PM sets up Economic Advisory Council, appoints Bibek Debroy as Chairman

Moneycontrol News

Prime Minister Narendra Modi on Monday constituted a new Economic Advisory Council, which will seek to address the nation's macroeconomic issues.

The Economic Advisory Council will be chaired by NITI Aayog's Bibek Debroy. Other members, including renowned economists such as Surjit Bhalla, Rathin Roy and Ashima Goyal, will be part-time members. These members have earlier served as economic advisors to the nation.

Ratan Watal has been appointed as the Member Secretary of the Council. He will further notify the government of the developments made in the Council.

Speaking to CNBC TV-18, Former Monetary Council Committee (MPC) member Ashima Goyal said that the Council members have not received any details and the date of the first meeting is yet to be decided. According to Goyal, the Council will seek to fiscally boost the economy and recapitalize banks.

Earlier, Chief Economic Advisor Arvind Subramanian had hinted that India has to work on its structural reforms and the structure carried out is likely to be a mix of monetary and fiscal policy.