The Centre has appointed former IMF chief economist and currently Chicago University professor Raghuram G Rajan as the Chief Economic Advisor in the Finance Ministry. Rajan, known for his frank views, was also honorary economic advisor to Prime Minister Manmohan Singh. He is also highly acclaimed for predicting the 2008 global financial crisis. The position of the CEA has been lying vacant since Kaushik Basu's term ended on July 31.