After his candidacy first emerged in August, US based economist Arvind Subramanian has finally been selected as chief economic adviser by the Indian government.
This announcement came at a news conference in New Delhi where Subramanian was present. He is a development economist who worked closely with Reserve Bank of India (RBI) Governor Raghuram Rajan when both were at the International Monetary Fund (IMF).
According to analysts, one of the prime factors that tipped scales in favour of Arvind Subramanian was his proximity to RBI governor Raghuram Rajan. Narendra Modi personally handpicked Arvind to be his chief economic adviser.
Confirming his appointment in an impromptu news conference outside the Finance Ministry, Mr Subramanian said: "It is a great honour... to serve in a government that has a mandate for reform and change." He said macro-economic stability and creating favourable conditions for investment will be priorities.
Traditionally, the chief economic adviser is responsible for producing the annual Economic Survey - a document on the state of economy that underpins the drafting of the Budget - and a mid-year economic update that is presented to Parliament.
Recently, Mr Subramanian criticised the Indian government's decision to derail a WTO deal struck last year to streamline trade procedures by tying it to a separate controversy over food subsidies.
He also criticised Mr Jaitley's maiden budget in July for being too optimistic in its revenue forecasts.
Mr Subramanian was educated in India and Britain and went on to serve at the IMF and at the forerunner to the World Trade Organization, before taking senior academic posts at Harvard and Johns Hopkins universities in the United States.
In 2011, Foreign Policy magazine has named him as one of the world's top 100 global thinkers. He obtained his undergraduate degree from St. Stephens College, Delhi; his MBA from the Indian Institute of Management at Ahmedabad, India; and his M.Phil and D.Phil from the University of Oxford, UK.
Below is a small bio of Arvind Subramanian (Courtesy- Peterson Institute of International economics)
Arvind Subramanian is the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and senior fellow at the Center for Global Development. His book Eclipse: Living in the Shadow of China's Economic Dominance was published in September 2011, and he is coauthor of Who Needs to Open the Capital Account? (2012). Foreign Policy magazine has named him as one of the world's top 100 global thinkers in 2011.
He was assistant director in the Research Department of the International Monetary Fund. He served at the GATT (1988–92) during the Uruguay Round of trade negotiations and taught at Harvard University's Kennedy School of Government (1999–2000) and at Johns Hopkins' School for Advanced International Studies (2008–10).
He has written on growth, trade, development, institutions, aid, oil, India, Africa, and the World Trade Organization. He has published widely in academic and other journals, including the American Economic Review (Papers and Proceedings), Review of Economics and Statistics, Journal of International Economics, Journal of Monetary Economics, Journal of Public Economics, Journal of Economic Growth, Journal of Development Economics, Brookings Papers on Economic Activity, Oxford Review of Economic Policy, International Monetary Fund Staff Papers, Foreign Affairs, World Economy, and Economic and Political Weekly.
He has also published or been cited in leading magazines and newspapers, including the Economist, Financial Times, Washington Post, New York Times, Wall Street Journal, Newsweek, and New York Review of Books. He contributes frequently to the Financial Times and is a columnist in India's leading financial daily, Business Standard.
He advises the Indian government in different capacities, including as a member of the Finance Minister's Expert Group on the G-20. His book India's Turn: Understanding the Economic Transformation was published in 2008 by Oxford University Press.
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