Prime Minister’s Economic Advisory Council (PMEAC) Chairman Chakravarthi Rangarajan resigned on 19 May 2014. He sent his resignation to the Prime Minister Manmohan Singh.
He resigned following the defeat of the Congress-led UPA in the general elections 2014.
Since the term of the PMEAC was parallel to that of the Prime Minister, hence with the resignation of the PM Manmohan Singh on 17 May 2014, the PMEAC also needs to resign.
The PMEAC headed by C Rangrajan had Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak and Dilip M. Nachane as members.
Prime Minister Economic Advisory Council (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint. It advises the Prime Minister on a whole host of economic issues like inflation, microfinance, industrial output, etc.
The PMEAC has been constituted several times since the independence of India. Before C Rangrajan, the PMEAC was headed by Suresh Tendulkar which was constituted on 29 December 2004 during UPA-I regime and its term ended with Union government's term on 21 May 2009.
The PMEAC headed by C Rangrajan was constituted in August 2009 when UPA - II came into power.
If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group.
When: 19 May 2014