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Date - 22nd Jun 2021

The Tamil Nadu government has decided to establish a five-member Economic Advisory Council under the Chief Minister, which will include leading economic experts from around the world. The economic advisory council under CM of Tamil Nadu will include Nobel laureate Esther Duflo and former Governor of the Reserve Bank of India Raghuram Rajan, as well as three other members.

The state government has pledged that a white paper detailing the true state of Tamil Nadu's finances will be released in July 2021.Tamil Nadu Governor Banvarilal Purohit announced the Economic Advisory Council in his solemn address during the first session of the 16 State Legislature in Chennai on June 21, 2021. The governor also added that although the state government under M.K. Stalin will maintain warm relations with the central government, it will continue to fight for the rights of the states.

Who will be the members of the Tamil Nadu Economic Advisory Council?

Esther Duflot is a Nobel laureate. She is a professor of economics at the Massachusetts Institute of Technology (MIT). In 2019, Duflot shared the Nobel Memorial Prize in Economics with her husband Abhijit Banerjee and Michael Kremer.

Raghuram Rajan is currently a professor of economics at Booth University in Chicago. Raghuram Rajan was appointed Chief Economic Advisor during the reign of former Prime Minister Manmohan Singh. He was also the 23rd Governor of the Reserve Bank of India.

Arvind Subramanian is a former chief economic adviser to the central government in 2014 but later retired in 2018. Subramanian is currently Professor of Economics at Ashoka University.

Jean Drese - He was a member of the National Advisory Council of India for both first and second terms, but each time only for a year. Known as an economist, activist and sociologist, Drese is Professor Emeritus of the Delhi School of Economics.

S. Narayan - Former Secretary of the Department of Finance and Economics of the Central Government. S. Narayan was also a member of the Prime Minister's Economic Advisory Council in 2003.

What will be the role of the Economic Advisory Council?

Governor of Tamil Nadu said that based on the recommendations of this five-member council, the state government will revitalize the state's economy and ensure that the benefits of economic growth reach all walks of life.

Governor Purohit also added that the Tamil Nadu government will focus on further diversifying the industrial base of the districts and ensuring technological modernization.

The composition of the Economic Advisory Council under the CM, together with other major development plans in Tamil Nadu, can be seen in light of the recent congregational elections in which M.K. Stalin took on the responsibility of the state by changing the dynamics of power in Tamil Nadu.

His Dravida Munnetra Kazhagam (DMK) party won the election, ending the ten-year reign of All India's Anna Dravida Munnetra Kazhagam (AIADMK). Having won by a majority of votes, M.K. Stalin became the 8th chief minister of Tamil Nadu.

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