Former IMF economist Dr Raghuram G. Rajan is believed to be leading the race for the post of new Chief Economic Advisor. The present advisor, Dr Kaushik Basu’s term ends on July 31. Dr Rajan has the distinction of being the youngest person to hold the post of Economic Counsellor and Director of Research at the International Monetary Fund (IMF). He is also considered to be one of the first economists to see the financial crisis of 2008 coming.