In News:

• The Competitiveness Roadmap for India@100 was released by the Economic Advisory Council to the Prime Minister (EAC-PM).
• It envisions setting new guiding principles for the country’s growth journey over the following years.
• It also guides different states, ministries and partners in India’s growth to develop sector-specific roadmaps for achieving targeted goals.

What’s in today’s article:

• About EAC-PM (executive body, gives advice to PM on economic issues)
• India@100 Report (Key highlights of the report)

Economic Advisory Council to the Prime Minister:

• The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body. It is a non-constitutional, non-statutory body.
• It is constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
• The Government had reconstituted the body for a 2-year term, starting from October, 2021.
• Chairperson: Dr Bibek Debroy
• For administrative, logistic, planning and budgeting purposes, the NITI Aayog serves as the Nodal Agency for the EAC-PM.

Terms of Reference of the Council:

• The Terms of Reference of EAC-PM include analysing any issue, economic or otherwise, referred to it by the Prime Minister, and advise him thereon, addressing issues of macroeconomic importance and presenting views thereon to the PM.
• They also include attending to any other task as may be desired by the PM from time to time.

Competitiveness Roadmap for India@100:

About

• The report is a collaborative endeavour between the EAC-PM and the Institute for Competitiveness.
  • Institute for Competitiveness, India is the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School.
• The roadmap stands to inform and guide the way for India to become a higher-income country by 2047.

Key Highlights of the Report:

• The Competitiveness approach puts forth the idea of productivity as a driver of sustained prosperity.
• It emphasizes the context that a nation is able to provide firms to be more productive and for individuals to be able to partake in the value generated through their productivity.
• Based on this approach, the India@100 roadmap guides the way for India to become a high-income country by 2047 through sector-specific & region-specific policies based on the ‘4 S’ principles –
  • Stressing the need for prosperity growth to be matched by social progress,
  • To be shared across all regions within India,
  • To be environmentally sustainable, and
  • To be solid in the face of external shocks.
• By capturing these four important aspects, the ‘4 S’ guiding principles pave the way for resilient and holistic development.
• Moving ahead, the focus would be on developing Key Performance Indicators (KPIs) and roadmaps for different industries, ministries, and states of the country to shape the journey towards reaching the country’s ambitions by its centennial year i.e. 2047.