Tamil Nadu has constituted what is already being dubbed as a “dream team” of economists to advise chief minister MK Stalin.
Governor Banwarilal Purohit made this announcement during his address at the first meeting of the 16th legislative assembly of the state on Monday. Named the “Economic Advisory Council to the Chief Minister” , the economists who will help chart a rapid and inclusive economic growth plan for Tamil Nadu are Nobel laureate Esther Duflo, former RBI governor Raghuram Rajan, former chief economic adviser to the Indian government Arvind Subramanian, development economist Jean Dreze, and former Union finance secretary S Narayan.
The five-member team was put together by finance minister Palanivel Thiaga Rajan, who was an investment banker in the US and Singapore before he entered politics. “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 added. Duflo and her spouse Abhijit Baneerjee with whom she shares the Nobel prize are co-founders of Abdul Latif Jameel Poverty Action Lab (J-PAL) that frames policies for poverty alleviation that are informed by scientific evidence. Narayan, also a Tamilian, is the author of “The Dravidian Years- Politics and Welfare in Tamil Nadu”.
“Based on the recommendations of this Council, the government will revitalise 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.”
{{/usCountry}}“Based on the recommendations of this Council, the government will revitalise 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.”
{{/usCountry}}Later in the day, the government said in an order 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 of the state is precarious .
“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.
A white paper detailing the true state of the state’s finances will be released in July, so that the people of Tamil Nadu are fully informed, the Governor said.