Rajan named PM's economic advisor

Raghuram Rajan, professor of economics at the University of Chicago, was today named honorary economic advisor to Prime Minister Manmohan Singh.

Raghuram Rajan, professor of economics at the University of Chicago, was on Monday named honorary economic advisor to Prime Minister Manmohan Singh.

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Rajan, a former chief economist of the International Monetary Fund (IMF), will hold the rank of secretary, Government of India.

He was earlier the chairman of a high-powered committee the prime minister set up on financial reforms, that was tasked to frame a series of recommendations to make India a financial powerhouse over the next five years.

Rajan secured a doctorate from the Massachusetts Institute of Technology (MIT) in 1991 after a master's in business administration from the Indian Institute of Management at Ahmedabad and a bachellor's degree in electrical engineering from the Indian Institute of Technology in New Delhi.

He was also a visiting professor of finance at the Kellogg School, Northwestern University, and Fischer Black visiting professor at MIT's Sloan School of Management.