Noted economist C Rangarajan was today appointed Chairman of the Prime Minister's Economic Advisory Council (PMEAC) following which he resigned his membership of the Rajya Sabha.

Rangarajan, 77, who will replace Suresh Tendulkar, gave his resignation to Rajya Sabha Chairman Hamid Ansari, who has accepted it.

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A former Reserve Bank Governor, Rangarajan is a close confidant of Prime Minister Manmohan Singh and had headed the PMEAC for three years from 2005. In 2008, he was nominated to the Upper House.

The appointment comes at a time when the government is faced with challenges of economic recovery from the effects of global meltdown and a looming drought at home.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets languish as heavyweights drag - NEWSALERT: Doon Express derails near Jaunpur, UP - Cardamom recovers 0.16% on spot demand - Lead down on subdued demand, weak overseas cues - Mentha oil rebounds as demand picks up

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