After the first meeting, the chairman of Economic Advisory Council to Prime Minister said that they have picked 10 issues that they will work on.
After a gap of three-years, the newly-formed Economic Advisory Council to the Prime Minister (EAC-PM) met on Wednesday for the first time and made a decision to complement the Reserve Bank of India on monetary policy ideas along with working on 10-point agenda including the economic growth, job creation, fiscal framework.
In the run-up to the meeting, the council chaired by NITI Aayog Member Bibek Debroy had held a brainstorming session with several stakeholders on Monday. These include economic growth, job creation, fiscal framework, monetary framework, social sector, the institution of economic governance among others. Each member has taken responsibility for two of the 10 issues, but it is up to them to decide which ones to work on first.
Debroy also added that the suggestions made by the council will be in "collaboration and consultation" with existing government bodies. India's GDP growth slumped to a three-year low of 5.7 per cent during the April-June period, lagging behind China for the second quarter in a row. The panel is also expected to address issues of macroeconomic importance. The Council was set up with the approval of Prime Minister Narendra Modi on 26th September 2017 to halt the downhill movement of the Indian economy.
The deliberations of the EAC with the PM reflects its value addition as an independent institutional mechanism to provide informed advice to the PM on addressing issues of macro-economic importance and related aspects, an official release said.