Bhalla, who was amongst the economists who had hailed Prime Minister Narendra Modi for demonetisation in 2016, was appointed to EAC-PM last year.
“I resigned as part-time member PMEAC on December 1st,” Bhalla informed on Twitter. He was appointed as a member of Prime Minister Narendra Modi’s Economic Advisory Council in 2017, soon after it was formed.
Bhalla has several feathers on his cap. He is a senior India analyst for New York-based macroeconomic policy advisory firm- the Observatory Group, besides being a Chairman of Oxus Research and Investments.
He served as executive director of the Policy Group, India’s first non-government funded think tank. Since 1999, he has been on the governing board of India’s largest think tank, National Council of Applied Economic Research.
According to the information on EAC-PM's website, Bhalla has worked as a research economist at the Rand Corporation, the Brookings Institution, and at both the research and treasury departments of the World Bank, and as a consultant to Warburg Pincus. He has also worked on Wall Street in Deutsche Bank and Goldman Sachs.
He called the note-ban as a bold step by the Centre. When Prime Minister Modi revived EAC-PM in September 2017, Bhalla was inducted as one of its members.
The role of the EAC- PM is to “analyse issues, economic or otherwise, referred to it by the Prime Minister and advising him thereon,” according to the information on its website.
It also addresses issues of macroeconomic importance and presents views thereon to the Prime Minister. “This could be either suo-motu or on reference from the Prime Minister or anyone else,” states its official website.
The economic body is headed by Dr. Bibek Debroy, who is also a member of the NITI Aayog.
The news of Bhalla’s resignation came a day after Urjit Patel stepped down as the governor of the RBI. (ANI)