Economic Advisory Council highlights issues for deliberation ahead of Council Report

Narendra Modi PM Modi employment generation jobs in India jobs india jobs employment data india employment data job failure modi narendra modi on Jobs employment ratio in india unemployment rate inflation Economic Advisory Council Arvind Su

Narendra Modi PM Modi employment generation jobs in India jobs india jobs employment data india employment data job failure modi narendra modi on Jobs employment ratio in india unemployment rate inflation Economic Advisory Council Arvind Su

Asked whether the Council should not have been constituted three years back, member Surjit Bhalla said the first theme identified by the council is acceleration of economic growth which was already high three years ago.

When asked what would be the recommendations of the council on these key issues, an evasive Mr Debroy said those will be for the Prime Minister's consumption and would not be announced through the media.

The detailed report, which will be handed over to the Prime Minister once finalised, will be structured around the 10 identified areas and views would be formulated after consultations with all relevant Ministries and Departments, including the Finance Ministry, and also the RBI, EAC Chairman Bibek Debroy said, addressing a press conference on Tuesday following the first meeting of the council.

These are economic growth, fiscal framework, employment and job creation, monetary framework, public expenditure, institutions of economic governance, agriculture and animal husbandry, informal sector and its integration with formal sector.

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That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said. Thaler said he will likely use the prize money of 9-million-kronor ($1.1-million) in irrational ways.

There is a lot of concern about the economy today and the Council will "work as a sounding board of ideas", the Council's member Ashima Goyal said.

Chief Economic Advisor (CEA) Arvind Subramanian made a presentation to the Council and focused attention on accelerating economic growth, including investments and exports, using a combination of different policy levers.

"In a country like India, you can not get good data on employment and jobs from enterprise surveys".

Noting that we can get data on unemployment and employment in India is through household surveys, he said the last NSSO household survey was out in 2011-12 and the next results of NSSO household surveys will not be available till 2018.

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The PMEAC, which is headed by NITI Aayog member Bibek Debroy, said that the government should stick to the fiscal consolidation roadmap. Progress on these ten topics will be appraised when the EAC-PM formally meets again in November.

Not only has the PMEAC revived the debate on fiscal stimulus, but also implicitly identified the likely priorities for next year's Union budget.

Commenting on International Monetary Fund projections, PMEAC member Rathin Roy said they are 80% wrong.

"IMF's growth projections are 80 per cent wrong". The government pegged the fiscal deficit target at 3.2 per cent for the current fiscal and 3 per cent for the next financial year.

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The industry is seeking fiscal stimulus to tide over the economic slowdown. This has prompted several agencies to lower India's growth forecast.

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