PM revives Economic Advisory Council
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NITI Aayog member Bibek Debroy will be to Prime Minister Narendra Modi what C Rangarajan was to former prime minister Manmohan Singh.
While the country waited for steps to boost economic growth, the government on Monday announced setting up an Economic Advisory Council to the Prime Minister (EAC-PM), headed by Debroy. Also, even as the Bharatiya Janata Party’s (BJP’s) national executive meeting was silent on any stimulus package, the PM announced a ~16,320-crore electrification plan for all households by end-2018 at another event.
The EAC to the PM is making a comeback after over three years, though with a tweak in the name. In its earlier avatar, it was known as the PM’s Economic Advisory Council, or PMEAC. The Modi government decided to set up the panel to propel the economy, as various parameters are showing signs of weakness amid a resource crunch.
The council will analyse any issue, economic or otherwise, referred to it by the PM, according to its terms of reference. The body, which is an independent council, can also take up the issues suo motu.
It will also address issues of macro-economic importance and present its views to the PM.
EAC-PM will have three economists as parttime members — Surjit Bhalla, Rathin Roy, and Ashima Goyal.
Former finance secretary Ratan Watal has been appointed member-secretary of the council. He’s currently principal advisor to the NITI Aayog. Both Debroy and Watal will remain in their position in NITI Aayog, sources said.