In a recent development, the former vice chairman of the National Institution for Transforming India (NITI) Aayog, Arvind Panagariya, has been appointed as the new chairman of the Finance Commission by the Narendra Modi government. This appointment brings forth a wealth of experience and knowledge in the field of economics and public policy. Let’s take a closer look at 5 interesting things to know about Arvind Panagariya.
Firstly, it is noteworthy to mention the impressive academic background of Arvind Panagariya. Born on September 30, 1952, he is an esteemed alumnus of the University of Rajasthan, where he laid the foundation for his illustrious career. Additionally, he holds a Doctor of Philosophy (PhD) from the prestigious Princeton University, reflecting his dedication to academic excellence.
Secondly, Mr. Panagariya has a diverse professional experience, having served as the former chief economist at the Asian Development Bank, displaying proficiency in international finance and economic development. His expertise has also been sought after by esteemed organisations such as the World Trade Organisation, International Monetary Fund, and World Bank. In addition, he has imparted his knowledge as a professor of economics at Columbia University in New York.
Furthermore, his pivotal role as the vice chairman at NITI Aayog, appointed by the Modi government in 2015, allowed him to contribute to India’s strategic economic and social policies. However, after his tenure at NITI Aayog, Mr. Panagariya took a step back from his government role, expressing his desire to return to academia. He formally requested to be relieved of his responsibilities as he was set to conclude his leave at Columbia University, demonstrating his commitment to intellectual pursuits and scholarly activities.
Lastly, in a bold forecast earlier this month, Arvind Panagariya predicted that India will ascend to become the world’s third largest economy by 2026, with a remarkable GDP of $5 trillion that year. This optimistic outlook underscores his unwavering belief in India’s potential for economic growth and global significance.
Arvind Panagariya’s appointment as the head of the Finance Commission signals a new chapter in India’s fiscal landscape, and his noteworthy contributions to economics and public policy will undoubtedly shape the nation’s financial trajectory. We look forward to witnessing the invaluable insights and recommendations that will emerge from his leadership.
Source: Reuters
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