Centre wants to keep birth, death database

 

Context: 

• The government has reconstituted the Economic Advisory Council to the Prime Minister for a period of two years after its term came to an end in September 2021. 

 

Changes

• Bibek Debroy continues to be the Chairman of the EAC-PM. 
• Few as the new part-time members inducted into the seven-member body while the other part-time members who have been retained in the EAC-PM.

 

Mandate of the Council

• The Council has been tasked to analyse any issue, economic or otherwise, referred to it by the PM and advising him thereon besides addressing issues of macroeconomic importance. 
• This could be either suo-motu or on reference from the PM or anyone else, the Council will attend to any other task as may be desired by the PM from time to time. 

 

Time period and other facts of the council

• The Prime Minister has approved the reconstitution of the Economic Advisory Council to the PM (EAC-PM) for a period of two years or until further orders, whichever is earlier.
• Part-time members of EAC-PM may be paid a sitting fee of Rs 10,000 per day of sitting.
• The EAC-PM is an independent body to advise the government, especially the Prime Minister, on economic and policy-related matters.

 

Key suggestions/Observations of the new members in the past

• One of the members previously wrote that while critics blame it on major policy lapses on the part of the incumbent government such as demonetisation, GST and absence of major economic reforms; the economic slowdown is primarily on account of the banking crisis. 
• Members of the council cited that the inflation targeting has led to reduced volatility of a range of inflation-related outcomes and in the stronger anchoring of inflation expectations, which appears to have enhanced the ability of the RBI to respond to the exceptional Covid-19 shock. 
• They also suggest that in order to raise the income of at least 50 per cent of Indians to levels of the global middle class, the economy not only needs to return to 8 per cent growth or higher but also maintain such growth for the next three decades.
• In a recent article, EAC-PM members argued that the setting up of the National Asset Reconstruction Company Ltd was essential in cleaning the slate of the last business cycle and to prepare the ground for the next investment cycle. 
• The BRICS group of countries are now better prepared to deal with the US Fed taper tantrum-like policy response of 2013, and the group should now focus on reviving growth.

Economic Advisory Council to the PM (EAC-PM) Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to advance economic advice to the Government of India, specifically the Prime Minister. Objective and Functions Council was set up with an objective to provide an advisory board for inculcating awareness in the government on the different point of view on key economic issues. Its functions included analysing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon. Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister Presenting to the PM from time to time reports on macroeconomic developments and issues with implications for economic policy.