Bibek Debroy Current Affairs - 2019

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Economic Advisory Council to PM reconstituted under Bibek Debroy

Government of India has reconstituted Economic Advisory Council to the Prime Minister (EAC-PM) under existing Chairman Bibek Debroy. The reconstitution is for a period of two years, with effect from 26 September 2019.

Key Highlights

Along with Chairman Bibek Debroy, Ratan P Watal will also continue as Member Secretary of the reconstituted EAC-PM. Apart from these two full-time members, EAC-PM will have 2 part-time members as against 3 in outgoing panel.

While Ashima Goel continues to be one of part-time members and Sajjid Chinoy (Chief India economist at J.P. Morgan) has been roped in as the new member. The economists Rathin Roy and Shamika Ravi, who were the two existing part-time members, have been dropped in reconstituted EAC-PM.

Economic Advisory Council to the Prime Minister (EAC-PM)

It is an independent body constituted to advise the government (especially prime minister) on economic and related issues.

EAC-PM advises PM Modi on macroeconomic issues and other matters referred to it by PM himself. So far the suggestions made by the EAC-PM to PM on economic matters have not been made public.

The Council submitted papers on issues such as employment, macroeconomic situation and growth to Prime Minister’s Office (PMO).

2nd Meeting of EAC-PM focuses on Job Creation, Social Sector and Infrastructure

The Second Meeting of Economic Advisory Council to the Prime Minister (EAC-PM) has spelt out ‘clear road map’ for government to ramp up job creation and infrastructure financing avenues while investing more resources in health, education and skill development. The meeting was chaired by Dr. Bibek Debroy, Member NITI Aayog.

Key Facts

The deliberations of EAC-PM took stock of economic and social analysis done by theme groups and evolving initiatives led by different Members. It identified key issues, strategies and recommended interventions in respect of these themes.

EAC-PM spelt out clear road map for stepping up skill development, job creation; enhanced resource investment in social sector- including for Health and Education and for boosting Infrastructure financing.

It formulated far reaching recommendations to guide evolving framework for 15th Finance Commission, including incentivization of states for achieving Health, Education and Social Inclusion outcomes.

It is also evolving design of a new Economy Tracking Monitor, linking economic growth indicators with social indicators for last mile connectivity.

It held that improvements are needed in National Accounts and innovative steps for unlocking growth, exports and employment potential including through transformation of India’s Gold Market.

EAC-PM

Prime Minister Narendra Modi has constituted five member EAC-PM in September 2017 as an independent body to provide advice on economic issues to the government, specifically to the Prime Minister. It consists of economists of high repute and eminence. It serves as an independent institutional mechanism, to provide informed advice to the Prime Minister on addressing issues of macroeconomic importance and related aspects.