"This is the best job I have ever had and probably ever will", Subramanian told reporters.
On Wednesday, the Swadeshi Jagran Manch (SJM), an affiliate of the RSS, seemed to welcome Subramanian's departure and said India didn't need imported consultants.
Arvind had joined us as the Chief Economic Advisor on 16th October, 2014 for a period of three years. "Arvind functioned within these parameters and concentrated on the challenges to the economy", wrote Jaitley, Personally I will miss his dynamism, energy, intellectual ability and ideas.
Subramanian's departure comes at a time when the government is grappling with economic woes stemming from a soaring oil import bill, state banks saddled with a mountain of debt and sluggish private investment.
Jaitley, who was the Finance Minister before undergoing a kidney transplant surgery in mid-May, also thanked Subramanian for his contribution to macro economic management of Indian economy.
Subramanian's highly acclaimed "Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)" in December 2015, served as a guidebook for the eventual rollout of India's most ambitious tax reform that kicked in from July a year ago, seeking to unite the country into a single common tax market. His instantaneous communications with his interlocutors had increased his effectiveness. He is not a spokesman of the Government.
Subramanian, whom the Foreign Policy magazine had named as one of the world's top 100 global thinkers in 2011, has also been ranked amongst the top 1 per cent of the world's academic economists in terms of citation of research, according to the widely used REPEC rankings. But I know that his heart is very much here. It is a unique responsibility with the freedom to the work that he enjoys.
Arvind Subramanium responded to Jaitley's post, calling his role as chief economic advisor the "most rewarding, fulfilling, exciting" job he ever had. "He participated in every meeting of GST, gave his independent views and was heard in rapt attention by nearly every Finance Minister", Jaitley wrote in the post.
"He [Subramanian] thought ahead and, therefore, came out with futuristic ideas on rationalisation of removal of "subsidies for the rich", universal basic income, climate change, from "socialism without entry and capitalism without exit" and the four C's that he had historically paralysed decision making", Jaitley wrote. In 2017 his term was extended for a year.
Jaitley said Subramanian's early diagnosis of the twin balance-sheet problem led the government to adopt a strategy of increasing public spending to support India's economic growth.