English हिन्दी
Connect with us

India News

As India’s economy stagnates, PM Modi revives UPA’s Economic Advisory Council

Published

9 years ago

on

Narendra Modi

[vc_row][vc_column][vc_column_text]The five-member panel will be headed by Bibek Debroy and include Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal

Three years into his government, hit by predictions of an impending doom in the Indian economy – wounded severely by demonetisation and a hasty rollout of the Goods and Services Tax (GST) regime – Prime Minister Narendra Modi has revived the UPA government’s ‘think-tank’, the Economic Advisory Council, to help him steer the nation back to a growth trajectory.

Of course, the EAC predictably has as its members economists who are more aligned with the Modi regime’s ideas of economic reform and development, unlike the several panels that existed for different spans of time under former Prime Minister Dr Manmohan Singh’s UPA government wherein members were often picked not purely for their ideological affiliations with the ruling party but for their expertise in different fields of the economy.

Nevertheless, Modi’s decision to revive the EAC with NITI Aayog member Bibey Debroy as its head is a significant move that – despite claims by the Prime Minister, finance minister Arun Jaitley, other senior ministers and BJP members – can be seen as the Prime Minister’s tacit admission of the fact that India’s growth story has taken a hit and needs expert ‘advise’ for revival.

Besides Debroy, who as member of NITI Aayog (Prime Minister’s redesigned version of the erstwhile Planning Commission) worked on several ideas on economic reforms that Modi held dear, other EAC members are Surjit Bhalla, development economist Rathin Roy and macro-economics expert Ashima Goyal. Ratan Watal, principal advisor to the NITI Aayog and a former finance secretary, will serve as the member-secretary of the panel.

The EAC members, all of whom seem well aligned with Modi and finance minister Arun Jaitley’s idea of a making India’s economy more liberal (read: pro-market, pro-private sector and disinvestment), are expected to work closely with the NITI Aayog and senior bureaucrats of the Union finance ministry, including the government’s chief economic adviser Arvind Subramaniam and principal economic adviser Sanjeev Sanyal.

“Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either suo-motu or on reference from the Prime Minister or anyone else,” is the key term of reference for the panel.

Taken at its face-value, the EAC appears to be the perfect team of economists who can draft a blueprint for reviving investor sentiment in the nation’s economy and suggest policy reforms that are in line with Modi’s vision (the this may be a matter of concern for many given the country’s experience in dealing with the Prime Minister’s demonetisation idea).

However, it may be worth exploring whether the constitution of the EAC – belated as it is – at a time when the government has less than two years left in power, will actually have enough time to realize its objectives. More importantly, given the slew of Assembly elections due across the country in the run up to the mega general election scheduled for April-May 2019 and the political compulsion of governments to adopt populist economic policies over pragmatic ones in state/union budgets that precede these polls, it remains to be seen whether the EAC will actually accomplish anything more than just filing copious reports on its recommendations.

The decline in India’s economy – despite contrary claims made by Modi and Jaitley – is more than evident and the recent figure of GDP growth rate declining to 5.7 per cent in the last quarter – falling to a three-year low – endorses this notion comprehensively. Besides just boosting figures and data, which mean little to a common man who doesn’t understand economic jargon, the major challenge for the EAC would be to suggest way of boosting India’s stagnant job market. All indications are that the Congress and opposition’s attack on the BJP during polls would include lack of jobs and the resultant unemployment as potent ammunition.

Modi doesn’t have the drawback that his predecessor, Dr Manmohan Singh, was constantly bogged down by – having to accommodate views of the National Advisory Council headed by UPA chairperson Sonia Gandhi and comprising activists who wanted the government to focus more on social empowerment, often at the cost of economic progress. But given the Prime Minister’s style of functioning, the bigger question seems to be whether he will actually be open to advise given by his council of economic advisors.[/vc_column_text][/vc_column][/vc_row]

Related Topics:
Continue Reading

India News

PM Modi takes aim at critics with Dimagi Naxal remark at SRCC centenary address

PM Modi revived his dimagi Naxal remark at SRCC’s centenary celebrations and spoke about India’s development journey.

Published

6 hours ago

on

September 6, 2026

By

PM Modi

Prime Minister Narendra Modi revived his ‘dimagi Naxal’ remark while addressing the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi on Saturday, using the term to criticise his opponents.

Speaking to students at the Delhi college, PM Modi described the phrase as a “homeopathic pill” and said it had prompted those he described as “dimagi Naxals” to come forward and reveal their views.

The prime minister also used his address to speak to Gen-Z about India’s development journey and asked students to consider the challenges the country had faced in the past.

PM Modi recalls past crises

During his speech, PM Modi referred to the 2013 Kedarnath disaster and the 2008 global financial crisis while criticising the handling of national emergencies by previous governments.

He said the government at the time of the Kedarnath disaster was shaken and questioned its ability to respond to the crisis.

Referring to the 2008 banking crisis, PM Modi alleged that the government of the time failed to effectively deal with the situation and claimed that India’s banking system was pushed close to collapse.

