India must stick to fiscal consolidation, says PM Modi's economic advisory council

India must stick to fiscal consolidation, says PM Modi's economic advisory council”

The first meeting of the newly-constituted Economic Advisory Council to Prime Minister Narendra Modi will be held today at the NITI Aayog.

In accordance with this mandate, the Council held a brainstorming session with stakeholders on Monday at NITI Aayog in the run up to the first meeting of the Council.

"There is a consensus amongst us (members of the EAC) that there are various reasons that have contributed to slowdown of growth rate".

Economic growth, employment and job creation, informal sector and integration of informal sector, fiscal framework, monetary policy, public expenditure and efficiency of public expenditure, institutions of the economic governance, agriculture, consumption pattern and animal husbandry are among the ten issues the EAC-PM will work on. The slowing of GDP in June quarter triggered concerns especially regarding flagging consumer demand.

Rathin Roy, Secretary of the PMEAC said, "This is a technical body, not a political body".

The five members had divided the 10 issues amongst them, but had not prioritised them, Debroy said. When the EAC meets again next month, discussions would take place on the work that gets done by that time.

Debroy, who is a member of the government think-tank Niti Aayog, said the council has identified 10 themes around which the team will file detailed reports after consultation with government ministries and departments.

On Tuesday, the government has said in a statement that the council members will address "all issues of emergent importance and will engage with a broad spectrum of stakeholders".

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