IG Patel, Manmohan Singh, Raghuram Rajan, the list of former CEAs is illustrious

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With only months left to complete his three-year term, chief economic adviser (CEA)  K V Subramanian has announced that he is returning to the world of academics. In a tweet, he later said he is neither resigning nor stepping down. “I had planned a e-year commitment that ends on December 7th, and announced yesterday for a smooth transition.” In his parting short, Subramanian has said that “as past will reveal, any comparison to the past is misplaced.”

Prime minister Narandra Modi in a tweet wished him the best for his coming endeavours.

The list of his predecessors is long and illustrious. The likes of Manmohan Singh and Raghuram Rajan had occupied this position of chief economic adviser. The legendary former Reserve Bank governor IG Patel was CEA under prime minister Jawahar Lal Nehru for two years during 1965-67.

Patel in fact had two stints as CEA. He succeeded the first CEA J J Anjaria in 1961. He continued in this post till 1963.

CEA post equivalent to secretary to the government of India

Manmohan Singh decorated the CEA’s office years later during 1972-76 when Indira Gandhi was the prime minister. Like I G Patel, Manmohan Singh too had served as the Reserve Bank governor.

Bimal Jalan was another illustrious former RBI governor who had a stint as CEA as well. Jalan served as CEA for a longer period between 1981-88.

While noted economist Shankar Acharya occupied this position 1993, two years after the economic reforms were kicked in, Deepak Nayyar was the CEA during the crucial period of 1990-1991.

World renowned Raghuram Rajan succeeded Kaushik Basu as CEA in 2012 and he served under prime minister Manmohan Singh. His stint was short as he moved to Mint street as the Reserve Bank governor in 2013. It is interesting to note that K V Subramanian had obtained his doctorate from the University of Chicago Booth School of Business in 2005 under Luigi Zingales and Raghuram Rajan.

Rakesh Mohan, Ashok Lahiri and Arvind Virmani were also CEA in different periods post-1991. Arvind Subramanian served as CEA for four years during 2014-2018.

The CEA’s post is equivalent to the rank of secretary to the government of India.

The chief economic adviser heads the economic division in the Department of Economic Affairs, Ministry of Finance. The main functions of the division are advisory in nature. The most prominent task of CEA preparation is the Annual Economic Survey and Mid-Year Review of the Economy that are tabled in Parliament ahead of the Budget presentation.