Boost Agriculture Sector Through Credit Flows: PM-EAC

Boost Agriculture Sector Through Credit Flows - EAC-PM
Boost Agriculture Sector Through Credit Flows - EAC-PM

In News:

The Economic Advisory Council to the Prime Minister recently said that increased credit flows to agriculture sector will boost the sector.

What Else Did EAC-PM Said?

  • The Council also said that schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme will bolster the agriculture sector.
  • It cautioned the government not to deviate from the path of fiscal consolidation.
  • It noted that the growth in global growth is slow to comedy and that emerging markets are providing the necessary growth momentum.
  • It expects India to grow in the range of 7-7.5% which can be further increased by 1% with reforms to address structural problems in the economy.
  • It commended the work of RBI in maintaining exchange rate even when there is volatility in crude oil prices.
  • It further noted that there is an increase in financial savings and credit off take is growing. This is majorly to the services sectors from the private banks.
  • It wanted the government to promote exports throughout support policy interventions.

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Prime Minister’s Economic Advisory Council (PMEAC)

  • It is constituted to advice to the Prime Minister in economic matters like macro economic issues, industrial output etc.
  • Its major role is to be neutral while advising the PM in the matters of economic policy
  • It is a non-constitutional body with a term parallel to that of the PM.
  • The current Chairman of the Council is Bibek Debroy.
  • It Publishes two reports annually – Economic Outlook and Review of the Economy of India.
  • It also develops monthly reports on economic developments in the country and submits them to the PM.
  • NITI Aayog is the nodal agency for PMEAC

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The PMEAC is doing its part in the advisory role. The actual implementation of the recommendations is what is needed to helpboost the economic growth of the country.

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