The Second Meeting of the Economic Advisory Council to the Prime Minister chaired by Dr. Bibek Debroy, Member NITI Aayog, spelt out a clear road map for stepping up skill development, job creation; enhanced resource investment in the social sector- including for Health and Education and for boosting Infrastructure financing. It formulated far reaching recommendations to guide the evolving framework for the Fifteenth Finance Commission, including the incentivization 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.
Improvements needed in National Accounts and innovative steps for unlocking the growth, exports and employment potential of growth drivers were also deliberated upon – including through transformation of India’s Gold Market.
The unique feature of the new Economic Advisory Council to the Prime Minister is turning out to be its ability to link economic growth with social aspects, with greater last mile connectivity. Its value addition as an independent institutional mechanism for providing informed advice to the Prime Minister is increasingly being recognized, with focused time bound recommendations to move from policy to practice, benefiting from consultation with a wide spectrum of experts and stakeholders.