Amidst reports of Chief Economic Advisor Arvind Subramanian resigning the office, the Finance Ministry has confirmed that the government will extend the term of Arvind Subramanian by one year on Saturday.
Subramanian, a senior fellow at the Peterson Institue 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, 2017.
While talking with reporters, Arun Jaitley has confirmed that Arvind Subramanian will get a one-year extension.
The CEA is usually responsible for giving the advice to finance minister on macroeconomic matters, and primary responsibilities, among others, include authoring the mid-year analysis and the Economic Survey.
Soon after assuming charge, Subramanian had said that he would focus on growth, investment and creating opportunities for all segments of Indian society.
In his tenure, Mr. Subramanian has coined the term 'JAM trinity' (for Jan Dhan, Aadhaar, and Mobile) and also proposed the idea of 'bad bank' in a bid to deal with the persistent problem of non-performing assets (NPAs).
Subramanian graduated from St Stephen's College, Delhi, and got an MBA from the Indian Institute of Management, Ahmedabad. He obtained M.Phil and D.Phil from the University of Oxford, UK.