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Economic Advisory Council identifies 10 key areas, to focus on critical policy interventions

Economic Advisory Council meeting: NITI Aayog member Bibek Debroy said the council will again meet in November to discuss "critical issues", with next year's budget in mind.

New Delhi | Updated: October 11, 2017 6:11 pm
Economic Advisory council, Economic Advisory council to prime minister, EAC, EAC PM, NITI Aayog member Bibek Debroy said the council will again meet in November to discuss “critical issues”, with next year’s budget in mind. (Source: ANI)

The Economic Advisory Council to the Prime Minister has identified 10 key areas, including economic growth and accelerating employment, to immediately begin work on, NITI Aayog member Bibek Debroy told reporters after the council met for the first time on Wednesday.

Debroy said the council will again meet in November to discuss “critical issues”, with next year’s budget in mind. “Next few months our focus will be on the preparation of the budget,” he said.

Responding to a question, Debroy said the recommendations made by the council will be in “collaboration and consultation” with existing government bodies. “Whenever we will take any view on monetary policy, we will discuss with RBI…It is not our job to push those recommendations to the finance ministry, our job is to report to the prime minister,” he said.

He said the council is focused on critical interventions related to accelerating economic growth and employment, with greater social and financial inclusion, based on rigorous economic analysis.

On the role of the EAC, Debroy said: “It’s role is to advice to the pm, it’s primarily role and only role is to have recommendations to the prime minsiter. They are not meant to be announced in interactions with the media.”

Principal Advisor of NITI Aayog, Ratan Watal, said the EAC will work closely with government agencies, stakeholders and financial institutions. “We will be using the resources of NITI in helping us moving forward,” he said.

Earlier, Chief Economic Advisor to Ministry of Finance, Arvind Subramanian gave a presentation to the council on the state of the country’s economy.

Others members in the group include economists Surjit Bhalla, Rathin Roy and Ashima Goyal (part-time members).

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  1. Hemen Parekh
    Oct 13, 2017 at 11:22 am
    s: myblogepage. /2017/10/pmeac
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      drharun
      Oct 11, 2017 at 10:20 pm
      Lets be honest here,the new EAC must confine to having meetings and suggest actions to the Govt.That will do.Dont waste time on accepting that Economy has a problem.Look at the Gram Panchayat election results in Maharasthra.BJP Has singly won over half the seats.As the BJP Spokesperson are seen saying on TV this Govt has the confidence of the masses and no matter what anchors may say on TV Shows
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        ASHOK
        Oct 11, 2017 at 7:58 pm
        "The one eyed King of INDIA" has finally opened his third eye.
        (13)(0)
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          rved
          Oct 11, 2017 at 7:51 pm
          You do not need economic council, key areas identification and useless meetings for developing India. Every educated citizen knows the following areas need improvement: a) Provide quality water and food to every citizen of India (removal of begging, interlinking of rivers, conversion of Sea water to drinking water, agricultural growth, aqua culture etc) b) Provide affordable housing (includes rehabilitation of slums) c) Provide uninterrupted power supply (Establish Power plants) d) Provide safety on roads, trains etc e) Provide freedom and safety to citizens (especially women) Unless any Govt thinks on the above lines and take bold steps to implement the above in a comprehensive manner (not piece meal and empty promises) - All policy decisions are useless. Also we Indians need to ask ourselves - Why we are paying taxes to the Govt unless above are achieved.
          (5)(0)
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            Asish
            Oct 11, 2017 at 7:09 pm
            Complex Economic decisions are not decisions like GST and others, but more like taking away people reliance on Government for the things they need. They need to create an example where they can demostrate that companies which are far away from politics and Government thrive, if they do that, FDI will flow like mad into India. But we have to do it carefully. We should build on earning models rather than on subsidy models. All states should be encouraged for earning models, why should Government be always bothered about you, why not you be somewhat bothered about yourself. One of the shortcomings of our country is the Standards body. I hope we do something about it.
            (1)(1)
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              Asish
              Oct 11, 2017 at 7:12 pm
              We need to find ways to encourage the business practices in India and inculcate them from young. One of the primary goals of IITs is not training people but pushing them towards entrepreneurship. One of the strongest requirement of entrepreneurship is the knowledge of the LAW. We don't have any Technical Lawyers getting out of IIT, which is truly a shame, Government should force IIT to start a program on technical legal education as a separate stream. Once we do that we will become immensely strong in the startup market as companies will know how to get into the market and defend their position.
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                Asish
                Oct 11, 2017 at 7:14 pm
                Modi should always ask himself the question why the International companies are suggesting to him to allow foreign legal firms to be setup in India. Most of these firms are filled with technical lawyers who help setup companies have firm footing on the ground. The problem is we are not learning from the west and can get trap due to our lazyness.
                (7)(1)
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