Former RBI Governor Raghuram Rajan and Nobel Laureate Esther Duflo are two of the five iconic names that will feature on a new economic advisory council constituted by the Tamil Nadu Government, State Governor Banwarilal Purohit said, in his address to the Legislative Assembly.

Other names on the council include former chief economic advisor to India, Arvind Subramanian, economist Jean Dreze and former finance secretary S Narayanan. "Based on the recommendations of the economic advisory council, the Tamil Nadu government will revitalize the state's economy and ensure that benefits reach all sections of society," said Purohit.

The announcement of Duflo's name in particular impressed many, as the world-renowned economist has a reputation for her work in the alleviation of poverty — an aspect of economics that Tamil Nadu has taken a special interest in, given its social spending initiatives. She won the Nobel Prize with her husband, Abhijit Banerjee and fellow researcher Michael Kremer, for their "experimental approach to alleviating global poverty".

Raghuram Rajan, Arvind Subramanian and S Narayanan are also home-grown names, tracing their roots back to Tamil Nadu.

The constitution of the council comes even as Tamil Nadu has been on a mission to boost its industrial footprint in tier-2 and tier-3 cities. The state is also all set to release a white paper in July on the "true state of Tamil Nadu's finances".

Aside of the economic advisory council, the Tamil Nadu government has also proposed to constitute a panel comprising leading industrialists and bankers to propose measures to revive the MSME sector.