Chairman of the Economic Advisory Council to the Prime Minister (PMEAC) Chakravarthi Rangarajan has resigned following the defeat of the Congress-led UPA in the general elections.

“He (Rangarajan) has tendered his resignation. He will be here this month,” an official spokesperson of the PMEAC told PTI on Monday.

The PMEAC also has Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak and Dilip M. Nachane as members. Its term is parallel to that of the prime minister. Manmohan Singh resigned as prime minister on May 17.

The official said three of the four members of the advisory body have sent their resignations to the prime minister.

“I have told all the members to send their resignations to the prime minister. Vyas has sent, Chaudhuri has sent and Nachane also sent, while Nayak is sending,” the official said.

Mr. Chaudhuri is also a member of the Planning Commission.

The advisory council was set up with a view to provide a sounding board for inculcating awareness in government on different points of view on key economic issues.

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