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Jalan's tenure likely to be extended

BS Economy Bureau

In order to maintain continuity, the government plans to extend the tenure of Bimal Jalan as governor of the Reserve Bank of India. Jalan's tenure ends in November.

According to senior government officials, Jalan is likely to get an extension of about two years. Further, revenue secretary S Narayan is set to take over as the economic affairs secretary in the finance ministry, after incumbent C M Vasudev moves to the World Bank in August.

Officials said the search was on for a revenue secretary to replace Narayan once he took over as secretary in the department of economic affairs. However, it is not certain whether Narayan, the senior-most officer in North Block, would also be appointed the finance secretary.

The appointment of the chief economic adviser would also be completed by mid-July, sources said. The Union Public Service Commission had placed an advertisement for the post on June 1, requiring prospective candidates to send in their applications before June 14.

Some of the aspirants for the top job include Ashok Lahiri, director of the National Institute of Public Finance and Policy, and Pronab Sen and Arvind Virmani, advisers in the Planning Commission.

Officials said the finance ministry was likely to appoint two more advisers in North Block.

However, the appointments are likely to be made only after the new chief economic adviser is in place. "The chief economic adviser should ideally have a say in the appointment of the two advisers," said a senior official.

While Ajay Shah, a consultant in the finance ministry, was likely to find favour as one of the two advisers, sources said several economists in the private sector were also keen on the job. These appointments would be made by the end of July, they said.

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