New Delhi, June 20: Chief Economic Advisor Arvind Subramanian, who succeeded the high-profile Raghuram Rajan in the Finance Ministry in 2014, has quit the government with plans to go back to the US for research and writing.
Subramanian had joined as the CEA on October 16, 2014 for a period of three years after which Jaitley had requested him to continue for some more time. This is the third high-level exit from the government after the departure of Raghuram Rajan as RBI Governor and the sudden resignation by NITI Aayog Deputy Chairman Arvind Panagriya. Jaitley said Subramanian’s interactions with the government in the Finance Ministry, PMO and with other department were both formal and informal. His instantaneous communications with his interlocutors had increased his effectiveness. The Minister said the CEA’s early diagnosis of the twin balance sheet had led the government to adopt the macro-economic strategy of higher public investment in the Budget of 2015-16. He conceptualised JAM (Jan Dhan, Aadhar, Mobile) as a data base for availing public benefits. His report on the revenue neutral rate in the GST was of great use in forging a consensus which led to the constitution amendment enabling the GST, he said. (IANS)