Surjit Bhalla, Prime Minister’s advisor in PMEAC, quits day after Urjit Patel's resignation

A day after Reserve Bank of India Governor Urjit Patel’s resignation, Economist Surjit Bhalla has resigned from the Economic Advisory Council to the Prime Minister (EAC-PM). Bhalla made the announcement on micro-blogging site Twitter. "I resigned as a part-time member of EAC-PM on December 1," Bhalla tweeted. The EAC- PM is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.

Although Bhalla was a part-time member of PMECA, his resignation, which coincided with RBI Governor’s sudden exit, has fuelled the speculations that economists are not happy with the policies of the government. 

On Monday, Patel has resigned as the RBI governor citing personal reasons. "On account of personal reasons, I have decided to step down from my current position effective immediately," Patel said.

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"It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," he added.

Meanwhile, Finance Secretary AN Jha has said that the Government will take stock of the current legal position and will announce the name of new RBI head soon.

“Govt will have to take stock of current legal position now, in appointing the new head of RBI, whether interim or a full-time Governor, will be clear today,” ANI quoted Jha as saying.