Now, Economist Surjit Bhalla resigns from PM Economic Advisory Council

A day after the resignation of Urjit Patel as as RBI governor, the resignation of economist Surjit Bhalla was announced. Bhalla was a part-time member of Prime Minister's Economic Advisory Council (EAC). He had resigned earlier, but it was accepted today, informed the PMO. 
 
Bhalla's resignation has created a lot of discussion in the corridors of power. It is being speculated that he is in the running for the post of the RBI governor. However, the PMO spokesman reportedly said that Bhalla planned to join another organisation. Bhalla, however, has not given any comment in this regard.
 
According to PTI report, Bhalla had resigned from the economic council on December 1 itself. He was a part-time member of the EAC-PM, which is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members
 
Notably, the prime minister has formed Economic Advisory Council late in 2017 to address issues of macroeconomic importance.

Earlier on Monday, Reserve Bank Governor Urjit Patel`s sudden resignation sent a shock wave across political and business arena. This development was seen as a mark of dissent and a danger to the credibility of the central bank.

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The vice chairman of NITI Aayog on Tuesday played down the shock resignation of RBI governor Urjit Patel, saying the government would do whatever is required to ensure stability.

Rajiv Kumar, vice chairman of the NITI Aayog, told Reuters, "It is not as if the RBI is dependent on any particular individual," adding India`s institutional capabilities are very strong.