The Centre has announced that it reconstituted the Economic Advisory Council to the Prime Minister for a period of two years. The government has dropped National Institute of Public Finance and Policy member Rathin Roy and Brookings Institution member Shamika Ravi from the council.
In July, Roy said that India was dealing with a structural demand problem. Roy also said that India was facing a silent fiscal crisis because of a shortfall in tax revenues.
India’s GDP growth rate fell to a five-year low of 5.8% for the April-June 2019 quarter. After this, Finance Minister Nirmala Sitharaman had announced a series of economic measures. She also announced that the corporate tax would be cut from 35% to 22%, in a bid to encourage investments.
Bibek Debroy and Ratan Watal will continue to be the chairperson and member-secretary to the council. Apart from Debroy and Watal, Sajjid Chenoy has been included in the team as a part-time member.
Ashima Goel will continue as the part-time member. With the reconstitution of the council, its strength has been reduced from five to four members.
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