The EAC also made recommendations to guide the framework for the Fifteenth Finance Commission.
New Delhi: The second meeting of the Economic Advisory Council to Prime Minister Narendra Modi spelt out a road map for stepping up skill development, job creation and enhanced resource investment in the social sector.
The meeting was chaired by Chairman Bibek Debroy and was attended by Dr Shamika Ravi, a Senior Fellow of Governance Studies Program at Brookings India and Brookings Institution Washington D.C, apart from members of the EAC - leading economists Dr. Surjit Bhalla, Dr. Rathin Roy, Dr. Ashima Goyal and Member Secretary Ratan P. Watal, who was also the former Finance Secretary and Principal Adviser to NITI Aayog.
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 outcomes”, a government statement read.
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.
The panel also deliberated on the improvements required in National Accounts and innovative steps needed for “unlocking the growth, exports and employment potential of growth drivers” including through transformation of India’s Gold Market.
The Council also took stock of the economic and social analysis done by the theme groups and evolving initiatives led by different Members. It identified the key issues, strategies in these initiatives and recommended appropriate interventions.
Chairman EAC-PM Dr. Bibek Debroy underlined the need for prioritising infrastructure financing with “new mechanisms for a risk coverage umbrella”.
Member of NITI Aayog, Dr. Vinod K. Paul highlighted strategies for achieving Swastha Bharat by 2022 while Dr. Secretary Skill Development, KP Krishnan presented skill development strategies and highlighted convergent initiatives to reach out to youth and women.
Secretary of Ministry of Statistics and Programme Implementation, Dr. TCA Anant outlined the improvements needed in National Accounts. Member Secretary EAC-PM, Ratan P. Watal clarified issues in relation to the current account deficit and the gold market. He also shared recommendations on the evolving framework for the Fifteenth Finance Commission.
The Council has been set up with the approval of the Prime Minister on September 26, 2017.
In the first meeting of the council, ten issues were identified around which the Council Report would be structured in the coming month, developed by the Group through consultative processes involving ministries, states, experts, private sector players and other key stakeholders.