New Delhi: Chief economic advisor Arvind Subramanian’s three-year term in office which ends next month has been extended by one year, finance minister Arun Jaitley said in New Delhi.

Subramanian’s initial term ends on 16 October. Jaitley said that Subramanian, a former economist at the International Monetary Fund, had originally planned his term such that he could return to family in the US at the end of three years.

“I requested if he could continue beyond 16 October as the Chief Economic Advisor and I am glad to tell you he accepted it and he will continue," said the finance minister.

Subramanian, who is the Dennis Weatherstone Senior Fellow at the Washington-based Peterson Institute of International Economics, is presently on leave for public service. He took charge as CEA in October 2014, succeeding Raghuram Rajan, who had moved to the RBI as Governor.

Subramanian, who infused fresh ideas into India’s annual economic survey, which is part of the annual budget document, is a widely quoted authority on economics of India, China and the changing balance of global economic power.