The Finance Minister on Saturday extended the tenue of Chief Economic Advisor Arvind Subramanian for another year. His term was supposed to end in October.
He took over as CEA on October 16, 2014 for a term of three years. This extension will mean his term would end in October 2018.
The Ministry had, earlier in the week, denied that Mr. Subramanian was resigning after media outlets reported he might do so before his tenure was completed.
Mr. Subramanian’s term as CEA has been marked by dynamic suggestions and analysis to do with the economy — including coining of the term ‘JAM trinity’ (for Jan Dhan, Aadhaar, and Mobile) and elaborating on its benefits.
The CEA has also mooted the idea of a ‘bad bank’ to deal with the persistent problem of non-performing assets (NPAs) afflicting the balance sheets of banks and corporates, and of a Universal Basic Income.