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Raghuram Rajan appointed as new chief economic adviser

PTI 11 Aug 2012, 17:10:29 IST
New Delhi, Aug 11: Raghuram G Rajan, former IMF chief economist, has been appointed as the chief economic adviser in the finance ministry.

The Appointments Committee of Cabinet cleared the appointment of Rajan as the new CEA yesterday, sources said.

Rajan, known for his frank views, was also honorary economic advisor to Prime Minister Manmohan Singh. At present, he is a professor in the University of Chicago's Booth School of Business. He is also highly acclaimed for predicting the 2008 global financial crisis.

An alumni of IIM-Ahmedabad and IIT-Delhi, Rajan did his doctorate from Massachusetts Institute of Technology.

The position of the CEA has been lying vacant since Kaushik Basu's term ended on July 31. Basu would now return as a professor in Cornell University.

Rajan was also involved with the report on financial sector reforms, which was authorized by the Planning Commission.