Economic advisory body set up

Vibha Sharma

Tribune News Service

New Delhi, September 25

GST is the second historic step after demonetisation, the BJP today said while lauding the Narendra Modi-led government for delivering on the promises made to the people with regard to corruption and black money.

Notwithstanding the criticism against his two economic moves, the political resolution moved by the party at its national executive said they had “broken the backbone of the black market and black money hoarders” and “brought in ease of doing business”.

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Modi, in his valedictory speech, however, steered clear of saying much on the economic front, focussing more on organisational matters and political aspects. An hour later, the government announced the formation of the Economic Advisory Council to the Prime Minister (EAC-PM), headed by NITI Aayog member Bibek Debroy, to advise him — a proof enough of concern over the state of economy.

The EAC will include NITI Aayog’s Principal Adviser Ratan Watal as member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members. The terms of reference of the EAC would be to “analyse any issue, economic or otherwise, referred to it by the PM and advising him”.

Addressing colleagues at the party event, Modi said his battle against corruption was uncompromising and no one would be spared. “I have no relatives,” he said, an obvious attack on Opposition leaders and their kin embroiled in cases of corruption.

He asked BJP leaders to make the party an instrument of mass participation. “Democracy must be seen as beyond elections. Take the BJP beyond elections and make it a medium for improving the quality of life of people,” said Finance Minister Arun Jaitley, quoting the PM. The PM also took on the Opposition, saying they saw power as a means of enjoyment and not service to the people.

The party resolution sought to dispel concerns over GST and demonetisation. Patting the government on paving the way for strengthening the foundations of a transparent economy, it said “difficulties being faced by people and the traders during the initial period of implementation of GST were being consistently resolved”.

On prevailing concerns over the economy and fall in GDP growth rate, Union Minister Nitin Gadkari said some “teething problems” occur when major reforms are undertaken but the government is resolving them on “a war footing”.

Briefing about the PM’s speech, Jaitley said the past three years’ data on macro economy had shown that the economy was “much sounder than before”.

The resolution also said: “The overwhelming public support for demonetisation needs to be underscored.”