Chief Economic Advisors usually return to academia after their time in the finance ministry, as Arvind Subramanian did. However, there are exceptions. Raghuram Rajan became the Reserve Bank of India Governor after his time in North Block, and Kaushik Basu became the World Bank Chief Economist.
Manmohan Singh has clearly been an outlier in this trend, rising up within the government from CEA to Finance Secretary to RBI Governor to Finance Minister and eventually Prime Minister.
Now the immediate past CEA, Krishnamurthy Subramanian, is on his way to charting another course. On Thursday, the Modi government appointed Subramanian as the next Executive