Rangarajan quits as EAC chief

The Economic Advisory Council (EAC) chairman Dr. C. Rangarajan has stepped down from the post on Friday. He is to be nominated to the Rajya Sabha, according to the media reports. Dr. Rangarajan is to be succeeded by EAC member Suresh Tendulkar. He is expected to take charge next week. According to meida reports, Dr. Rangarajan’s exit from the advisory council would have no impact on its report on the ‘Review of outlook of Indian Economy for 2008-09’, expected to be submitted next week. One of the country’s highly respected economists, he had earlier advised the government on various ticklish such as special economic zones (SEZs), oil prices, futures trading, farm commodity prices and listed measures that were required to check overheating of the economy last year. These issues apart, he also helped in tackling critical policy issues such as inflation, GDP growth, exchange rate management and funding of infrastructure projects through foreign exchange reserves.

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