EAC-PM shuffle: Saj jid Chinoy in, Rathin Roy out
Rathin Roy, Shamika Ravi dropped from list
The Centre on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of two years. Rathin Roy from the National Institute of Public Finance and Policy, along with Shamika Ravi of Brookings Institution, were dropped as part-time members. Sajjid Chinoy, India economist at Jpmorgan, was appointed as part-time member.
The Centre, on Wednesday, reconstituted the Economic Advisory Council (EAC) to the Prime Minister for a period of two years. Rathin Roy from the National Institute of Public Finance and Policy, along with Shamika Ravi of Brookings Institution, were dropped as part-time members. Sajjid Chinoy, India economist at Jpmorgan, was appointed as a part-time member.
Another part-time member Ashima Goyal, of the Indira Gandhi Institute of Development Research, along with full-time members Bibek Debroy of NITI Aayog and Ratan Watal, continue in the EAC-PM. Debroy retains his role as chairman, while former Finance Secretary Watal will continue being the member-secretary.
“The Government of India has reconstituted the EAC to the Prime Minister (EAC-PM) for a period of two years, with effect from September 26, 2019,” said an official statement. In effect, the strength of the EACPM reduces to four, with two full-time members and two part-time members.
No reasons were given for the ouster of Roy and Ravi. Earlier this year, Roy, director of the National Institute of Public Finance and Policy, spoke on a ‘silent fiscal crisis’ — highlighting the stark difference between the FY19 revised tax revenue estimates and provisional actuals. He also criticised the Centre’s plan to issue overseas sovereign bonds and had advised caution on the same.
Ravi had also warned about the state of the economy, saying the country was facing a structural slowdown. She had said on Twitter last month that dealing with the slowdown needed major reforms and not mere tinkering. “Leaving economy to the finance ministry is like leaving the growth of a firm to its accounts department,” she had tweeted.
The EAC-PM was revived in September 2017, for a two-year term. It replaced the erstwhile PMEAC, headed by former RBI governor C Rangarajan during former PM Manmohan Singh’s two terms.
The council was tasked with analysing issues — economic or otherwise — referred to it by the PM, according to its terms of reference. The body could also take up issues suo motu.
It has submitted three-four papers to the Prime Minister’s office on issues such as employment, fiscal situation, economic growth, manufacturing, and infrastructure. None of its work has been made public.