Union minister Arun Jaitley says Subramanian wants to return to the US due to pressing family commitments.
New Delhi: Chief Economic Adviser Arvind Subramanian has decided to step down from his post, a surprise move that comes four months before the end of his term.
It is not yet clear whether he will be relieved of his responsibilities immediately. Subramanian was appointed CEA on 16 October 2014 for a period of three years and then given a one-year extension.
The news was announced by Union minister Arun Jaitley in a Facebook post.
“Few days ago, CEA Arvind Subramanian met me over video conferencing. He informed me that he would like to go back to the United States on account of pressing family commitments,” wrote Jaitley, who held the finance portfolio until mid-May and is soon expected to return to the ministry after his kidney transplant.
“His reasons were personal but extremely important for him. He left me with no option but to agree with him.”
Subramanian succeeded Raghuram Rajan as CEA after Rajan was appointed governor of the Reserve Bank of India.
In his first economic survey, Subramanian underlined the need to implement central government schemes through the JAM trinity (Jandhan-Aadhaar-Mobile). Besides, Subramanian advocated increased private participation in the country’s public sector banks. He also sought immediate attention to resolve the twin-balance sheet problems of the corporate sector and lenders.
Jaitley said that Subramanian came up with new ideas, policy reforms in the sectors of clothing, fertilisers, kerosene, power and pulses. His report on the Revenue Neutral Rate was of great use in forging a consensus which led to the constitution amendment enabling GST, Jaitley wrote.
“His instantaneous communications with his interlocutors had increased his effectiveness. The Chief Economic Advisor’s job had multi-facets to it. He is not a spokesman of the government. He is an Advisor who has to analyse and thinks several steps ahead. It is a unique responsibility with freedom to the work that he enjoys,”Jaitley wrote.
Arvind Subramanium responded to Jaitley’s post, calling his role as chief economic advisor the ‘most rewarding, fulfilling, exciting’ job he ever had.
Profoundly grateful & humbled by these extraordinarily generous words by Minister @arunjaitley announcing my decision to return-for personal reasons-to researching & writing. CEA job most rewarding, fulfilling, exciting I have ever had. Many many to thank:https://t.co/kwsRqDrMTB
— Arvind Subramanian (@arvindsubraman) June 20, 2018
He used to produce a widely admired Economic Survey.
He has to work under an illiterate PM and two finance ministers Arun Jaitly and Piyush Goel,he has no alternative but to resign