PM’s advisory council acknowledges slowdown


Why it is in news?

  • Newly constituted PM Economic Advisory Council acknowledges slowdown but declines to share reasons .
  • But they will not be sharing what these reasons are, other than to the PM.

What PMEAC said?

  • Accelerating growth and employment over the next six months would be the top priority of the PMEACs chairman Bibek Debroy 
  • The five-member Council was unanimous that the government shouldn’t stray from the path of fiscal consolidation
  • Thus ruling out a fiscal stimulus to reverse the downturn in the economy.
  • Stressed that there is no good data regarding jobs, employment and unemployment
  • The only good way to obtain satisfactory jobs data is through household surveys
  • The previous National Sample Survey was released in 2011, and the next one will release data only in 2018.

What is PMEAC?

  • Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
  •  The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.
  •  It advises the Prime Minister on a whole host of economic issues like inflation, microfinance, industrial output, etc.
  • Bibek Debroy is the current chairman of the current EAC
  • Dr. C. Rangarajan was the Chairman of the previous PMEAC.

Posted by Jawwad Kazi on 12th Oct 2017