Economy

Prime Minister constitutes Economic Advisory Council headed by Bibek Debroy

Prime Minister constitutes Economic Advisory Council headed by Bibek Debroy”

Concerned over the rapid slide in the Indian economy, Prime Minister Narendra Modi on Monday formed a 5-member Economic Advisory Council to analyse economic and other issues.

Debroy is also a member of the Niti Aayog and a former professor at the Centre for Policy Research in New Delhi. Surjit Bhalla, Dr. Rathin Roy and Dr. Ashima Goyal, who will be working as part time members of the council.

The council will advise the Prime Minister on issues pertaining to key economic reforms.

Its terms of reference also includes attending to "any other task as may be desired by the prime minister from time to time", PTI quoted the statement. The Economic Advisory Council previously has been reconstituted time and again with different organisational structures headed by various economists who are of recognised worldwide eminence.

The council comes as amid the growing concern over slowing economic growth.

The GDP growth slid to a three-year low at 5.7% in June quarter sparking anxious discussions across all sectors.

PM Modi has set up the panel as his government grapples with a stuttering economy, with dismal growth figures in the last quarter prompting many private economists to revise down estimates for the fiscal year ending in March 2018. Even with all these positive factors, the GDP has fallen, which is worrying and intriguing.



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