Bhalla resigns from PMEAC, PM accepts resignation

Noted economist Surjit Bhalla has resigned from Prime Minister's Economic Advisory Council. He was a part-time member of PMEAC.

The news of Bhalla's resignation came a day after Reserve Bank of India Governor Urjit Patel stunned the nation by announcing his sudden decision to step down.

Bhalla said he had resigned from the PMEAC on December 1.

"I resigned as a part-time member of PMEAC on December 1," Bhalla said on social networking site Twitter.

His resignation has been accepted by Prime Minister Narendra Modi forthwith, sources in the government said.

Bhalla is the third economist to resign from the Modi-led government at the Centre in the past four months. Prior to him, Chief Economic Advisor Arvind Subramanian quit the government citing personal reasons.

That was followed by Patel's resignation on Monday. Last year Niti Aayog vice chairman Arvind Panagariya had put in his papers ahead of his tenure came to an end.

PMEAC, which advises the Prime Ministers on matters of important economic policy is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.