The government of India on Sunday appointed Arvind Panagariya, former Niti Aayog vice chairman, as head of the 16th Finance Commission. Panagariya, who served as Niti Aayog V-C from January 2015 to August 2017, is a renowned economist and is teaching economics at Columbia University.

In 2017, Panagariya unexpectedly quit the Niti Ayog vice chairmanship, raising speculations about his relationship with the Narendra Modi government. However, Modi lauded Panagariya”s contributions, saying he was the catalyst in shaping the Niti Aayog that replaced the Planning Commission.

“I want to especially thank Niti Aayog Vice-Chairman Arvind Panagariya, who is showing how work is done in mission mode… He has done good work, and the country will always remember him and his contribution,” PM Modi said while addressing a function of CEOs organized by the Niti Aayog.

Panagariya praised the Modi government”s major reforms while simultaneously calling for labour reforms and less protectionism. Earlier this year, he said that India could become the third-largest economy by 2026, saying, “At this rate, India’s GDP in current dollars will reach $5 trillion in 2026 and $5.5 trillion in 2027. This means that there are good prospects that India will become the world’s third economy by the end of 2026, sooner than nearly all current predictions.”