Published: Tue, September 26, 2017
World | By Paul Elliott

Prime Minister Narendra Modi constitutes Economic Advisory Council; Bibiek Debroy appointed chairman

Prime Minister Narendra Modi constitutes Economic Advisory Council; Bibiek Debroy appointed chairman

Ratan Watal, Principal Advisor, Niti Aayog is the member-secretary of EAC-PM.

The new council, headed by Bibek Debroy, a member of Modi's federal think tank Niti Aayog, will address "issues of macroeconomic importance" and present its views to the prime minister, the government statement said. The four other part-time EAC members are Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal.

The main terms of reference of the EAC will be to analyse any issue, economic or otherwise, referred to it by the Prime Minister and advising him it. The advisory will evaluate various issues of macroeconomic importance and provide their inputs to the Prime Minister.

The terms of reference also includes attending to any other task as may be desired by the Prime Minister from time-to-time. "This could be suo motu or on reference from the prime minister", an official order said. The PM-EAC has been constituted several times since Independence.

However, economic indicators are muted with GDP growth in the first quarter of the fiscal at a three year low of 5.7 per cent. The Council prepares and publishes widely read and followed reports on economic development, annual Economic Outlook and Review of the Economy. All indications are that the Congress and opposition's attack on the BJP during polls would include lack of jobs and the resultant unemployment as potent ammunition.

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