Noted economist Bibek Debroy has resigned as Chancellor of the Pune-based Gokhale Institute of Politics and Economics (GIPE), an official confirmed to The Free Press Journal on Friday. However, the official declined to comment on the reason behind his resignation. "Yes, it is true that Bibek Debroy has resigned. However, I would not want to comment on anything else at the moment," the official said. Debroy was appointed Chancellor in July this year.

This comes only a few days after economist Dr Ajit Ranade was removed as Vice-Chancellor of the institute after his appointment was found to be violating the University Grants Commission (UGC) guidelines. A letter by the institute to Ranade stated that the fact-finding committee set up to examine Ranade's appointment was of the opinion that his candidature "does not conform to the established norms set forth by the UGC guidelines," and hence he was being removed.

Reacting to the development, Ranade said in a statement that it was a "truly unfortunate and shocking decision." "For the past two-and-a-half years, I have been working diligently and to the best of my ability, contributing to positive developments in the institute. These results seem to have been completely ignored," he added.

Later, Ranade moved the Bombay High Court, which on Thursday extended interim relief to him, allowing him to remain VC till October 7. In an email, Debroy congratulated Ranade for getting a stay order and his continuation as VC of GIPE. "You asserted in your writ petition that I had not applied my mind and the stay order vindicates your position," Debroy stated in the email. Under these circumstances, Debroy noted, he has no moral right to continue in his post. "I am standing down with immediate effect," he stated in the communication. Debroy further said he will not be present for the convocation of the institution scheduled for October 5.

GIPE, established by Servants of India Society (SIS) in 1930, is said to be the oldest research and training institute in economics in the country, named after Gopal Krishna Gokhale, an eminent leader of the Independence movement.