PM's new Economic Advisory Council to work on monetary policy, fiscal framework

Moneycontrol News

The Prime Minister's Economic Advisory Council (PMEAC) which held its first meeting today, has taken up 10 issues that it will initially work upon, the council said Wednesday. The council also said it will focus on the preparation of the budget in the next few months.

Bibek Debroy, Chairperson, PMEAC said, "Whatever we do will be in collaboration and consultation with existing bodies."

"We will take on board the view of Reserve Bank India (RBI) and Monetary Policy Committee (MPC) when it comes to the monetary policy," he added.

Debroy also maintained the council will give its recommendations to the Prime Minister as it was set up by the Prime Minister's Office.

Debroy said the members of the PMEAC had reached a consensus about "the various reasons that have contributed to the slowdown in the growth rate".

Ratan Watal, Principal Advisor, PMEAC said the Chief Economic Advisor had given a presentation to the council.

Ashima Goyal, member of the PMEAC said the council intends to hear ideas from different stakeholders. "There is a lot of concern about the economy" and the council aims to respond professionally and quickly.