Economic Advisory Council Identifies Cause Of Slowdown, Formulates 10 Priorities

News World India | 0
| October 11 , 2017 , 20:48 IST

The Economic Advisory Council for Prime Minister (EAC-PM) on its first meeting on Wednesday confirmed that they have reached a consensus over the reason behind the economic slowdown but refused to identify it.

Addressing a press conference, the five-member council headed by chairman Bibek Debroy said, "There is a consensus among us about the various reasons for the slowdown in the growth rate, but we will not identify the reasons."

Setting the priorities straight, the newly-constituted Council, on Wednesday identified 10 major priority areas including accelerating economic growth and employment over the next six months.

Apart from giving recommendations to the Prime Minister on these issues, the EAC-PM would also focus on the next budget preparation over the coming months, said EAC-PM chairman Debroy.

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."

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"The 10 themes identified are economic growth, employment and job creation, informal sector and integration, fiscal framework, monetary policy, public expenditure, institutions of economic governance, agriculture and animal husbandry, patterns of consumption and production, and the social sector," said Debroy.

The entire thrust of the council would be on specific implementable recommendations, which would distinguish it from other bodies. Our view will be on the specific thing you can change," he said.

The council also assessed that the government needs to provide some sort of fiscal stimulus to revive economic growth. This is bound to affect the fiscal numbers and the EAC will have to factor this in while giving inputs for the budget.

The council members would come up with a report in the coming months through consultative processes with ministries, states, the private sector and other stakeholders.