The first-ever meeting of newly-constituted Economic Advisory Council to Prime Minister (EAC-PM) was held at NITI Aayog, in New Delhi. It was chaired by Dr. Bibek Debroy, Member NITI Aayog.
The meeting took stock of the current economic, fiscal and monetary policy environment and identified key issues that it would focus on. It identified major priorities for accelerating economic growth and employment over tnext six months, with greater last mile connectivity.
Ten identified themes
The EAC-PM identified ten themes around which Council Report will be structured in the coming months The ten themes identified are Economic Growth, Employment and job creation, fiscal framework, informal sector and integration, public expenditure, monetary policy, institutions of Economic Governance, Patterns of Consumption & Production, Agriculture & Animal Husbandry and Social Sector.
The EAC-PM also developed Theme Groups led by its members, through consultative processes involving sectoral Ministries, States, experts, institutions, private sector and other key stakeholders. It also recognized for effective tracking of key economic parameters, through possible mechanisms for instituting Economy Track Monitor, using lead indicators and triggers for action, based on informed assessment and analysis.
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.