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PMEAC acknowledges slowdown, identifies 10 priority areas

11 October, 2017 12:11 PM
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PMEAC acknowledges slowdown, identifies 10 priority areas

NEW DELHI: The recently constituted Economic Advisory Council to the Prime Minister has identified 10 priority areas for accelerating economic growth and employment over the next six months, with greater last mile connectivity.

"The recommendations of the five member council would be structured around these themes," the official statement said.

The 10 themes identified 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 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.

The PMEAC, which is headed by NITI Aayog member Bibek Debroy, said that the government should stick to the fiscal consolidation roadmap.

"There is a consensus (among the members)... that the fiscal consolidation exercise should not be deviated," said Debroy.

The Council acknowledged the slowdown in the Indian economy and said that it will examine the causes.

The meeting was held in the backdrop of a slowing economy and tepid job creation.

Bibek Debroy said that the Council's role is to give recommendations to the prime minister after consulting every stakeholder.

The Council said that it can consult the Reserve Bank of India on issues like better transmission of policy rates and complement its monetray policy ideas.

Chief Economic Advisor, Arvind Subramanian, gave a detailed presentation to the Council.

The Council's focus for the next few months will be on the Union Budget, Surjeet Bhalla, one of the members of PMEAC said.

The Council, in its meeting, acknowledged the slowdown in the Indian economy and has asked its members to come up with detailed papers in the next Council meeting.

In the first quarter of FY18, the GDP growth slipped to 5.7 percent raising concerns about the India growth story.

Commenting on IMF projections, PMEAC member Rathin Roy said they are 80% wrong. The Council will examine causes of current slowdown, he added.

Source: economictimes.indiatimes.com

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