Modi's EAC identifies 10 key issues; will work on critical policy interventions

New Delhi: The Economic Advisory Council led by Bibek Debroy that met on Wednesday for its first meeting has identified 10 core issues that it will work on for the next six months, keeping in mind India’s focus on fiscal consolidation.

The Council was set up with the approval of the Prime Minister on September 26, 2017. "We will give our recommendations to the Prime Minister," said Debroy.

Debroy, who is a member of the government think-tank Niti Aayog, said the council has identified 10 themes around which the team will file detailed reports after consultation with government ministries and departments.

Economic growth, employment and job creation, informal sector and integration of informal sector, fiscal framework, monetary policy, public expenditure and efficiency of public expenditure, institutions of the economic governance, agriculture, consumption pattern and animal husbandry are among the ten issues the EAC-PM will work on.

The Council, which involves principal adviser to NITI Aayog Ratan P Watal as member secretary and Surjit Bhalla, Rathin Roy and Ashima Goyal as part time members, also discussed the need for "effective tracking of key economic parameters through possible mechanisms for instituting an economic tracking monitor using lead indicators and triggers for action and based on informed assessment and analysis".

Debroy said it will be an "exercise of teamwork," and that the council would give “professional inputs into the policy making process”. He said the EAC-PM will focus on "critical interventions related to accelerating economic growth and employment with greater social and financial inclusion based on rigorous economic analysis".

"Whenever we will take any view on monetary policy, we will discuss with RBI," said Debroy.

The next meeting of the Economic Advisory Council will be held in November. Surjit Bhalla said the council's next focus will be on the Budget.