PM Narendra Modi's economic council to link growth with social aspects

New Delhi: The Economic Advisory Council to the Prime Minister (EAC-PM) on Friday stressed the need for linking economic growth indicators with social indicators and said it was evolving the design of a new "economy tracking monitor" to do that.

The Council also laid out a road map for stepping up job creation, skill development and recommended enhanced resource investment in social sectors including health and education. It also made a case for boosting infrastructure financing.

The recommendations came during the second meeting of the Council chaired by NITI Aayog Member Bibek Debroy.

"The council is evolving the design of a new `economy tracking monitor` which would link economic growth indicators with social indicators for last mile connectivity," a statement issued after the meeting said.

During the meeting, the advisory body took stock of the economic and social analysis done by the theme groups and identified key issues, strategies and recommended interventions in respect of those themes, the statement said.

"It formulated far-reaching recommendations to guide the evolving framework for the Fifteenth Finance Commission, including the incentivisation of states for achieving health, education and social inclusion outcomes," it said.

Improvements needed in National Accounts and innovative steps for unlocking growth, exports and employment potential were also deliberated upon -- including through transformation of India`s Gold Market.

The meeting was attended by EAC-PM Chairman Bibek Debroy and members including economists Surjit Bhalla, Rathin Roy, Ashima Goyal, Shamika Ravi and Member Secretary Ratan P. Watal.

During the meeting, Debroy underlined the need for infrastructure financing to be accorded high priority, with new mechanisms for a risk coverage umbrella.

NITI Aayog Member Vinod Paul highlighted strategies for achieving Swastha Bharat (healthy India) by 2022, while Skill Development Secretary K.P. Krishnan highlighted various skill development strategies and convergent initiatives to reach out to the youth and women.

Chief Statistician T.C.A. Anant outlined improvements needed in National Accounts, complemented by the presentation by NITI Aayog`s Principal Adviser Watal demystifying issues on the current account deficit and the gold market.