PM-Economic Advisory Council Meeting: Discussions on Ease of Living and Doing Business Reforms
Prime Minister chairs a meeting with the Economic Advisory Council to the PM (EAC-PM), focusing on reforms to enhance ease of living and ease of doing business across the nation, signaling a continued government emphasis on economic policy
Why in News?
Prime Minister Narendra Modi recently chaired a high-level meeting with the members of the Economic Advisory Council to the Prime Minister (EAC-PM). The discussions primarily revolved around various reforms aimed at improving the 'ease of living' for citizens and enhancing the 'ease of doing business' environment in the country.
What Happened
The meeting involved a comprehensive review of the current economic landscape and potential policy interventions. Official sources indicated that the deliberations focused on identifying specific areas for reform that could streamline processes, reduce regulatory burdens, and foster a more conducive environment for both individuals and businesses. The emphasis on 'ease of living' suggests a focus on aspects directly impacting citizens' daily lives, such as access to services, quality of life, and social welfare, while 'ease of doing business' targets improvements in investment climate, regulatory predictability, and operational efficiency for enterprises.
Background & Context
The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to advise the Prime Minister on economic and related issues. It serves as a think-tank and a platform for in-depth analysis of macro-economic developments and policy challenges. The concepts of 'ease of doing business' and 'ease of living' have been central to the government's reform agenda. India has made significant strides in improving its 'Ease of Doing Business' ranking over the years, as measured by the World Bank, through initiatives like GST implementation, insolvency reforms, and digitisation of services. Similarly, 'ease of living' has gained prominence, with the government launching various schemes and policies aimed at improving housing, sanitation, healthcare, education, and social security. The discussions at the EAC-PM meeting underscore the government's continued commitment to these twin objectives as foundational pillars for sustainable economic growth and inclusive development.
Key Facts & Data Points
- The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body.
- It advises the Prime Minister on economic and related issues.
- The current Chairman of the EAC-PM is Dr. Bibek Debroy.
- 'Ease of Doing Business' is an index published by the World Bank, measuring regulatory environment for businesses.
- 'Ease of Living Index' is an assessment tool of the quality of life and the impact of various initiatives for urban development in India.
- The meeting discussed reforms to improve both ease of living and ease of doing business.
UPSC Relevance
Papers: GS2 (Governance, Government policies and interventions for development in various sectors and issues arising out of their design and implementation; Statutory, regulatory and various quasi-judicial bodies), GS3 (Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment; Government Budgeting; Liberalization; Infrastructure).
Topics: Economic reforms, institutional mechanisms for economic policy, ease of doing business index, ease of living index, advisory bodies, government policies for growth and development.