New Chief Economic Advisor of India

New Chief Economic Advisor of India

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “New Chief Economic Advisor of India

A scholar and former executive with Credit Suisse Group AG and Julius Baer Group, Venkatraman Anantha Nageswaran has been appointed to be India’s finance minister’s chief economic adviser. He is going to be succeeding Krishnamurthy Subramanian who rejoined to academics in December after finishing his three-year term.

Who is Venkatraman Anantha Nageswaran?

  • Nageswaran has worked as an author, teacher and consultant.
  • Between 1994 and 2011, Nageswaran had multiple leadership positions in macroeconomic and capital market research for several private wealth management companies in Switzerland and Singapore.

  • He served as a currency economist at the Union Bank of Switzerland.
  • Nageswaran is an academic and head of research and investment consulting in the Credit Suisse Group AG.
  • He had also served as Head of Asia research and global chief investment officer at Bank Julius Baer Group.

Academics and achievements:

  • He has graduated with a Post-Graduate Diploma in Management (MBA) degree from IIM, Ahmedabad in 1985.
  • He achieved a doctoral degree in Finance from the University of Massachusetts in 1994 for his work on the empirical behavior of exchange rates.
  • He was a Dean of the IFMR Graduate School of Business (Krea University).
  • He helped in co-founding the Takshashila Institution, an independent institution for public policy research and education, as well as the Aavishkaar Group’s first impact investment fund.
  • In October 2019, he was appointed as a part-time member to the Economic Advisory Council of the Prime Minister of India for duration of two years.

The post of Chief Economic Advisor:

  • The post of the Chief Economic Adviser (CEA)is equivalent to rank of Secretary to the Government of India.
  • The CEA is the ex-officiocadre operating authority of the Indian Economic Service. The CEA is head of Economic Division of the Department of Economic Affairs, Ministry of Finance in Government of India.
  • The CEA’s position was a Union Public Service Commission appointment and until the 1970s almost all CEAs were members of the Indian Economic Service.
  • The new chief economic adviser will be required to prepare a strategy for achieving strong growth while also making investments and closing the budget deficit.
  • The main job of CEA is advising the finance minister on critical policy issues as well as being the principal author of the Economic Survey, which is the economy’s annual report card that is tabled in Parliament ahead of the budget.

Question & Answer:

Q1. Who is appointed as new chief economic advisor of India?

Ans. Venkatraman Anantha Nageswaran

Q2. Newly appointed CEA has worked as what profession?

Ans. He worked as an author, teacher and consultant

Q3. The post of Chief Economic Advisor is under which ministry?

Ans. Ministry of Finance

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