Former IMF economist Dr Raghuram G Rajan is expected to succeed as the chief economic advisor to the finance ministry when the term of the present incumbent Dr Kaushik Basu ends on 31 July, a Hindu Business Line report said today.
''Dr Rajan's name is being considered actively,'' Business Line quoted highly placed government sources as saying. The report did not elaborate.
A search committee headed by the chairman of the Prime Minister's Advisory Council, Dr C Rangarajan has been looking for a new incumbent to the post of chief economic advisor in the Department of Economic Affairs of the finance ministry when Dr Basu's term ends on 31 July.
The finance ministry had also put out a circular on 18 April inviting applications for appointment to the post.
Dr Rajan, the youngest person to hold the post of Economic Counsellor and Director of Research at the International Monetary Fund (IMF), is also one of the first economists who foresaw the 2008 financial crisis coming.
He has also been an honorary economic advisor to the prime minister – a rank equivalent to the secretary to the government of India - since November 2008.