Kaushik Basu gets extension till August 2012

Amid ongoing preparation for the next Budget, the government has decided to give extension to Chief Economic Advisor Kaushik Basu till August next year.

"Yes, I have got an extension till August," Basu said.

Basu, whose term was originally supposed to end in February, will stay on to help the government complete the budgetary exercise for 2012-13. The budget is likely to be presented in the Lok Sabha by Finance Ministry on February 29.

Chief Economic Advisor plays a key role in writing the Economic Survey, which is an official account of economic activities during the fiscal.

Cornell University professor Basu took over as the CEA in the Finance Ministry in December 2009. He had replaced Arvind Virmani, who went to the International Monetary Fund (IMF) as an executive director.