PM Narendra Modi forms Economic Advisory Council

Prime Minister Narendra Modi has set up an economic advisory council amid his government’s plans to boost growth that is experiencing a slowdown.

The new panel will be headed by Niti Aayog member Bibek Debroy and will have five members.A few quarters ago, India was the world’s fastest growing major economy. But data showed last month that economic growth had slowed to a three-year low, prompting many economists to revise down estimates for the fiscal year ending in March 2018.Finance Minister Arun Jaitley recently held meetings with cabinet colleagues and other officials and on Monday said the government was planning measures to revive growth.

Here are the three objectives of the panel, according to the government.

1) To analyse any issue, economic or otherwise, referred to the council by Prime Minister Narendra Modi and advising him. This could be either suo-moto or on reference from the PM or anyone else.

2) Addressing issues of macroeconomic importance and presenting views to the PM.

3) Attending to any other task as may be desired by the Prime Minister.