Economist Surjit Bhalla quits PM's Economic Advisory Council

Economist Surjit Bhalla quits PM's Economic Advisory Council

Courtesy : Nationalist14/12/2018 07:25

New Delhi: Eminent economist Surjit Bhalla has resigned as part-time member of the Economic Advisory Council to the Prime Minister (EAC-PM), a think tank body that advises the Prime Minister of India on key economic issues. His resignation is reportedly accepted by Prime Minister Narendra Modi. 

"I resigned as part-time member of PMEAC on December 1," Bhalla wrote on micro-blogging site Twitter.

New agency Press Trust of India quoted a senior official in the Prime Minister's Office (PMO) as saying that Bhalla's resignation would take effect from the same date. "In his request, he had stated that he would be joining some other organisation," the PMO official added.

Bhalla is a Senior India Analyst for the Observatory Group, a New York-based macroeconomic policy advisory firm and Chairman of Oxus Research & Investments, as per his official website. He also served as executive director of the Policy Group, India’s first non-government funded think tank. Since 1999, he has been on the governing board of India’s largest think tank, NCAER.

The renowned economist has also taught at the Delhi School of Economics, and worked as a research economist at the Rand Corporation, the Brookings Institution, World Bank, Deutsche Bank and Goldman Sachs. He has authored several academic articles and three books on globalisation and its effects on the world economy.

The six member EAC-PM headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.

 It may be noted that Bhalla's resignation from the council came a day after Reserve Bank of India governor Urjit Patel’s surprise departure on Monday. Patel quit as RBI chief months after differences between the finance ministry and the Patel-led central bank came out in open.

Worth mentioning here is that there has been simmering tension between North Block and Mint Street over several prickly issues such as governance of state-controlled banks, liquidity issues at NBFCs and relaxation of lending curbs on financially stressed banks.

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