How could the recently reconstituted Economic Advisory Council (PMEAC) prove its inevitability in the already overcrowded space of providing policy advice to the government?
Refer – Live mint
IAS Parliament 7 years
KEY POINTS
· PMEAC has been reconstituted to provide sound policy advice in key areas such as reviving economic growth and creating enabling conditions for gainful employment.
Overcrowded sphere
· Along with NITI Aayog, the chief economic adviser (CEA) is also dedicated to providing expert policy advice to the government.
· The government also receives policy-related suggestions from stakeholders such as bureaucrats, industry, consumer groups, think tanks etc.,
· Against this backdrop, concerns are being raised about the contribution that the PMEAC can make in the already overcrowded space of providing policy advice to the government.
Inevitability of PMEAC
· The CEA reports to the Union finance minister and is tasked with preparing the economic survey.
· It lays the ground for predicting forthcoming opportunities and challenges to the economy.
· The NITI Aayog, on the other hand, provides expert advice to different government departments and state governments on policy formulation, monitoring and supervision.
· Each of the above said stakeholders directly or indirectly represent a specific interest group, such as the Central government, state governments, foreign investors, domestic industry, etc.,
· By design, they may not be able to adopt a holistic approach.
· Armed with data analysis from the CEA, and an understanding of the implementation capabilities of governments’ from NITI Aayog, the PMEAC will be in a position to adopt a whole-of-government approach to provide policy advice to the Prime Minister.
· Given its internal expertise, positioning, and direct access to the Prime Minister, PMEAC proves to be the best place to expect non-partisan policy advice.
