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Home Economy

Economic Advisory Council to the Prime Minister (EAC-PM)

by Economy India
November 18, 2021
Reading Time: 1 min read
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SHARESHARESHARESHARE

A meeting of the Economic Advisory Council to the Prime Minister (EAC-PM) was held in Delhi. All the Members were unanimously agreed on the Budget of 2021-22 that it was well taken in all the spheres due to the transparency, realism, reformist and clear growth-oriented Budget.

Looking beyond the current year, 2021-22, Members were optimistic about real and nominal growth prospects in 2022-23. Other than an element of the base effect, the contact intensive sectors and construction should recover in 2022-23.

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Once capacity utilization improves, private investments should also recover. Therefore, Members felt a real rate of growth of 7 to 7.5% in 2022-23 was likely.

However, this should not mean that the Union Budget for 2022-23 should project unrealistically high tax revenue or tax buoyancy numbers.

The Union Budget for 2021-22 was applauded because of reform measures, as well as transparency and realism in the numbers. EAC-PM Members were of the view that these dimensions should be carried forward into the 2022-23 Budget too.

Signalling the use of the extra revenue in the form of capital expenditure and human capital expenditure, since Covid has led to a human capital deficit.

There should also be a clear roadmap for privatization and the growth orientation of last year’s Budget should also be maintained. (PIB)

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Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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