Leaving CEA job for very compelling reason; will leave by early Sep: Subramanian

Chief Economic Adviser Arvind Subramanian has decided to quit the job, with close to a year of his tenure remaining, and return to the US for "very compelling reasons" -- the second high profile exit from in less than a year.

He said he would leave the office within the next two months even though his contractual term was co-terminus with the government.

Subramanian was appointed as CEA, finance ministry, on October 16, 2014 for a 3-year term and was given an extension last year.

"My departure from this job for entirely personal reasons. It is no secret that we are expecting our first grandchild in the early September. That's a very compelling reason that takes us back to old life of that used to lead of researching, writing, teaching and reflecting above all," he said.

Subramanian's official contract was till May 2019.

"The first person I mentioned this to was the Prime Minister after consulting Mr (Arun) Jaitley," he said, while expressing that this was the best job he ever had and probably ever will.

Earlier in the day Union Minister Arun Jaitley announced that Subramanian will be leaving the finance ministry after nearly 4 years because of "pressing family commitments" and return to the US.

Asked about his last date in the office, he said, "in terms of date, the hard deadline is early September, when the baby is going to arrive. We haven't exactly finalised. It would be over the next month or two. No firm date as yet has been fixed."
"I am profoundly grateful and humbled by these extraordinarily generous words by Minister Arun Jaitley announcing my decision to return-for personal reasons-to researching and writing. CEA job most rewarding, fulfilling, exciting I have ever had," he said
"I think government has begun to do the later but I think economic environment has deteriorated. So may be task become that more challenging. I would never say double digit growth is beyond the reach of India. We can but you would need both need external environment and ongoing sustained policy reform at home."
On global trade wars and growing protectionism, the CEA said: "I do think we need to think about what measures we need to take to cushion any adverse fallout. I think trade war will not happen internationally but if does we have to find appropriate responses in terms of domestic polices as well."
On his proposal of setting up a bad bank two-and- a-half years ago to deal with bad loans, he said: "I was very passionate about that but the NCLT process offers a legal framework for resolving this bad bank might not have been able to do. I am very happy in this instance that an alternative idea gained traction and resolution process is moving well."