No matter how much the current Government tries to show itself doing new things, it keep picking old ideas from the previous government.
Previous government had economic advisors everywhere but it did not show in the economy results. We had Chief economic advisor, PM”s honorary economic advisor, PM’s Economic Advisory Council, Planning Commission, Principal Economic Advisor and several others. Not to forget the Prime Minister himself was a distinguished economist.
The new government in 2014 gave us some signs that there will be no such army of economists. Out went all these positions starting with dismantling of Planning Commission, not having a Chief Economic Advisor for many months and so on.
But then soon we had Niti Aayog, CEA, PEA and now we have Economic Advisory Council as well:
With the economy hitting a rough patch in recent months, Prime Minister Narendra Modi has decided to reconstitute the Economic Advisory Council to the Prime Minister that had been rendered defunct after the previous UPA government demitted office in May 2014.
Niti Aayog member Bibek Debroy has been picked as the chairman of the Council, which will also include Aayog’s principal advisor and former Finance Secretary Ratan Watal as its member-secretary.
Economist Surjit Bhalla, National Institute of Public Finance and Policy director Rathin Roy and Indira Gandhi Institute of Development Research professor Ashima Goyal have also been roped in as members of the Council.
“Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either suo-motu or on reference from the Prime Minister or anyone else,” is the key term of reference for the panel.
We were also recently told that hard work matters and not Harvard, but we again seem to rely more on Harvard types. Will the outcomes differ this time?