Declining to give reasons for his resignation, Rangarajan said: "I have resigned." Government sources say Suresh Tendulkar, Chairman, National Statistical Commission, has been appointed as the new Chairman of the EAC. "Yes, he has resigned and orders have been issued to appoint Suresh Tendulkar to head the council," a news agency quoted a senior member of the EAC, who did not wish to be identified, as saying.
Meanwhile, the EAC will submit its report on the outlook for the economy for 2008-09 to the Prime Minister next Wednesday.
Dr Rangarajan had already indicated that the economy would grow between 7.5 and 8 per cent this year.
Rangarajan was previously the Governor of the Reserve Bank of India (RBI) between 1992 and 1997. He also served as the Governor of Andhra Pradesh from 1997 to 2003. He was the Chairman of the Twelfth Finance Commission.