- No-confidence motion against Modi government defeated
- I want to assure people of Andhra Pradesh that they will not be left behind : PM
- I am 'chowkidar' and 'bhagidar', but not a 'saudagar' like you: PM to Rahul Gandh
- PM Modi to visit South Africa, attend BRICS Summit from July 23
- LS takes up for discussion no-trust vote against Modi govt
- Shiv Sena MPs to remain absent for no-trust motion against Modi govt
- India, US first '2+2 dialogue' on September 6: State Department
10-bore silver bullet for eco
With the reports of country’s economy slowing down and shortage of jobs being a bone of contention, the newly-constituted Prime Minister’s Economic Advisory Council (PMEAC) on Wednesday identified ten major priority areas, including accelerating economic growth and generating job opportunities over the next six months, to address the issues.
The Council, headed by NITI Aayog Member Bibek Debroy, in its debut meeting on Wednesday said, “There is a consensus among us about the various reasons that have contributed to the slowdown in the growth rate.”
The Council’s primary role is to advise Prime Minister Narendra Modi on the macroeconomy, said Debroy.
These ten themes picked by the Council are economic growth, employment and job creation, informal sector and integration, fiscal framework, monetary policy, public expenditure, institutions of economic governance, agriculture and animal husbandry, patterns of consumption and production and social sector.
In a bid to allay fears on slowing economic growth, the Council also dismissed lowering of India’s growth projections by the International Monetary Fund (IMF) and the World Bank.
The Council, however, wants the Government to stick to its fiscal consolidation
road map and has suggested that stimulus to the industry should not be at the cost of fiscal prudence.
Noted economist and member of the PMEAC
Rathin Roy said, “The IMF’s growth projections are 80 per cent wrong. World Bank’s growth projections are 65 per cent wrong.”
The IMF on Tuesday lowered India’s growth forecast for the current fiscal by 0.5 percentage points to 6.7 per cent, while the World Bank on Wednesday pegged India’s economic expansion at 7 per cent, down from 7.2 per cent projected earlier.
Besides, Asian Development Bank (ADB) too lowered the country’s current fiscal growth to 7 per cent from 7.4 per cent, while the RBI cut economic growth forecast to 6.7 per cent from earlier projection of 7.3 per cent.
The Council was set up in September and comprises Bibek Debroy, Member NITI Aayog as the Chairman, Ratan P Watal, Principal Adviser, NITI Aayog as Member Secretary and Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
India’s economic health deteriorated due to the growth data which slipped to a three-year low of 5.7 per cent in the first quarter of the current fiscal. In order to revive an upward growth in the next few months, the Council will focus towards the budget that is likely to be presented in the next 3-4 months. “We will come up with a doable solution, keeping in mind next year’s budget,” one of the council members said.
On joblessness front, Debroy, however, said whether we like it or not we don’t have good data on employment. “In a country like India, you cannot get good data on employment and jobs from enterprise surveys. The labour bureau enterprise surveys covers less than 1.5 per cent of total employment,” he said.
“We can get data on unemployment and employment in India is through household surveys. The last National Sample Survey Office (NSSO) household survey was out in 2011-12 and the next results of NSSO household surveys will not be available till 2018.”
- CAG tears into Rlys for shunned flexi-fare 21 Jul 2018 | PNS
- WhatsApp limits forward messages to 5 chats to curb spread of canards 21 Jul 2018 | PTI
- Hearing on larger Bench for Ayodhya ends 21 Jul 2018 | PNS
- Collegium insists on Justice Joseph’s elevation to SC 21 Jul 2018 | Abraham Thomas
- Miffed at police failure to unclog traffic in Capital, SC summons CP 21 Jul 2018 | PNS
- RaGa takes aim at Modi with jibe, jhappi & wink 21 Jul 2018 | PNS
- France rejects Rahul’s Rafale secrecy claim 21 Jul 2018 | PNS
- How can mere Kaamdaar make eye contact with Naamdaar? 21 Jul 2018 | PNS
- SC slams Centre for non-use of Rs 77,000 cr environment funds 20 Jul 2018 | IANS
- AAP unleashes party leaders on CS 20 Jul 2018 | Staff Reporter
Sunday EditionView All
15 Jul 2018 | PTI | New Delhi
Amid row over alleged use of derogatory language in a web series while referring to former Prime Minister Rajiv Gandhi, Congress chief Rahul Gandhi on Saturday said the BJP and the RSS believe that freedom of expression must be policed, while he regards it as a fundamental democratic right. “My father lived and died in the service of India...
STATE EDITIONSView All
21 Jul 2018 | Staff Reporter | Raipur
Chief Minister Raman Singh on Friday expressed profound grief over the death of former State Finance Minister Dr Ramchandra Singhdeo. The Chief Minister reached the residence of legendary leader in the capital and paid floral tributes...