Economic Advisory Council EAC

India needs greater decentralisation but in many states, there is resistance to devolving powers to local councils, according to Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM). At a ceremony to award the fourth Rohini Nayyar Prize for Outstanding Contribution to Rural Development, Dev said the level of decentralisation in China and the US is much higher. "India needs greater decentralisation, which should involve giving more powers to panchayats and local bodies, along with increased use of technology in the agricultural sector to improve rural wages,... There is resistance in many states to devolving powers to local councils," he said. Recalling the contribution of former economist and bureaucrat Rohini Nayyar, Dev said the implementation of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) through panchayats not only helped improve wages but also helped build trust in grassroots democracy. He presented the prize to Pune's

West Bengal has experienced a continuous decline in its relative economic performance over several decades, according to a working paper by Economic Advisory Council to the Prime Minister(EAC-PM). Authored by EAC-PM member Sanjeev Sanyal, the paper 'Relative Economic Performance of Indian States: 1960-61 to 2023-24' said the development of eastern part of the country remains a concern. It said maritime states have clearly outperformed other states, with the exception of West Bengal. Although Bihar's relative position has stabilized in the last two decades, it remains significantly behind other states and requires much faster growth to catch up, the paper noted. Conversely, Odisha, traditionally a laggard, has shown a marked improvement in recent years. "West Bengal, which held the third-largest share of national GDP at 10.5 per cent in 1960-61, now accounts for only 5.6 per cent in 2023-24. It has seen a consistent decline throughout this period. "West Bengal's per capita income

India will be a USD 4 trillion economy in 2024-25 and surpass Japan by early next fiscal to become the world's fourth largest economy, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Thursday. Sanyal further said that a 7 per cent economic growth rate will be a 'very good' growth rate for India, given various constraints, including the country's weak exports. "So, this financial year, we will become a USD 4 trillion economy," he said at an event here. Recently, Finance Minister Nirmala Sitharaman said that India is expected to overtake Japan and Germany to emerge as the world's third-largest economy by 2027. Currently, in US dollar terms, India is the fifth largest economy with a size of about USD 3.7 trillion in nominal terms. Sanyal said Japan is now just a little ahead of us at USD 4.1 trillion. "So, either very early next year or even you know this year, we will cross Japan to become the world's fourth largest economy," Sanyal ...

"Surveys are not representative when it comes to a large country like India with more than 90 cr voters, over 100 spoken languages and significant cultural, socio-economic and geographical diversity"

According to the report, while growth has taken place in terms of an increase in wages earned, the benefits of that growth have been concentrated and this has marginalised the poor further

Sanjeev Sanyal tells reporters govt is taking several steps to rein in process, including free rations, pruning of taxes; RBI has increased policy rate

Vijay Kelkar bats for single 12% GST rate

The market rally is visible, as is the horrendous impact of Covid 19. What is invisible is earnings growth

In the present scenario achieving a nine per cent GDP growth will be difficult, he said at the Tata Steel Kolkata Literary Meet here

Sajjid Chenoy, India economist at JP Morgan is the new part-time member

The panel took stock of the economic and social analysis and identified key issues and strategies

PM does well to bring back the Economic Advisory Council