ANDALIB AKHTER / NEW DELHI
The newly set up Economic Advisory Council to the Prime Minister (PMEAC) today identified ten major priorities for accelerating economic growth and employment generation in the country in the next six months.
The council which held its first meeting here PMEAC chalked out the major priorities for accelerating economic growth and employment while accepting that the country is witnessing a slowdown.
Speaking to media after the meeting, Chairman of the council, Bibek Debroy said the panel has picked ten issues to focus initially on.
“There is a consensus among us about the various reasons that have contributed to the slowdown in the growth rate,” Chairman of PMEAC Bibek Debroy said.
These include economic growth, employment and job creation, integration of informal sector,fiscal framework and monetary policy. He said that the council will take inputs from RBI and Monetary Policy Committee while considering issues related to monetary policy framework.
Mr. Debroy said patterns of consumption and production and social sector are among other issues on which the council will work. The five member committee comprising of reputed economists and experts was constituted by the Prime Minister last month to halt the downhill movement of the Indian economy.
Led by NITI Aayog Vice Chairman Bibek Debroy, the council include Finance Secretary Ratan P Watal as Member Secretary, along with Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
The council is mandated to analyze all critical issues, economic or otherwise referred to it by the Prime Minister. It is also required to address issues of macro-economic importance and presenting its views.
Today’s meeting comes in the backdrop of increasing concerns over declining GDP growth momentum. The slowing of GDP in June quarter triggered concerns especially regarding flagging consumer demand.
The revival of the council indicates the government’s effort to tap economists for new ideas on the economy. The Council will address all issues of emergent importance, engage with a broad spectrum of stakeholders and formulate advice accordingly.