Dr Arvind Virmani

Submitted by on 18 February 2023

Dr. Arvind Virmani

Member, NITI Aayog

Dr. Arvind Virmani is a Member of NITI Aayog. He specialises in policy & institutional reforms for sustained, fast inclusive economic growth.

He is a macro economist who has bridged the gap between academics, think tanks and policy makers, through research based policy advice and policy oriented research. He played a prominent, professional and advisory role in the economic reforms of the 1990s and 2000s, such as Tax, Tariff, Foreign Exchange, Financial Sector & Expenditure Policy reforms.

He was the founder Chairman of the “Foundation for Economic Growth and Welfare” (EGROW) and President of the Forum for Strategic Initiatives (FSI, Delhi) and has earlier served as Executive Director, IMF, Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission.

He was Director & Chief Executive of ICRIER and has published over 60 Journal Articles, Books & Chapters, and more than 100 Working and Policy Papers in Macroeconomics, Growth, Tax & Tariff Reform, Foreign Exchange, International Relations and National Security Strategy.

He was a member of the TRAI, a mentor (Public Policy & Economics) to FICCI, and Member of Technical Advisory Committee on Monetary Policy, RBI.

His experience in Finance Sector includes: Chairman, Board of Trustees of SBI Mutual Fund, Director LIC, Member of SEBI Appellate Tribunal and Depositories Act, Member Board of Trustee at UTI and Director in PNB, Allahabad Bank and EXIM Bank.

His Think Tank experience includes: Member, Board of Governors in CPR & RIS, Non-resident Sr. Fellow in Brooking Institution, USA, Affiliate Professor & Distinguished Sr. Fellow in George Mason University, USA.

Contribution to India’s Policy 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