Economic Advisory Council highlights issues for deliberation ahead of Council Report

The Economic Advisory Council to the Prime Minister on Wednesday identified ten issues around which the Council Report would be structured in the coming month, developed by the Group through consultative processes involving ministries, states, experts, private sector players and other key stakeholders.

Addressing their first press conference post the formation of the council, Chairman Bibek Debroy highlighted that major priorities were identified for accelerating economic growth and employment over the next six months, with greater last mile connectivity.

"The 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, consumption and production patterns and social sector," he said.

The meeting held prior to the press conference saw a presentation delivered by Chief Economic Advisor Arvind Subramanian, focused on accelerating economic growth, including investments and exports- using a combination of different policy levers

Another key issue recognized was the need for effective tracking of key economic parameters through possible mechanisms for instituting an economy track monitor using lead indicators and triggers for action, based on informed assessment and analysis.

It was also agreed that specific issues papers would be brought out by members to address key concerns, and linkages will be established with key national Institutions.

However, Debroy categorically stated while the agenda of the council is to suggest recommendations and advise the Prime Minister, any recommendations made or vice versa would not be disclosed to the media.

"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 related aspects. This Council is focused on critical interventions related to accelerating economic growth and employment over the next few months, with greater social and financial inclusion, based on rigorous economic analysis," said Bibek.

The meeting, chaired by Bibek Debroy, was also attended by leading economists Dr. Surjit Bhalla, Dr. Rathin Roy, Dr. Ashima Goyal and Member Secretary Ratan P. Watal, who was also the former Finance Secretary and Principal Adviser to NITI Aayog.