To advise chief minister M K Stalin, the Tamil Nadu government has constituted what is being dubbed as a ‘dream team’ with leading global economic experts comprising Nobel laureate Esther Duflo, former RBI governor Raghuram Rajan, former chief economic advisor to the Indian government Arvind Subramanian, development economist Jean Dreze and former union finance secretary S Narayan, as announced by Governor Banwarilal Purohit on Monday.
The five-member team was brought together by state finance minister Palanivel Thiaga Rajan, who, before his political stint, was an investment banker in the US and Singapore.
“The chief minister was keen that we must get the best minds in the world to help us. Our priority is that growth should be inclusive,” said Rajan.
“Both Professor Rajan and Dr Subramanian are Tamilians. Professor Duflo has been working with Tamil Nadu through J-PAL,” he said, explaining their international experience and connections with the state. Duflo and her spouse Abhijit Banerjee, with whom she shares the Nobel prize, are co-founders of the Abdul Latif Jameel Poverty Action Lab (J-PAL) that researches on policies for poverty alleviation that are informed by scientific evidence. Narayan is also the author of ‘The Dravidian Years- Politics and Welfare in Tamil Nadu.’
Governor Banwarilal Purohit made this announcement during his address at the first 16th legislative assembly meeting of the state on Monday. Named as the “Economic Advisory Council to the Chief Minister’, the team will help chart out a rapid and inclusive economic growth for Tamil Nadu.
{{/usCountry}}Governor Banwarilal Purohit made this announcement during his address at the first 16th legislative assembly meeting of the state on Monday. Named as the “Economic Advisory Council to the Chief Minister’, the team will help chart out a rapid and inclusive economic growth for Tamil Nadu.
{{/usCountry}}“Based on the recommendations of this Council, the government will revitalize the state’s economy and ensure that the benefits of economic growth reach all segments of society,” the Governor said.
“In recent years, we have seen a slowdown in Tamil Nadu’s economic growth rate. This government will make all-out efforts to reverse this trend and usher in a period of rapid economic growth taking full advantage of the available limited window of the demographic dividend,” he added.
The experts have worked in the areas such as poverty alleviation, development economics, gender inequity.
Later in the day, a government order was issued that the additional chief secretary of the finance department, S Krishnan, will act as the convener of the council. The order said that the fiscal situation is precarious with fiscal deficits and a large overhang of debt but there is the public expectation for the government to deliver faster on economic growth, social justice and equity.
“In this context, the government requires expert advice from the best economists available globally, who are familiar with Tamil Nadu, its economy, society and polity, as also the trends in the Indian and global economy,” the order said.