CEA gets one year extension

Doing away with uncertainties, the Modi government on Saturday decided to continue with the incumbent Chief Economic Advisor Arvind Subramanian by extending his tenure by another year.

Subramanian was posted as the CEA on October 16, 2014 for a term of three years. "Delighted to take on the challenges. The government is working on multiple fronts," Subramanian said after Finance Minister Arun Jaitley announced his extension at a press briefing.

In a bid to allay apprehensions regarding economic slowdown, Subramanian said, "We have to revive growth, investment, exports. As Finance Minister Arun Jaitley said, in the days ahead, you will know what the government is planning to do."

Struggling to fend government's back-to-back decisions on demonetization and GST after GDP growth dipped to a low of 5.7 per cent, Jaitley on Friday had said that the government was fully prepared for a "responsive action" to boost the economy.

Subramanian's term as CEA has been marked by dynamic suggestions — including coining of the term 'JAM trinity' (for Jan Dhan, Aadhaar, and Mobile) and elaborating on its benefits.

He had 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.