PM Modi forms Economic Advisory Council: Here are 3 objectives of the panel

The five-member panel will be headed by NITI Aayog member Bibek Debroy and will include NITI Aayog’s Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.

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 Economic Advisory Council constituted by Prime Minister Narendra Modi will be headed by Niti Aayog member Bibek Debroy and will have five members. (PTI Photo)

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.

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