25 and 26 January 2019: UPSC Exam PIB Summary & Analysis

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EAC-PM TAKES STOCK OF THE STATE OF ECONOMY 

 

CONTEXT:

The Economic Advisory Council to the Prime Minister (EAC-PM) had a meeting and took
stock of the state of the economy.

 

DETAILS:

  • The Council endorsed that the macro-economic fundamentals of the economy are
    sound, but challenged remain, several of which are structural in nature.
  • While the prospects for world economic growth does not look very promising,
    particularly in the advanced economics, there is sufficient amount of growth
    momentum in emerging market economies. India is not insulted from global
    developments.
  • Nevertheless, India’s growth is expected to be in the 7-7.5% range in the next few
    years; one of the fastest in the world. However, with reforms designed to address
    the structural problems, growth rates can easily be enhanced by at least 1%.

 

CHALLENGES THAT NEED TO BE ADDRESSED:

Amongst challenges that need to be addressed are reforms in the-

  • Agricultural sector
  • The MSME sector
  • Skill development
  • Credit issues
  • Digital payments and the banking sector reforms.

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