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Economist Panagariya to be Vice Chairman of Modiís new NITI Aayog body

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New Delhi (Jan. 05, 2015): Eminent free market economist Arvind Panagariya has been appointed to run Prime Minister Narendra Modi's new Policy Commission, set up to modernise economic strategy after decades of Soviet-style central planning.

A top government source told Reuters on Monday that the appointment of Panagariya, an Indian-born economics professor at Columbia University in New York, was likely to be announced in the next 24 hours.

Panagariya's market-friendly, pro-growth economics has helped shape Modi's outlook and is seen by many as a Margaret Thatcher-like attack on overbearing labour regulations and state-run companies.

Panagariya could not be reached for comment on Monday.