. Phil and D. Phil from the reputed University of Oxford, UK. He held senior-level positions at the Peterson Institute of International Economics and Center for Global Development.
Subramanian has been very frank about RBI’s monetary policy and spoke openly on the need for a rate cut and is the main go-to person for Arun Jaitley, Finance Minister, in matters concerning finance.
He is the author of two books, namely India’s turn: understanding the economic transformation published in 2008, and Eclipse, of 2011.
As CEA, Subramanian has also authored India’s Economic Survey reports, and has taken India out of financial loans amounting to Rs 6 Lakh Crores.
Another ‘feather in his cap’ came when he introduced the aadhar plan of India, and coined the term JAM- Jan Dhan, Adhar, Mobile that introduced new highs of technology to India by linking mobile services with aadhar cards issued to the citizens.
However, it is much debated whether or not the USA will be able to hack the country’s classified reports and citizens’ personal data by using their Adhar number.