India’s Economic Advisory Council’s Growth Forecast

November 20, 2021

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

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.

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.

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

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.