PM Modi pushes growth agenda at EAC meet amid economic pressure

PRime government minister Narendra Modi on sat chaired a get together of his economical consultive Council to discuss India’s economy and long-term development priorities, a day after official data showed the economy grew 7.7% in 2025-26 and the government unveiled a package of foreign investment reforms.“Chaired a meeting of the Economic Advisory Council to the Prime Minister. Deliberated on a wide range of issues relating to India’s economic transformation and long-term development priorities,” Modi said in a post on X, adding that he shared perspectives on “adding more momentum to the reforms journey and ensuring ‘Ease of Living’ as well as ‘Ease of Doing Business’.”The meeting came against the backdrop of criticism from opposition parties, which have cited the rupee’s deterioration against the dollar and rising retail fuel prices as evidence of policy failure.Modi and EAC members deliberated various ideas and measures to further boost economic growth in the ongoing uncertain global environment, people aware of the matter said, requesting anonymity.On Friday, the finance ministry announced measures to widen investment options for foreign individuals and portfolio investors in Indian equities and made government bonds more attractive with tax concessions, while the RBI took monetary measures, including hedging cost subvention for external commercial borrowings and opened a concessional swap window for FCNR(B) deposits to boost foreign exchange inflows and support the rupee.The measures were aimed at addressing a structural disadvantage that had kept Indian government securities less competitive than comparable sovereign instruments in peer emerging markets, people aware of the matter said. The rupee rose by 56 paise following the announcements on Friday. Further gains in the rupee are expected, they added.Saturday’s meeting was also against the backdrop of National Statistics Office’s provisional GDP estimates for 2025-26. The economy grew 7.7% for the full year, with growth in the fourth quarter at 7.8%. On Friday, responding to the GDP data, Modi said: “We shall leave no stone unturned to further ‘Ease of Living,’ ‘Ease of Doing Business’ and increase opportunities for our youth.”According to a PTI report, two principal secretaries to the Prime Minister — PK Mishra and Shaktikanta Das — attended the Saturday meeting, along with EAC members.The Economic Advisory Council to the Prime Minister is an independent body constituted to advise the government, specifically the Prime Minister, on economic and related issues. Its remit includes analysing issues referred to it by the Prime Minister, addressing macroeconomic matters suo-motu or on reference from the Prime Minister or others, and attending to any other tasks the Prime Minister may assign.The council currently has a chairman, three full-time members and 11 part-time members. Professor S Mahendra Dev is the chairman; the full-time members are Sanjay Kumar Mishra, Sanjeev Sanyal and Shamika Ravi. The 11 part-time members are Rakesh Mohan, Sajjid Z. Chinoy, Neelkanth Mishra, Nilesh Shah, TT Ram Mohan, Soumya Kanti Ghosh, KV Raju, Chetan Ghate, Pami Dua, Pulak Ghosh and Gaurav Vallabh.