India’s Economic Advisory Council’s Growth Forecast

Members of the Prime Minister’s Economic Advisory Council (EAC-PM) met on November 18 in New Delhi to assess India’s growth prospects.

Highlights

  • EAC-PM members were positive regarding real and nominal growth forecasts in Fiscal Year 2022-2023. looking beyond current fiscal year (FY21-22).
  • All the members unanimously agreed that budget for 2021-22 was well taken across all domains because of transparency and realism. They were of the view that, budget was reformist and growth-oriented.
  • They agreed to establish a clear path for privatisation.
  • Members believe that these features should be carried in FY22-23 budget as well.
  • They also signalled the use of surplus revenue in form of capital expenditure and human capital spending.
  • Members also agreed that, growth orientation of budget from previous year should be maintained.

Economic Advisory Council to the Prime Minister (EAC-PM)

  • EAC-PM was constituted under the leadership of Dr. Bibek Debroy for a period of two years in September 2021.
  • It is an independent, non-constitutional, non-statutory body, set up to advice on economic and related issues to the Government of India, particularly to the Prime Minister.
  • EAC-PM serves to highlight key economic issues to the government of India.
  • The body advises Prime Minister on economic issues such as microfinance, inflation, and industrial output.

Nodal Agency of EAC-PM

NITI Aayog serves as the Nodal Agency for EAC-PM for administrative, planning, logistic, and budgeting purposes.

Function of EAC-PM

  • EAC-PM analyses any issue, economic or any other, referred by Prime Minister and advises him thereon.
  • It also addresses macroeconomic issues and present views thereon to the Prime Minister.

Periodic Reports

EAC-PM publishes Annual Economic Outlook and Review of the Economy reports periodically.

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