Rangarajan resigns from EAC

8220;Yes, he Rangarajan has resigned and orders have been issued to appoint Suresh Tendulkar to head the council,8221; a senior member of the advisory council said. Rangarajan, he added, was being nominated to the Rajya Sabha and could take on a 8220;larger role8221;. A spokesman at the Prime Minister8217;s office did not have any immediate comment. Asked when he would take over as the panel chief, Tendulkar said: 8220;It could be soon. The details are being worked out.8221;

The EAC is due to present its economic review for 2008/09 next week. Rangarajan told reporters on Wednesday that the country8217;s economy is expected to grow 7.5 to 8 per cent in the fiscal year ending March 2009 while inflation would cool by March-end.

Track record

8226; Received a doctorate degree in economics from the University of Pennsylvania

8226; Served as RBI governor from 1992 to 1997

8226; Served as Andhra Pradesh governor

8226; Appointed to lead the EAC in 2004 after the UPA came into power