Isher Ahluwalia, a well-known economist and Padma Bhushan awardee, has died on Saturday after battling brain cancer for almost a year. She was 74.

Mrs Ahluwalia had stepped down last month from her position of Chairperson to Indian Council for Research on International Economic Relations (ICRIER) after 15 years citing ill health.

She had wide experience in the fields of economic growth, productivity, industrial and trade policy reforms, and urban planning and development. In 2009, she was awarded Padma Bhushan by the President for her services in the field of education and literature.

Punjab Chief Minister expressed grief on her demise and said that Isher Ahluwalia was one of India's most distinguised  economists.

"We had the privilege of having her as Vice-Chairman of State Planning Board in my last term," he said.

She is survived by her husband Montek Singh Ahluwalia and two sons.