EAC chairman Bibek Debroy picks economic growth, job creation as focal point

Narendra Modi PM Modi employment generation jobs in India jobs india jobs employment data india employment data job failure modi narendra modi on Jobs employment ratio in india unemployment rate inflation Economic Advisory Council Arvind Su

Narendra Modi PM Modi employment generation jobs in India jobs india jobs employment data india employment data job failure modi narendra modi on Jobs employment ratio in india unemployment rate inflation Economic Advisory Council Arvind Su

The first meeting of the newly constituted Economic Advisory Council to the Prime Minister, EAC-PM will be held today. The panel of economists and experts was handpicked by PM Narendra Modi last month to find measures to boost economic growth.

The priority areas include economic growth, employment and job creation, informal sector and integration, fiscal framework, monetary policy, public expenditure, institutions of economic governance, agriculture and animal husbandry, patterns of consumption and production, and the social sector.

According to the statement, another key issue recognised is the need for effective tracking of key economic parameters, through possible mechanisms for instituting and economy track monitor, using lead indicators and triggers of action, based on informal assessment and analysis.

"When asked whether the government can breach fiscal deficit to provide stimulus to the industry, Debroy said", There is a consensus (among the members). that the fiscal consolidation exercise should not be deviated".

Briefing the media, Debroy said that the panel picked 10 issues on which it will initially work.

"In the next few months, the focus of the Council will be, however, towards the budget that is likely to be presented in the next 3-4 months".

Debroy said the council has identified major priorities for accelerating growth and employment over the next six months, identifying 10 themes around which detailed reports will be prepared by its members and the EAC will make recommendations in "collaboration and consultation" with existing government bodies.

Roy, who is also director of economic think tank NIPFP, however, said the council will examine causes of slowdown.

The majority view in the government is not inclined towards relaxing its fiscal deficit target of 3.2% of gross domestic product for the current financial year. The meet deliberated on the current economic, fiscal and monetary situation and discussed policy environment. The RBI cut economic growth forecast to 6.7 per cent from earlier projection of 7.3 per cent.

The government is considering ways to revive the economy after growth fell to its slowest pace in three years in the three months to June.

Roy, however, claimed: "IMF's growth projections are 80 per cent wrong".

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