In News:
The Economic Advisory Council to the Prime Minister recently said that increased credit flows to agriculture sector will boost the sector.
What Else Did EAC-PM Said?
- The Council also said that schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme will bolster the agriculture sector.
- It cautioned the government not to deviate from the path of fiscal consolidation.
- It noted that the growth in global growth is slow to comedy and that emerging markets are providing the necessary growth momentum.
- It expects India to grow in the range of 7-7.5% which can be further increased by 1% with reforms to address structural problems in the economy.
- It commended the work of RBI in maintaining exchange rate even when there is volatility in crude oil prices.
- It further noted that there is an increase in financial savings and credit off take is growing. This is majorly to the services sectors from the private banks.
- It wanted the government to promote exports throughout support policy interventions.
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Prime Minister’s Economic Advisory Council (PMEAC)
- It is constituted to advice to the Prime Minister in economic matters like macro economic issues, industrial output etc.
- Its major role is to be neutral while advising the PM in the matters of economic policy
- It is a non-constitutional body with a term parallel to that of the PM.
- The current Chairman of the Council is Bibek Debroy.
- It Publishes two reports annually – Economic Outlook and Review of the Economy of India.
- It also develops monthly reports on economic developments in the country and submits them to the PM.
- NITI Aayog is the nodal agency for PMEAC
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Conclusion
The PMEAC is doing its part in the advisory role. The actual implementation of the recommendations is what is needed to helpboost the economic growth of the country.
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