PM’s council sets out roadmap for skill development, job creation

In news

The Economic Advisory Council to the Prime Minister in its second meeting laid out a road-map for stepping up skill development, job creation; enhanced resource investment in the social sector, including for health and education, and boosting infrastructure financing.

Highlights

  • Discussion on improvements needed in national accounts and innovative steps for unlocking growth, exports and employment potential of growth drivers — including through transformation of India’s gold market.
  • It formulated far-reaching recommendations to guide the evolving framework for the 15th Finance Commission, including the incentivisation of States for achieving health, education and social inclusion outcomes.
  • The Council is also evolving the design of a new economy tracking monitor, linking economic growth indicators with social indicators for last mile connectivity
  • The EAC made recommendations to guide the framework for the Fifteenth Finance Commission including the “incentivization of States for achieving Health, Education and Social Inclusion outcome
  • Among other things, the Council has decided to formulate the design of a new Economy Tracking Monitor that will link economic growth indicators with social indicators for last mile connectivity.

Economic Advisory CouncilImage result for Economic Advisory Council india

  • It is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. 
  • The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint. It advises the Prime Minister on a whole host of economic issues like inflation, microfinance, industrial output, etc.
  • The PMEAC has been constituted several times since the independence of India.
  • In the latest occurrence, Prime minister Modi revived the body on September 25, 2017. Currently PMEAC chairman post is held by Bibek Debroy.

Terms of Reference as defined by the PMEAC are as follows

  • Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon;
  • Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either be suo-moto or on a reference from the Prime Minister or anyone else;
  • Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy;
  • Attending to any other task as may be desired by the Prime Minister from time to time.

The primary role of the PMEAC is to give a neutral viewpoint on economic policy matters that are referred to it by the Prime Minister. 

Additionally it prepares a monthly report of economic developments that need to be highlighted to the PM. For this purpose it closely monitors national and international economic developments and trends and develops appropriate policy responses for the PM.

It publishes reports on the annual Economic Outlook and Review of the Economy of India.

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