Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
Chairman of the Economic Advisory Council to the Prime Minister Suresh D Tendulkar, as well as other member of the apex panel submitted their resignation on Tuesday.
Rangarajan, 77, who will replace Suresh Tendulkar, gave his resignation to Rajya Sabha chairman Hamid Ansari, who has accepted it.
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.
S Mahendra Dev, chairman of the Economic Advisory Council to the Prime Minister, expressed confidence that the rupee would stabilise around the 92-93 level against the US dollar, despite geopolitical tensions, and that foreign investment flows would return.
The Prime Minister's Economic Advisory Council has projected India's GDP growth at 5.3 per cent in 2013-14.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy passed away this morning, a senior EAC-PM official said. He was admitted to AIIMS. Debroy (69) was educated in Ramakrishna Mission School, Narendrapur; Presidency College, Kolkata; Delhi School of Economics; and Trinity College, Cambridge.
Male central government employees are entitled to 15 days under service rules and provisions in the private sector depends on the company's policy.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
India needs to increase the investment rate to 34-35 per cent from 31-32 per cent currently to achieve a growth rate of 7 per cent and above, said S Mahendra Dev, chairman, economic advisory council (EAC) to the Prime Minister, on Wednesday.
The Prime Minister's EAC is expected to give its outlook on economy for the current fiscal in a week's time.
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.
Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
Although the WPI-based inflation has been in the negative for two consecutive weeks, the Consumer Price Index, which measures movement in the prices that consumers pay, reported double-digit increase in May.
The Economic Advisory Council to the Prime Minister (EAC-PM) has distanced itself from its member Bibek Debroy's article suggesting embracing a new constitution, and said the article in no way reflects the views of EAC-PM or Government of India.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
The report added that the rapid adjustments in the monetary and fiscal policies were well calibrated and not excessive, enabling the government to contemplate a return to fiscal consolidation in 2010-11 and an early normalisation of the monetary policy stance.
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.
The share of the Hindu population declined by 7.8% to 78.06%.
In contrast, the share of the Muslim and Christian populations increased by 43.15% to 14.09%, and by 5.4% to 2.36%.
The council wants the government to stick to its fiscal consolidation road map.
According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.
Projecting 34 per cent decline in foreign capital inflows due to uncertain external environment, the PM's Economic Advisory Council (PMEAC) on Wednesday made a strong case for easing the External Commercial Borrowing guidelines to help corporates borrow funds from overseas debt market.
The luncheon at his residence was attended by Planning Commission Deputy Chairman Montek Ahluwalia, Chairman of PM's Economic Advisory Council C Rangarajan, former RBI Governor Bimal Jalan, Foreign Secretary Shiv Shanker Menon and officials of the Prime Minister's Office.
The Shanghai Stock Exchange has registered maximum fall (56 per cent) from its peak, while the benchmark index of the Bombay Stock Exchange dipped by as much as 40 per cent and the Manila Stock Exchange dropped by 39 per cent, registering the third largest fall. The report added that 'having lost one fifth to one third of their value, equity assets would appear to have greater upside rather than down side prospects.
They want govt to raise excise duty and service tax rates, cut subsidies.
The Prime Minister's Economic Advisory Council on Friday said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
'Our problem is not a budget deficit but a trust deficit. We need to trust our institutions and industries to innovate and lead. That is the way forward for India.'
Having recorded about 9 per cent growth rate in three consecutive years since 2005-06, India's growth rate fell to 6.7 per cent during 2008-09 on account of the impact of the global financial crisis. India recorded a growth rate of 6.1 per cent during the first quarter of this fiscal.
In 2007-08, the farm sector growth stood at 4.5 per cent, while it was 3.8 per cent and 5.9 per cent in 2006-07 and 2005-06, respectively. The report, which was released on Wednesday by outgoing council Chairman C Rangarajan, said the lower growth projection is in part due to the base effect of very high growth in 2007-08 and the weak South-West monsoon over peninsular, central and western India in July.
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.
On an average, PMEAC said economic growth could be around 6.5 per cent.
Experts warn that air pollution in India is a major public health crisis, leading to a surge in undiagnosed airway diseases and cardiovascular issues. They urge for urgent action, early detection, and treatment.
Bibek Debroy was one of the very few economists not bound by any single area of expertise and was simultaneously curious about economics and politics, myths and maths, chess and chemistry, and what not, remembers Laveesh Bhandari.
Owing to uncertainties on higher inflation and muted growth in the United States (US), coupled with concerns around America's rising debt and tariffs imposed by President Donald Trump, the world's largest economy has become the epicentre of an unabated record rally in prices of precious metals.
Prime Minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday.
The Prime Minister Economy Advisory Council has projected a mere two per cent growth in the sector for the current year. Earlier in August, PMEAC had projected the agriculture production to grow at a lower pace of two per cent in the current year as against 4.5 per cent in 2007-08.
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
Growth in the six core industries -- crude oil, petroleum refinery products, coal, electricity, cement and finished steel -- in April-March 2008-09 was 2.7 per cent against 5.9 per cent in the previous fiscal. Crude oil production continued to remain in the negative zone as it dipped by 3.1 per cent in April while it had registered a growth rate of 1 per cent a year ago.
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