Debroy also added that the suggestions made by the council will be in "collaboration and consultation" with existing government bodies.
NITI Aayog member Bibek Debroy on Wednesday after the first council meeting told media that the Economic Advisory Council to the Prime Minister has identified 10 key areas, including economic growth and accelerating employment, to immediately start working on.
Debroy said the council will again meet in November to discuss critical issues, with next year's budget in mind. "Next few months our focus will be on the preparation of the budget," he said.
Debroy also added that the suggestions made by the council will be in "collaboration and consultation" with existing government bodies.
"Whenever we will take any view on monetary policy, we will discuss it with RBI…It is not our job to push those recommendations to the finance ministry, our job is to report to the Prime Minister," he said.
"PM focused on critical interventions related to accelerating economic growth and employment with greater social and financial.. inclusion based on rigorous economic analysis", he said.
The Council was set up with the approval of the Prime Minister last month and comprises reputed economists and experts. These include Bibek Debroy, Member, NITI Aayog as the Chairman, Shri. Ratan P. Watal, Principal Adviser, NITI Aayog as Member Secretary and Dr. Surjit Bhalla, Dr. Rathin Roy and Dr. Ashima Goyal as part time members.
With the constitution of the Council, the Government has set up a unique independent institutional mechanism. This is mandated to analyze all critical issues, economic or otherwise referred to it by the Prime Minister and advising him thereon. It is also required to address issues of macro-economic importance and presenting views thereon.
In accordance with this mandate, the Council held a brainstorming session with stakeholders on Monday at NITI Aayog in the run up to the first meeting of the Council.
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