Renowned economist C Rangarajan, who was the the chairman of the 12th Finance Commission, has been appointed chairman of the economic advisory council to the Prime Minister with cabinet rank.The council will also have four members with the rank of ministers of state, an official release said today.The members are Suresh Tendulkar (former director of Delhi School of Economics), G K Chadda (Vice-Chancellor of Jawaharlal Nehru University), Govinda Rao (Director General of National Institute of Public Finance and Policy) and Saumitra Chaudhuri (economic advisor of credit rating agency ICRA).The council will advise on policy matters refered to it by Prime Minister Manmohan Singh from time to time besides preparing monthly report at home and abroad, the release said, adding the council would also monitor economic trends on a regular basis and bring to Singh's notice important developments.Rangarajan, a former Governor of RBI and Governor of Andhra Pradesh, had recently submitted the 12th Finance Commission report on devolution of resources from centre to states for 2005-10 to President A P J Abdul Kalam.
