Economy Current Affairs - 2019
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Asian Development Bank (ADB) in its Outlook Supplement has retained India’s growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in following financial year (2019-20). It held that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.
India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1. The slowdown came mainly from food prices, rising oil prices delivering negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks.
Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
Eminent economist and columnist Surjit Bhalla has resigned as part-time member of Economic Advisory Council to the Prime Minister(EAC-PM). His resignation comes day after Reserve Bank of India (RBI) governor Urjit Patel, quit abruptly after months-long tussle over policy with government.
Prime Minister’s Economic Advisory Council (PMEAC)
PMEAC is non-constitutional and non-statutory, non-permanent and independent body, constituted with the prime and sole aim to analyse all critical issues, economic or otherwise, referred to it by the prime minister and advising him thereon. It is mandate to give advice to prime minister on economic matters such as inflation, GDP changes, export-import changes, creating supporting environment for increased trade and commerce.
Submit periodic reports to PM related to macroeconomic developments and issues which will have implications of the economic policy. Analyse any topics, issues assigned by the PM and provide advice to them. Analyse macroeconomic issues having high importance and present the views to PM and any other task which is assigned by Prime Minister.
Current Composition of PMEAC: It is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.