TN sets up Economic Advisory Board with Esther Duflo, Raghuram Rajan

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The TAMIL Nadu government on Monday appointed former Reserve Bank of India governor Raghuram Rajan and Nobel laureate Esther Duflo as part of a five-member economic advisory board to the chief minister.

The other panel members are: former chief economic adviser Arvind Subramanian, development economist Jean Dreze and former Union finance secretary S Narayan.

Announcing the decision to the Assembly, Governor Banwarilal Purohit said that based on the recommendations of the council, “the government will revitalize the state economy and ensure that the benefits of economic growth reach all segments of the economy. the society “. He said the government would release a white paper on the state’s fiscal health by July.

Listing the council’s “terms of reference”, a government decree issued later today said it would provide guidance on economic and social policy; issues related to social justice and human development; ensure equal opportunities for women and the well-being of disadvantaged groups; make suggestions to stimulate economic growth, employment and productivity; advise on improving the state’s capacity to provide better services.

The State is “in the middle of a serious economic crisis induced by the Covid-19 pandemic”, specifies the order. “The fiscal position of the Tamil Nadu government is also precarious with persistent high income and budget deficits and a large debt surplus. At the same time, the expectations of the population are very high, that the government accelerates economic growth, social justice and equity through new programs, projects and better service delivery, ”he said. .

While the new advisory board is likely to function as a superpower, on top of the existing planning board, state finance minister Palanivel Thiaga Rajan told The Indian Express it would not operate “in a conventional manner. “.

“First of all, these are not paid positions but honorary positions. Nor will their operation be in the traditional way as many would expect… This is not a one-off meeting to submit a report, but an ongoing process. A committee of experts ready to share their talent and knowledge for the benefit of Tamil Nadu. The operational part would not be done in a conventional way, but they will make recommendations themselves … Or they will also do so in response to questions and advice that we ask. Basically the goal is not to report but to make sure that the system is running efficiently with the best resources and inputs that we can have with their help whenever needed, ”said Rajan.



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