With the economy yet to bounce back from the impact of demonetisation and the roll out of the Goods and Services Tax, Prime Minister Narendra Modi on Monday set up an Economic Advisory Council.
The five-member Council led by NITI Aayog Member Bibek Debroy is on the lines of the PM Economic Advisory Council under the previous UPA government.
According to an official release, it would “address issues of macroeconomic importance and present views to the Prime Minister” either
The Council would also analyse and advise the Prime Minister on any issue referred to them by him and also attend to any other task assigned to them.
Surjit Bhalla, Chairman and MD of Oxus Investments; Rathin Roy, Director NIPFP; Ashima Goyal, Professor, Indira Gandhi Institute of Development Research; will be its part time members.
Ratan Watal, former Finance Secretary and Principal Advisor, NITI Aayog, will be the Member Secretary to the Economic Advisory Council to the Prime Minister.
The move comes at a time when there is less than two years left for the General Elections in 2019 and a slew of State elections starting later this year.
However, economic indicators are muted with GDP growth in the first quarter of the fiscal at a three year low of 5.7 per cent.
Private investments too have been depressed and the Centre is finding its difficult to expand public spending further due to its deficit goalposts.