ibusinesslines.com
ibusinesslines.com December 17, 2017


Newly constituted Economic Advisory Council to PM holds 1st meeting

11 October 2017, 08:18 | Kelvin Horton

Zee conclave to discuss state of economy today

Nitin Gadkari and Rajyavardhan Rathore

Debroy said the Council will again meet in November to discuss critical issues, with next year's Budget in mind.

The Council also recognised the need for instituting an Economy Track Monitor, using lead indicators and triggers for action, based on informed assessment and analysis.

This panel of economists and experts was recently set up by Prime Minister Narendra Modi in order to find ways and means to boost the country's economic growth.

The council was set up last month and comprises Bibek Debroy, Member NITI Aayog as the Chairman, Ratan P. Watal, Principal Adviser, NITI Aayog as Member Secretary and Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.

Briefing reporters after the meeting, chairperson Bibek Debroy said the PMEAC would assist in monitoring public spending and had recommended job creation as the biggest priority.

Roy, who is also director of economic think tank NIPFP, however, said the council will examine causes of slowdown.


Debroy said the council has identified major priorities for accelerating growth and employment over the next six months, identifying 10 themes around which detailed reports will be prepared by its members and the EAC will make recommendations in "collaboration and consultation" with existing government bodies.

The EAC-PM chairman said, "We have identified 10 themes that we would initially work on till we have our next meeting one month from now".

Noting urban unemployment is at a 11 year low, the Congress leader said consumer confidence too was at a three year low.

The constitution of the EAC-PM came in the backdrop of growing concerns over the pace of growth in the economy and the slow pace of job creation.

The majority view in the government is not inclined towards relaxing its fiscal deficit target of 3.2% of gross domestic product for the current financial year.

The deliberations of the new Economic Advisory Council to the Prime Minister also reflect its value addition as an independent institutional mechanism, to provide informed advice to the Prime Minister on addressing issues of macroeconomic importance and related aspects. We will also have smaller meetings with stakeholders... "Next few months our focus will be on the preparation of the budget", he said.



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