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Narendra Modi forms Economic Advisory Council

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New Delhi: Prime Minister Narendra Modi has come up with a five-member Economic Advisory Council (EAC) headed by Niti Aayog member Bibek Debroy.

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This development has come at a time when concerns are being raised over the declining growth in India.

Point to be noted here is that the EAC also includes NITI Aayog’s Principal Advisor Ratan Watal as its member secretary. Economist Surjit Bhalla, National Institute of Public Finance and Policy director Rathin Roy and Indira Gandhi Institute of Development Research professor Ashima Goyal will be part time members of the Council.

“Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister.”

“This could be either suo-motu or on reference from the Prime Minister or anyone else. The five-member council consists of economists of high repute and eminence,” according to an official statement.

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Not so long ago, Finance Minister Arun Jaitley held a brainstorming meeting with senior officials from various ministries to find ways to boost growth and create jobs.The meeting, which lasted about two hours, was also attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and secretaries of various Finance Ministry departments.

Indications are that the government is going to address structural problems facing the economy as well as transient issues with the implementation of GST.

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