India will have to devise a strategy to deal with the global economic situation which faces serious challenges, new Chief Economic Advisor Raghuram G Rajan said in New Delhi on Wednesday.
"World economy faces very serious challenges right now and India is no exception...I hope that over the coming days, I can help in whatever solution we devise", he said after taking over as CEA in the Ministry of Finance.
Rajan, former Chief Economist at the International Monetary Fund (IMF), also met Planning Commission Deputy Chairman Montek Singh Ahluwalia earlier in the day.
"I am glad to be here," he told the reporters.
Rajan, who will be a key member of Finance Minister P Chidambaram's team, was also honorary economic adviser to Prime Minister Manmohan Singh.
An alumni of IIM-Ahmedabad and IIT-Delhi, Rajan did his doctorate from Massachusetts Institute of Technology.
He was acclaimed globally for predicting the 2008 financial crisis.Rajan was also involved with the report on Financial Sector Reforms, which was authorised by the Planning Commission.
His appointment as CEA was cleared by the Appointments Committee of Cabinet (ACC) on August 10.
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