Bibek Debroy steps down as Chancellor of Pune-based Gokhale Institute

Noted economist Bibek Debroy on Friday resigned as Chancellor of the Gokhale Institute of Politics and Economics (GIPE), a day after the Bombay High Court extended interim relief to Vice-Chancellor Ajit Ranade, who was earlier removed from his post.

Debroy, who is also chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), was appointed as Chancellor of GIPE, a deemed to be university, in July this year. In an email addressed to Ranade, who is also an eminent economist, Debroy said he is standing down from his post with immediate effect.

Milind Deshmukh, secretary of the Servants of India Society (SSI), confirmed Debroy has rendered his resignation as chancellor of the institution. GIPE was established in 1930 by the Society.

Earlier this month, Ranade was removed from the position of GIPE vice-chancellor after a fact-finding committee set up by Debroy found that his appointment violated University Grants Commission (UGC) norms. Ranade approached the High Court challenging his termination order and got interim relief till September 23.

On Thursday, the HC extended the relief, allowing him to remain VC till October 7. In the email, Debroy congratulated Ranade for getting a stay order and his continuation as VC of GIPE.

"You asserted in your writ petition that I had not applied my mind and the stay order vindicates your position," Debroy stated in the email.

Under these circumstances, Debroy noted, he has no moral right to continue in his post. "I am standing down with immediate effect," he stated in the communication. Debroy further said he will not be present for the convocation of the institution scheduled for October 5.