.....Jaitley’s predecessor, P Chidambaram perhaps did not miss not having a CEA when Rajan left North Block, because he had Parthasarathi Shome as advisor to the finance minister to consult on fiscal matters. For macro issues, there was the Planning Commission and the Prime Minister’s Economic Advisory Council. These are not part of the finance ministry, but at least there was economic advice from within the system that was available. But Jaitley hasn’t appointed an adviser to the finance minister (a post that is co-terminous with the tenure of the minister). The Planning Commission has been disbanded, as has the Prime Minister’s Economic Advisory Council. "The only real expertise within the system in macro-economic policy is currently in the RBI. The government could end up being hostage to the central bank," Pronab Sen, chairman of the National Statistical Commission, points out...........
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