PM's Economic Advisory Council

Farm reforms in India are pending even today since 1991, while neighbouring China implemented them way back in 1978, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Friday. The reforms undertaken in India in 1991 were pertaining to external factors and industrial liberalisation, and were not related to agriculture, he said. Currently, agriculture has become unviable and even its share of the country's GDP is declining by 1 per cent per year even as a large percentage of the population is still dependent on this sector for their livelihood, he added. "Quite often in India, we compare with China. In 1978-79, China reformed agriculture. We are told that reforms in India were implemented in 1991 and pertain to the external sector and industrial liberalisation. Have the reforms in agriculture been introduced? Has agriculture been subjected to "de-licensing"? The answer is no," Debroy said in an agri-summit event organised by Businessline here. By a

Amid fears of the world slipping into recession, India will perhaps emerge as the strongest major economy with 7 per cent growth rate in FY23, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Sunday. Sanyal observed that India can grow at 9 per cent in an external conducive environment like in early 2000s when the global economy was growing. "We are clearly entering an environment where many countries around the world will be facing much slower growth or even slipping into recession. "This is due to a combination of factors ranging from tighter monetary policy to higher energy costs, as well as disruptions caused by the Ukraine war," he told PTI in an interview. The World Bank on October 6 projected 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing deteriorating international environment. "Under those circumstances, India's performance will stand out as being .

Former P&G CEO Das, who proposed the idea, said this individual should be a leader who would coordinate among different entities to raise competitiveness of the economy

Income generation must be the focus of policy

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It also said the clear road map of privatisation and growth orientation of FY22 Budget should be maintained in FY23 as well

According to a Cabinet Secretariat notification, the Council would analyse any issue, economic or otherwise, referred to it by the Prime Minister

He is also the co-founder and a member of Board of Directors, NPS International School, Singapore

Sajjid Chenoy, India economist at JP Morgan is the new part-time member

Asserts there is significant volatility in India's GDP growth, citing examples of rate being less than 5% in one quarter, and going up to 7% in the very next quarter

The set-up in Modi 1.0 and 2.0 is geared to sector-specific guidance rather than macro-economic counsel

The government constituted the Economic Advisory Council to the Prime Minister on September 26, 2017 under the chairmanship of NITI Aayog member Bibek Debroy for a period of two years