PM Modi forms Economic Advisory Council headed by Bibek Debroy

Terms of reference of the EAC would be to "analyse any issue, economic or otherwise, referred to it by the prime minister and advising him thereon, a statement said.
Bibek Debroy during the session 'Is the Mahabharat more relevant than ever today?' at 5th Odisha Literary Festival 2016 in Bhubaneswar. (File Photo | EPS/Shamim Qureshy)
Bibek Debroy during the session 'Is the Mahabharat more relevant than ever today?' at 5th Odisha Literary Festival 2016 in Bhubaneswar. (File Photo | EPS/Shamim Qureshy)

NEW DELHI: Amidst growing apprehensions over the slowdown in the Indian economy, Prime Minister Narendra Modi on Monday evening announced the formation of a five-member panel of economists headed by NITI Aayog member Bibek Debroy to advise him.

The Economic Advisory Council will be an independent body for giving advice on economic and related issues to the government, especially to the Prime minister, according to the official statement.

The move came at a time when the NDA government grappling with a faltering economy, with the last quarter's dismal growth figures prompting many private economists to revise down estimates for the fiscal year ending in March 2018.  

Political analysts believe that the economic slowdown is providing ammunition to opposition parties before the upcoming state elections and subsequently 2019 General elections.

According to an official statement, the advisory council includes three part-time members Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal. Bibek Debroy has been appointed as the council chairman.

“The panel will analyse issues, "economic or otherwise, referred to it by the Prime Minister", and will advise him on it, a government release said.

Terms of reference of the EAC would be to "analyse any issue, economic or otherwise, referred to it by the prime minister and advising him thereon," the statement said. It will also "address issues of macroeconomic importance" and present its views to the prime minister, it said, adding "This could be either suo-motu or on reference from the prime minister or anyone else."

Its terms of reference also include attending to "any other task as may be desired by the prime minister from time to time," the statement said.

EAC Chairman Bibek Debroy is considered an RSS sympathiser, has written a book on Ramayan, besides editing a book on three years of the Narendra Modi government.

As a NITI Aayog member, he is credited to have authored the report on the restructuring of the Railway Board, which led to the merger of the Rail Budget with the Union Budget.

He’s looking after the infrastructure and mobility issues within the think-tank panel. Debroy had also run into trouble after he suggested that the agricultural incomes should also be taxed while arguing that corporate houses and rich people are taking advantage of the exemptions.   

Here are the other members of the Economic Advisoy Council:

1. Dr. 2. Dr. Surjit Bhalla- Part-time Member

3. Dr. Rathin Roy- Part-time Member

4. Dr. Ashima Goyal- Part-time Member

5. Shri Ratan Watal,

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com