The Economic Advisory Council to the Prime Minister has identified Ten key
areas, including economic growth and accelerating employment, to immediately
begin work on, NITI Aayog member Bibek Debroy told reporters on October eleven
Debroy said the Council will again meet next month to discuss “critical
issues”, with next year’s budget in mind. Next few months our focus will be on
the preparation of the budget,” he said.
The council which was constituted last month by the government to tackle
the slowdown in the economy met for the first time in the National capital
Responding to a question, Debroy said the recommendations made by the
council will be in “collaboration and consultation” with existing government
bodies. “Whenever we will take any view on monetary policy, we will discuss
with RBI…It is not our job to push those recommendations to the finance
ministry, our job is to report to the Prime Minister,” he said.
He said the council is focused on critical interventions related to
accelerating economic growth and employment, with greater social and financial
inclusion, based on rigorous economic analysis.
On the role of the Ecomic Advisory Council, Debroy said: “It’s role is to
advice to the PM, it’s primarily role and only role is to have recommendations
to the Prime Minsiter. They are not meant to be announced in interactions with
Principal Advisor of NITI Aayog, Ratan Watal, said the EAC will work
closely with government agencies, stakeholders and financial institutions. “We
will be using the resources of NITI in helping us moving forward,” he said.
Earlier, Chief Economic Advisor to Ministry of Finance, Arvind Subramanian
gave a presentation to the council on the state of the country’s economy.
Others members in the group include economists Surjit Bhalla, Rathin Roy and
Ashima Goyal (part-time members).