Prime minister lists challenges faced by his government

PM Modi also highlighted several major global crises that occurred during his government’s tenure.

He mentioned the COVID-19 pandemic, the Russia-Ukraine war, disruptions to global trade and supply chains, and the crisis in West Asia.

The prime minister said there had been concerns that India would struggle during these crises but argued that the country had continued to move forward.

PM Modi’s earlier SRCC visit

PM Modi had earlier visited SRCC in 2013, when he was the chief minister of Gujarat. His speech at the college received significant attention, particularly on social media, ahead of the 2014 Lok Sabha election.

His latest visit came during the college’s centenary celebrations, where his address focused on young people, India’s development ambitions and the challenges faced by the country.

Continue Reading

India News

India Metro Rail Network May Overtake US in 2 Years

India’s metro rail network has reached 1,170 km across 26 cities. Union minister Manohar Lal said the country could overtake the US in network length within two years.

Published

21 hours ago

on

September 5, 2026

By

Manohar Lal Khattar

India is on track to become the country with the second-largest metro rail network in the world after China, with Union Minister Manohar Lal saying the country could overtake the United States within the next two years.

India’s metro rail network has now expanded to 1,170 km across 26 cities. The network is only 216 km shorter than the US metro rail network, which stands at 1,386 km, according to figures cited by the minister.

India’s metro network expands rapidly

Speaking after the inauguration of an extended metro service in Indore, Manohar Lal highlighted the pace at which metro connectivity has grown in India.

He said metro services were operational across just 245 km in five cities when Prime Minister Narendra Modi assumed office in 2014. The network has since expanded to 1,170 km across 26 cities.

The minister said India could overtake the US in terms of metro rail network length in the next two years and become the world’s second-largest country in this segment after China.

China currently has around 8,000 km of metro rail lines, according to the figures cited by the minister.

Indore metro extension inaugurated

The minister made the remarks after inaugurating an extended section of the Indore metro. The project was built at a cost of around Rs 2,850 crore.

The Indore metro was earlier operating commercially on a six-km stretch between Gandhi Nagar and Super Corridor-3 stations. Following the extension, the service will operate on a 17-km route between Gandhi Nagar and Malviya Nagar Chauraha.

Madhya Pradesh Chief Minister Mohan Yadav said the metro service would mark a new phase in Indore’s development. He also said the network would eventually be extended to Ujjain and other nearby areas.

India’s metro rail network: Key figures

  • India currently has 1,170 km of operational metro rail network.
  • Metro services are operational across 26 cities.
  • The US has around 1,386 km of metro rail network.
  • India is currently 216 km behind the US.
  • China has around 8,000 km of metro rail lines.
  • India’s operational network stood at 245 km across five cities in 2014.

Continue Reading

India News

PM Modi returns to SRCC after 13 years, revisits 2013 glass full speech

PM Narendra Modi returned to SRCC after 13 years for its centenary celebrations, revisiting themes from his landmark 2013 address.

Published

21 hours ago

on

September 5, 2026

By

PM Narendra Modi

Prime Minister Narendra Modi returned to Delhi University’s Shri Ram College of Commerce (SRCC) on Saturday, 13 years after his previous visit to the institution as Gujarat chief minister. 

His latest visit came as SRCC marked its centenary celebrations. Modi’s 2013 address at the college had attracted significant attention as he spoke about India’s youth, governance and the country’s demographic potential.

In 2013, Modi was Gujarat chief minister and had not yet been named the BJP’s prime ministerial candidate. He returned to the same campus this year as Prime Minister, having completed 12 years as Prime Minister and serving his third consecutive term. 

What PM Modi said at SRCC in 2013

The 2013 lecture was titled Emerging Business Models in the Global Scenario. The address also covered governance and India’s young population.

He described India’s youth as a source of national strength rather than simply a group of new-age voters. He also highlighted India’s demographic advantage and argued that the country needed to make better use of its young population.

One of the notable moments from the speech involved a glass of water.  Modi contrasted the conventional descriptions of a glass as half full or half empty and said he viewed it as full, with half containing water and the other half air.

The speech also included his remarks on technology and young Indians. Referring to an anecdote from a visit to Taiwan, Modi used the phrase “mouse-charmers” to describe Indians using computers and suggested that young Indians had the ability to influence the world through technology.

‘Minimum government, maximum governance’

Modi’s 2013 address also touched on governance. He spoke about the role of government and the need for better governance.

He also spoke about India’s potential in the 21st century. 

Modi returns as PM for SRCC centenary

The September 5 visit coincided with Teachers’ Day and SRCC’s 100th anniversary. The Prime Minister’s Office had announced that Modi would participate in the college’s centenary celebrations and address the gathering. SRCC was established in 1926 by industrialist and philanthropist Sir Shri Ram.

Earlier this year, Modi also met the SRCC governing body at his residence in April in connection with the college’s centenary celebrations and released a commemorative postage stamp marking the occasion. 

The return to SRCC came 13 years after his 2013 appearance at the college, when he addressed students as Gujarat chief minister.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com