Economic Advisory Council to the Prime Minister (EAC-PM) held a meeting at NITI Aayog in New Delhi today. This is the second meeting of newly constituted council.
In its first meeting last month, Council identified ten major priorities for accelerating economic growth and employment generation over the next six months. These include economic growth, employment and job creation, integration of informal sector, fiscal framework and monetary policy.
The five member committee comprising of reputed economists and experts was constituted by the Prime Minister Narendra Modi in September this year.
NITI Aayog member Bibek Debroy is leading the council which include Ratan P Watal as Member Secretary, along with Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
The council is mandated to analyze all critical issues, economic or otherwise referred to it by the Prime Minister. It is also required to address issues of macro-economic importance and presenting its views.
Economic Advisory Council to the Prime Minister in its second meeting spelt out a clear road map for stepping up skill development, job creation, enhanced resource investment in the social sector, including for health and education, and for boosting Infrastructure financing.
According to an official statement, the Council chaired by Bibek Debroy, Member, NITI Aayog, which met here on Friday, also deliberated upon improvements needed in national accounts and innovative steps for unlocking growth, exports and the employment potential of growth drivers, including through transformation of India’s gold market.
It has formulated far-reaching recommendations to guide the evolving framework for the 15th Finance Commission, including the incentivisation of states for achieving health, education and social inclusion outcomes.
The council is also evolving the design of a new Economy Tracking Monitor, linking economic growth indicators with social indicators for last mile connectivity, the statement said.
Lead presentations to the council were made by experts on key themes, including infrastructure financing by the Chairman EAC-PM Debroy, who underlined the need for infrastructure financing to be accorded high priority, with new mechanisms for a risk coverage umbrella.
Member, NITI Aayog, Vinod K. Paul, highlighted strategies for achieving Swastha Bharat by 2022. Skill Development Strategies were presented by the Secretary, Skill Development, K.P. Krishnan, who highlighted convergent initiatives to reach out to youth and women.
Secretary, Ministry of Statistics and Programme Implementation, T.C.A. Anant, outlined improvements needed in national accounts, complemented by the presentation by Member Secretary EAC-PM, Ratan P. Watal, demystifying issues on the current account deficit and the gold market. He also shared recommendations on the evolving framework for the 15th Finance Commission.
The deliberations of the council took stock of the economic and social analysis done by the theme groups and evolving initiatives led by different members. The Council identified key issues, strategies and recommended interventions in respect of these themes.