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Dr. C. Rangarajan D is presently the Chairman of the Twelfth Finance Commission. Earlier, he was Governor of Andhra Pradesh for five years (1997-2003) and just before that he was Governor, Reserve Bank of India for five years (1992-1997). As Governor RBI, Dr. Rangarajan gave a major thrust to financial sector reforms. The institutional environment was altered to make monetary policy a more effective instrument of economic policy. The exchange rate regime underwent a fundamental change. He was member of the Planning Commission during 1991-92. Prior to that he held the position of Deputy Governor, Reserve Bank of India, for almost a decade. During this period, he was instrumental in bringing about a number of changes in the credit and financial system, both in terms of induction of new instruments and new institutions. Dr. Rangarajan has been a member of the Economic Advisory Council to the Prime Minister between 1985 and 1991. He was the Chairman of the National Statistical Commission which was set up to reform the Indian Statistical System. He has taught at the Wharton School of Finance & Commerce, University of Pennsylvania and the Graduate School of Business Administration, New York University. In India, he has taught at Loyola College, Madras; University of Rajasthan, Jaipur; Indian Statistical Institute, New Delhi and for well over a decade and a half at the Indian Institute of Management, Ahmedabad. He is the author or co-author of the following books : Short-term Investment Forecasting (1974); Principles of Macroeconomics (1979); Strategy for Industrial Development in the '80s (1981); Innovations in Banking (1982); Indian Economy: Essays on Money and Finance (1998); Perspectives on Indian Economy (2000); and Structural Reforms in Industry, Banking and Finance (2000). Many of his analytical writings have been published in various national and international journals. Among the several awards received by him are : Business Man of the Year 1997 (Madras Management Association); Honorary Fellow, Indian Institute of Management, Ahmedabad 1997; Award of Excellence in Finance (Bank of India) 1998; Finance Man of the Decade (Bombay Management Association)1998; Financial Express Award for Economics 1998; Wharton-Indian Alumni Award for Outstanding Leadership (2002). Dr. Rangarajan was awarded Padma Vibhushan by the President of India in January, 2002.

S. Mahendra Dev is presently the director of Centre for Economic and Social Studies, Hyderabad. He did his Ph.D. from the Delhi School of Economics and his Post-doctoral research at the Economic Growth Centre, Yale University and was faculty member at the Indira Gandhi Institute of Development Research, Mumbai for 11 years. He was Senior Fellow at Rajiv Gandhi Foundation during 1996-97 and Visiting Professor at University of Bonn, Germany in 1999. He has written extensively on agricultural development, poverty and public policy, food security, employment guarantee schemes, social security, farm and non-farm employment. He has more than 70 research publications in national and international journals. He has been a consultant and advisor to many international organisations like the UNDP, UNICEF, World Bank, International Food Policy Research Institute and ESCAP. He has been a member of several government Committees including Prime Minister's Task force on Employment.