As India`s Finance Minister is days away from presenting Budget 2018, Prime Minister Narendra Modi has made post Budget plan wherein the Economic Advisory Council to Prime Minister (EAC-PM) will explain the nitty gritties of the Budget to the common man.
After the presentaion of the Budget by the FM, these economic advisors will explain the public about all the aspects of Budget via Doordarshan press conference.
Farm sector, Job creation among focus areas
Job creation, doubling farmers' income will be among the focus areas at the upcoming Budget. It is expected that the government may target job growth and stress on high economic expansion for generating employment.
Couple of days ago, Modi had also brainstormed economists and experts on the state of the economy as the government looks to revive growth which is estimated to hit a four-year low.
The Central Statistics Office (CSO) has projected India's growth to slow to 4-year low of 6.5 percent in the current fiscal in the backdrop of introduction of Goods and Services Tax (GST) regime.
The government will look to address pain points in the economy and boosting growth to 7-8 percent.
It is also expected that the government will ensure doubling of farmers income, which often does not rise with increased production leading to decline in prices.
What is Economic Advisory Council to Prime Minister
The EAC-PM was formed under the chairmanship of NITI Aayog Vice Chairman Bibek Debroy, with Ratan Watal, Principal Advisor to the planning body, named Member Secretary of the Council. Other members on the panel include economists Ashima Goyal, Surjit Bhalla and Rathin Roy.
Terms of reference of the EAC would be to analyse any issue, economic or otherwise, referred to it by the prime minister and advising him thereon.
It will also address issues of macroeconomic importance and present its views to the Prime Minister. This could be either suo-motu or on reference from the prime minister or anyone else.
It's terms of reference also includes attending to any other task as may be desired by the prime minister from time to time.