PM Narendra Modi’s Economic Advisory Council to hold first meeting today

NEW DELHI: The recently constituted Economic Advisory Council to the Prime Minister (EAC-PM) will hold its first meeting on Wednesday to deliberate upon and lay out a roadmap to give a leg up to the Indian economy in the short term after GDP growth for the first quarter fell to a three-year low of 5.7%.

Key issues expected to come up for discussion include ways to boost consumer demand, attract private investments and measures to incentivise job creation in the country, people familiar with the agenda said.

“The council over a period of the next few months is also expected to outline the long-term measures for the economy, some of which could be reflected in the union budget next year,” the officials quoted above said.

“The council has held a brainstorming session with stakeholders on Monday in the run-up to its first meeting which is expected to address all issues of emergent importance,” an official statement said. Set up in September, the council is chaired by Niti Aayog member Bibek Debroy and has economists Surjit Bhalla, Rathin Roy and Ashima Goyal as members. Ratan Watal, principal advisor to Niti Aayog, is the member-secretary of the panel.

The EAC is an independent body and is expected to provide advice on economic and related issues to the prime minister. The panel is also expected to address issues of macroeconomic importance. During the UPA government’s tenure, former RBI governor C Rangarajan was the chairman of the Prime Minister’s economic advisory council.

But since assuming power in May 2014, the Narendra Modi-led government had preferred not to set up such a panel.