Bibek Debroy-led Economic Advisory Committee has swung into action. The panel to advise prime minister has identified ten key areas that include accelerating economic growth, job creation, informal sector and fiscal framework. The other areas include public expenditure, economic governance, agriculture, consumption and social sector. According to Debroy, the fiscal consolidation path shouldn't be deviated from. The committee is yet to form a view on the job scenario in the country in the absence of adequate data on employment and unemployment.

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Surely, the government is looking for ways to revive the economy after the growth fell to its slowest pace in three years at 5.7% in the first quarter. But the areas identified by the committee suggest that these are heavily influenced by the election-bound government. While the government is forced to open its kitty further for agriculture and social sector, it is already facing the prospects of the runaway fiscal deficit.

The committee has a Herculean task ahead to safeguard the government's immediate interests while protecting the long-term goals of the growing economy. Planning may be constrained by the fact that the government has only one more Budget to go and less than 18 months before the general elections. That is the big challenge.