Rangarajan resigns as Chairman, EAC; Tendulkar the new head

New Delhi, Aug 8 (UNI) Dr C Rangarajan has resigned as the Chairman of the Prime Minister's Economic Advisory Council(EAC). Official sources while confirming this, did not give a reason as to why he has resigned. Dr Suresh Tendulkar, formerly a Professor at the Delhi School of Economics and a member of the EAC, will takeover as the new head of the Council. Speculation is rife that Dr Rangarajan is likely to be nominated as member of the Rajya Sabha. Dr Rangarajan has been the Governor of Reserve Bank of India, Governor of Andhra Pradesh and a Member of the Planning Commission. Dr Rangarajan is widely respected for his handling of economic matters and as a think tank person. Dr Rangarajan, who has just finalised the EAC's report on the'Outlook of the Economy', is known for his pragmatic views and firm grasp of economic theory and problems of Indian economy. Dr Rangarajan is a close confidant of Prime Minister Manmohan Singh, having provided to him inputs to enable the government to take forward the reform process and social sector's programmes to improve the condition of the poor and the downtrodden