How to reverse slowdown? Raghuram Rajan, Esther Duflo to advice TN govt

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The Tamil Nadu government is planning to constitute an 'Economic Advisory Council' to the Chief Minister comprising Nobel laureates, former Reserve Bank of India governor and other economic experts from around the globe to advice the state on how to reverse the economic slowdown.

Tamil Nadu announced its new Economic Advisory Council on Monday when the first session of the 16th Legislative Assembly began.

The Economic Advisory Council will include Nobel Laureate Prof Esther Duflo, former Reserve Bank of India governor Raghuram Rajan, former chief economic advisor to the central government Arvind Subramanian, development economist Jean Dreze and former Union finance secretary S Narayan.

Addressing the Legislative Assembly, Governor Banwarilal Purohit said, "This government will constitute 'Economic Advisory council to the CM' with leading economic experts from all over the world as its members. They include Nobel Laureate Prof. Esther Duflo, Prof Raghuram Rajan, Dr Arvind Subramanian, Prof Jean Dreze and Dr S Narayan."

Speaking in the Assembly, Purohit said, "In recent years, we have seen a slowdown in Tamil Nadu's economic growth rate. This government will make all-out efforts to reverse this trend and usher in a period of rapid economic growth taking full advantage of the available limited window of the demographic dividend."

He further explained that based on the recommendations of this Council, the government will revitalise the state's economy and ensure that the benefits of economic growth reach all segments of society.