emfizz.com
emfizz.com October 17, 2017


PM's economic council lists 10 priority areas for growth

12 October 2017, 12:32 | Jan Cross

PM economic advisory panel to hold first meet on Wednesday

Bibek Debroy

At the meeting held at the NITI Aayog, it was also made a decision to work on the monetary policy and fiscal framework in consultation with the Reserve Bank of India.

It was also agreed that specific issue papers will also be brought out by members to address key concerns and linkages will be established with key national institutions.

The Prime Minister's Economic Advisory Council (PMEAC) has rejected the idea of mid-year fiscal stimulus to spur a revival in economic growth. The other focus areas are monetary policy, public spending, agriculture and animal husbandry, institutions of economic governance, patterns of consumption and production and the social sector.

Debroy said there was a consensus among the members about the various reasons for the slowdown of the economy. In the quarter April to June 2017, the GDP growth fell to 5.7 per cent from 7.9 per cent in the corresponding period past year.

Roy, however, acknowledged that economic growth had slowed down in the country and said the Council would examine the causes behind it, "which may be multiple". While constituting the EAC last month, the government said the Council can up issues "either suo-motu or on reference from the Prime Minister or anyone else". Principal Adviser of NITI Aayog Ratan P Watal will be the council'a member secretary and Dr Surjit Bhalla, Dr Rathin Roy and Dr Ashima Goyal its part-time members.

Jerry Jones: Players 'need consequences' to stand up to peer pressure
Jones and the rest of the Cowboys stood and returned to their sideline and remained standing for the anthem. "I know this. Two weeks ago, the entire team, along with Jones, locked arms and knelt before the anthem.


Vanessa Lachey Performs Moving Dance for Her Family on 'DWTS'
Vanessa was in the hospital on bedrest when she went into labor just 29 weeks into her pregnancy with son Phoenix Robert . Vanessa was due sometime in spring 2017 and the couple expected another simple, healthy birth, but life had other plans.


Honda among vehicle companies affected by Kobe Steel scandal
Toyota said it had found Kobe Steel materials, for which the supplier falsified data, in bonnets, doors and peripheral areas. Nissan last week recalled more than 1-million cars in Japan .


Not only has the PMEAC revived the debate on fiscal stimulus, but also implicitly identified the likely priorities for next year's Union budget.

During the meeting, Chief Economic Advisor Arvind Subramanian focused attention on accelerating economic growth - including investments and exports - using a combination of different policy levers.

"We have identified 10 themes that we would initially work on till we have our next meeting one month from now", Debroy said. Progress on these ten topics will be appraised when the EAC-PM formally meets again in November. The RBI cut economic growth forecast to 6.7 per cent from earlier projection of 7.3 per cent.

The majority view in the government is not inclined towards relaxing its fiscal deficit target of 3.2% of gross domestic product for the current financial year.

Responding to the International Monetary Fund slashing India's growth forecast for 2017-18 to 6.7 per cent in its October projection from 7.2 per cent in April, Rathin Roy said the body's estimates were wrong 80 per cent of the time. This has prompted several agencies to lower India's growth forecast.



Other News

Trending Now

World's best tennis players set to attend 2018 Australian Open
The 2018 Open will offer record prizemoney of $55 million, with the men's and women's winners each to pocket a record $4 million. Meanwhile, Tiley could not guarantee wayward Australian Bernard Tomic would get a start in the men's draw.

Australia Ends Syria's 2018 World Cup Journey
Mahmoud Al Mawas was sent off for a second bookable offence following a rash challenge on Robbie Kruse in the 94th minute. And while that sounds positive, Australia still needed to step up the intensity to ensure it progresses with certainty.

Amazon makes its latest splash with waterproof Kindle Oasis e-reader
Unlike the original Oasis , the all-new Oasis has a battery life measured in weeks, not hours, lasting an impressive six weeks. The prices for those devices are £229 and £259 respectively (the original was £269.99, so you're now getting less for more).

Departments spread awareness during Fire Prevention Week
From the time a smoke alarm sounds, fire officials say you may only have 2 minutes or less to get out of a burning home safely. For over 90 years, Fire Prevention Week has brought awareness nationwide to fire safety and preparedness.

Donald Trump denies seeking almost tenfold increase in U.S. nuclear arsenal
The tweet threatening to revoke NBC's broadcast license is the latest in an ongoing war Trump has had with the press . As it turns out, Trump's comment on NBC was one more inaccurate tweet .

China lodges representations with USA over destroyer's trespass on territorial waters
Trump's visit to China will reciprocate a trip to the United States made in April by Chinese President Xi Jinping. Navy destroyer reportedly sailed near Chinese-claimed islands in the South China Sea on Tuesday.

Rational Advisors LLC Buys New Holdings in Walgreens Boots Alliance, Inc. (WBA)
This repurchase authorization allows the pharmacy operator to repurchase up to 5.9% of its shares through open market purchases. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website .

Sears seeks to liquidate all stores
Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful. Sears last week received a revised bid from a group led by its executive chairman Brandon Stranzl to buy the business.

Amit Shah, Smriti Irani slam Rahul in Congress bastion
The CM with Shah and Smriti Irani in Amethi . "The land was given for construction of the Samrat cycle factory". To make Rahul Gandhi ineffective in Gujarat, it is important for Amit Shah to attack him in his pocket borough.

Mane Out For Six Weeks, To Miss Liverpool Vs Man United
His form since making the switch to Anfield has earned him a place on France Football's 30-man shortlist for the Ballon d'Or. Though now seventh in the table, Liverpool are only a point behind fourth-placed Chelsea and two behind Spurs in third.