Modi’s EAC to focus on economic growth, employment

Economic Advisory Council to Prime Minister Narendra ModiNew Delhi : With the economy slowing down and joblessness becoming a major issue, the newly-constituted Economic Advisory Council to Prime Minister Narendra Modi on Wednesday identified 10 major priority areas including accelerating economic growth and employment over the next six months.

The 10 themes were identified during the first meeting of the council chaired by NITI Aayog Member Bibek Debroy. The council was reconstituted a fortnight ago in what was seen as the government acknowledging for the first time the problem of economic slowdown.

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, Debroy told reporters here after the meeting.

During the meeting, Chief Economic Advisor Arvind Subramanian focused attention on accelerating economic growth — including investments and exports — using a combination of different policy levers.

The council took stock of the current economic, fiscal and monetary policy environment and resolved to focus on key identified issues.

“We have identified 10 themes that we would initially work on till we have our next meeting one month from now,” Debroy said.

“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,” he added.

Debroy said the entire thrust of the council would be on specific implementable recommendations, which would distinguish it from other bodies.

“Our view will be on specific thing you can change,” he said.

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

They would also come out with specific issue papers to address key concerns, a statement said.



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