New Delhi: Prime Minister Narendra Modi on Monday named free-market Indian-American economist Arvind Panagariya as the first vice-chairman of the newly created NITI Aayog, which replaces the 65-year-old Planning Commission, with a team of six members and three special invitees.

Besides Dr Panagariya, the PM, who is chairman of the NITI Aayog, also appointed economist Bibek Debroy and former DRDO chief V.K.Saraswat as its full-time members.

Four Union ministers — Rajnath Singh, Arun Jaitley, Suresh Prabhu and Radha Mohan Singh — were made ex-officio members.

Three other Union ministers — Nitin Gadkari, Smriti Irani and Thawar Chand Gehlot — will be special invitees, the PMO said.

Dr Panagariya, 62, a renowned economist known for his market-friendly views, is a close associate of celebrated economist Jagdish Bhagwati. The two of them have often challenged Nobel laureate Amartya Sen to an open debate on the Indian economy.

Dr Panagariya is known as a strong supporter of Mr Modi’s Gujarat model, had said some months back that he would like the BJP government’s first Budget to boost capital spending even at the risk of a higher fiscal deficit.

The Centre has archived the website of the plan panel while the new body will launch its own website in a few days. “The NITI Aayog website will be ready in a few days. The Planning Commission website has been archived. It can be accessed at http://fb.me/3vZp1jjFr,” twitted NITI Aayog.