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.
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
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.
They want govt to raise excise duty and service tax rates, cut subsidies.
PM's economic advisory council chairman C Rangarajan has asked microfinance institutions (MFIs) to overhaul their "flawed" business model for sustainability.
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.
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 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.
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.
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.
"For some more time inflation can increase. It could touch 13 per cent, but by December it will start declining and is likely to moderate to 8-9 per cent by March 2009," said outgoing chairman of the PMEAC C Rangarajan while releasing the Economic Outlook for 2008-09.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
The Prime Minister's Office has clarified that the total sanctioned strength of the PMO has been around 525 in the period 2011-14. As against this, the actual strength of the PMO in the years 2011, 2012 and 2013 was in the range of 407 to 411. The number has now declined to 385.
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