Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
Rangarajan, 77, who will replace Suresh Tendulkar, gave his resignation to Rajya Sabha chairman Hamid Ansari, who has accepted it.
The Prime Minister's Economic Advisory Council has projected India's GDP growth at 5.3 per cent in 2013-14.
The Prime Minister's EAC is expected to give its outlook on economy for the current fiscal in a week's time.
The government on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) under existing chairman Bibek Debroy, for a period of two years. V Anantha Nageswaran has been dropped, Rakesh Mohan (former deputy governor of RBI), Poonam Gupta (director general of NCAER) and TT Ram Mohan (professor, IIM Ahmedabad) have been appointed as part-time members of the reconstituted EAC-PM. The other part-time members of the Council include Sajid Chenoy, Neelkanth Mishra and Nilesh Shah.
Rangarajan also called for improvement in the country's corporate-bond market saying that this will help even small companies to raise adequate funds.
The Prime Minister's Economic Advisory Council Chairman C Rangarajan has said the hike in interest rates will not impact the high economic growth in the face of strong fundamentals.
The government should act quickly to raise diesel rates to bring them in line with global prices in order to reduce its subsidy bill, Prime Minister's Economic Advisory Council Chairman C Ranagarajan has said.
Inflation measured by the Wholesale Price Index had declined to 6.62 per cent in January. It was 7.18 per cent in December and 7.24 per cent in November.
The proposed move would lead to dismantling of the administered price mechanism.
'Fiscal and monetary space is more constrained in developing countries because of inflation and high borrowing cost.'
Food inflation is an area of concern for the common man and government with rate of price rise touching as high as 18.32 per cent in the last week of December mainly fueled by mass consumption items like vegetables, milk and protein-based items.
Inflation can drop below 8 per cent if confluence of factors like fall in global crude oil followed by a good monsoon work, Prime Minister's Economic Advisory Council chairman C Rangarajan said.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
The private demand is still not picking up and the funds under market stabilisation scheme are also maturing.
Economic growth rate had slipped to decade's low of 5 per cent in 2012-13 mainly on account of the impact of the global financial woes.
In an interview with Business Standard, he says investments would pick up and inflation would fall in the next financial year, providing the Reserve Bank of India the room to cut rates.
Food inflation rose to 17.47 per cent in the third week of November against 15.58 per cent in the previous week.
According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.
CRR stand at 5.5 per cent after a 50 basis points cut in January.
The government on June 25 deregulated petrol price and said the same for diesel will be done soon. But with inflation rate continuing to remain at unmanageable levels, the government put-off the decision as any further hike in diesel price would lead to cascading effect.
PM's economic advisory council chairman C Rangarajan has asked microfinance institutions (MFIs) to overhaul their "flawed" business model for sustainability.
The IIP growth has been revised downwards to 1.14 per cent for January, from the provisional estimates of 6.8 per cent, according to the official data released on Wednesday.
Fiscal correction is needed even after the changes that have been made now, otherwise the fiscal deficit would tend to be high.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
Slower growth in the developed world is expected to impact emerging economies like India by reducing demand for their exports in rich country markets.
The rupee has recovered to trade at 63 level after hitting its life-time low of 68.85 towards August-end.
Industrial growth has entered the negative zone in October, two years after the global financial crisis. But Prime Minister's Economic Advisory Council chairman C Rangarajan pins hopes of a revival in the fourth quarter.
I think the overall growth rate of the economy will be between 5.5-6 per cent, says C Rangarajan.
Retail inflation in February has come down to a 25-month low of 8.1 per cent.
Prime Minister's economic advisory panel chief C Rangarajan has described the dip in factory output in September as 'disappointing' and said industry may grow by just 6 per cent in the current fiscal, as against the earlier projection of 7 per cent.
Chairman of the Economic Advisory Council to the Prime Minister (PMEAC) Chakravarthi Rangarajan has resigned following the defeat of the Congress-led UPA in the general elections.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
C Rangarajan, former governor of Reserve Bank of India, was speaking on the topic `the growth path and some concernson the way' at a function at Federation of Gujarat Industries on Monday.
C Rangarajan, chairman of the economic advisory council to the prime minister, has called for revisiting subsidies, dividend distribution tax and tax exemptions.
The Reserve Bank's decision to cut interest rates will stimulate investment and help in anchoring inflationary expectations, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
The Reserve Bank of India has been actively doing OMOs or buyback of government bonds to manage liquidity in the system over the last few months.
He said the government would not go in for providing stimulus across the board and that only specific sectors would be considered for the measure.
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