Dr Arvind Virmani

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Dr. Arvind Virmani has joined NITI Aayog as a full time Member on 16.11.2022. He earlier served as Chairman of the Foundation for Economic Growth and Welfare (EGROW) and President of the Forum for Strategic Initiatives (FSI, Delhi).

He was earlier Executive Director, IMF, Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission.

He was Director & Chief Executive of ICRIER (Indian Council for Research on International Economic Relations) and has published 37 Journal Articles, 24 Books & Book Chapters, around 70 other Working Papers and 50 policy papers in Macroeconomics, Growth, Tax & Tariff Reform, Foreign Exchange, International Relations and National Security Strategy.

His experience in Finance Sector includes: Member of the Board in EXIM Bank, Chairman, Board of Trustees in SBI Mutual Fund, Director in Life Insurance Corporation of India (LIC), Member of SEBI Appellate Tribunal and Depositories Act Appellate Tribunal, Director in Punjab National Bank, Allahabad Bank and Member of the Board of Trustee in Unit Trust of India.

His Think Tank experience includes: Founder - Chairman of EGROW, Chairman of Policy Foundation, Member, Board of Governors in Center for Policy Research, Non-resident Senior Fellow in Brookings, Affiliate Professor & Distinguished Senior Fellow in George Mason University, USA, Member of the Board in Research & Information Systems, Director & Chief Executive in Indian Council for Research on International Economic Relations (ICRIER).

Dr. Virmani has been a key figure in Macroeconomics and Policy Reform: He was a mentor (Public Policy & Economics) in FICCI, Member, Technical Advisory Committee on Monetary Policy, RBI, Executive Director, International Monetary Fund, Member, Evaluation Committee, Independent Evaluation Office, Chief Economic Advisor, Department of Economic Affairs, Ministry of Finance, Principal Advisor, Planning Commission and Member, Telecom Regulatory Authority of India (TRAI).

Contribution to India’s reform includes

Customs Tariff reform: Strategy, timing and phasing of tariff from a peak of 300% in 1990 to 10% in 2002.

Income Tax Reform: Simplification of Personal income tax rate to a three slab system with the highest slab of 30% and fewer exemptions.

Corporate Tax Reform: Simplification & reduction of maximum rate.

Indirect tax: Move of Central Excise Tax System to a Central Value Added Tax (CENVAT), and initiation of the construction of a National VAT, later christened GST.

Trade reform: Design & phasing of Trade liberalization strategy from perspective of Ministry of Finance (Department of Economic Affairs, Department of Revenue).

Trade liberalization phasing progressively from Intermediate goods, to Capital Goods to Consumer goods. Current Account phasing from Trade Account to Current Account.

Capital Account phasing from FDI, to Equity (NRI, FII) to Long Term Debt to Medium Term Debt.

Foreign Exchange Reform: Move from Controlled and Managed Foreign Exchange System to a Dual Exchange Rate and from there to an integrated, but Managed exchange rate. Replacement of the existing laws by a comprehensive new Foreign Exchange Management Act.

Banking & Capital Market Liberalization: Pacing of private entry with Regulatory system improvement. Balancing competition against asymmetric information and moral hazard problems.

Macro management advise on India’s BOP crisis, Latin American crisis, Asian crisis, Nuclear- related sanctions and Global financial crisis. Policy for capital inflow surges.

Advise on Sectoral reform in every Industrial, Infrastructure, Social & Service sector.

Second Generation Reform