While the NDA government is being heavily chastised for significantly sluggish economy, PM Modi has now refreshed the UPA-era Economic Advisory Council with cherry-picked members, to revive Indian economy.
Elections are nearing and the fears of economic slowdown seems to have jittered out the Government, which is why they have been desperately trying to resolve the crisis and give it a boost. Soon after Arun Jaitley talked about the ‘Stimulus package’, PM Narendra Modi today took a new step to push the economic slug and reboot national finance. And when it comes to receiving right economic advice, even politically astute leaders seek for ‘expert’ advice. Which is why Modi has appointed four top economists from diverse backgrounds, to reform the Prime Minister’s Economic Advisory Council.
The role of PMEAC is to indicate as of how the economic strategies might work out if dispersed in real time and make suggestions of what might work to revive financial health of the country – if needed. Since they will make pretty important decisions which will affect the entire nation as well as the fate of BJP in next elections, Modi has wittily handpicked economists with solid and diverse backgrounds like – international trade, development economics and fiscal responsibilities. The new PMEAC team will be headed by NITI Aayog member Bibek Debroy, including Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members; and NITI Aayog’s Principal Advisor Ratan Watal will serve as its member secretary.
The council not only makes suggestions but they have also been votaries of Modi’s past economic decisions like demonetisation. However, their key role will be to primarily provide inputs to the PM, which he may not get from within his governing team. Now the idea of bringing in a strong advisory team may have come a bit late for Modi, because things may be different if PMEAC would be suggesting prior to major reforms like demonetisation and GST implementation. A combination of the new PMEAC team and stimulus package might help the NDA government to enjoy a fiscal fudge before it gets too late.