ABOUT
EAC-PM
Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister. At present, the composition of EAC-PM is: Dr. Bibek Debroy (Chairman), Shri Sanjeev Sanyal (Member), Dr. Shamika Ravi (Member), Shri Rakesh Mohan (Part-Time Member), Dr. Sajjid Chinoy (Part-Time Member), Dr. Neelkanth Mishra (Part-Time Member), Shri Nilesh Shah (Part-Time Member), Prof. T.T. Ram Mohan (Part-Time Member) and Dr. Poonam Gupta (Part-Time Member).
The Terms of Reference of EAC-PM include analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon, addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. These could be either suo-motu or on reference from the Prime Minister or anyone else. They also include attending to any other task as may be desired by the Prime Minister from time to time.
Team
Dr. Bibek Debroy
Chairman
Shri. Sanjeev Sanyal
Member
Dr. Shamika Ravi
Member
Shri. Rakesh Mohan
Part-Time Member
Dr. Sajjid Z. Chinoy
Part-Time Member
Dr. Neelkant Mishra
Part-Time Member
Dr. Poonam Gupta
Part-Time Member
Shri. Nilesh Shah
Part-Time Member
Reports
AGROFORESTRY: MISSING TREES FOR THE FOREST
Despite being a tropical country, India has not been able to unlock the full potential of agroforestry. India’s agroforestry sector remains under-utilised and stifled by regulation. According to a study published in the journal of “Environment, Development and Sustainability”, as of 2021, the area under agroforestry (defined as tree cover per cent greater than 10 per cent on agricultural land) is estimated to be around 28 million hectares, which is a mere 17 per cent of total agricultural land and is far less when compared to the global average of 43 per cent. Agroforestry is India’s primary source of timber. As per the Indian Council on Forest Research and Education (ICFRE), over 93 per cent of India’s domestic timber was produced by “trees outside forests”, a majority of which are agroforestry plots. However, a stringent, complex and cumbersome regulatory policy combined with a conservation-led approach to forestry has stifled the growth of agroforestry in India. Consequently, India has become a net importer of timber. In 2023, India imported over USD 2.7 billion worth of timber1 (ITTO 2023), which equals almost 12 per cent of all agrobased imports for the same year (Damodaran 2024)
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Relative Economic Performance of Indian States
Most papers regarding economic performance of states deal with the real and nominal growth rates of states over time. In this paper, we have focused exclusively on the relative performance of states, measured using two indicators- (1) Share in India’s GDP and (2) Relative per capita income.The state's share in India’s GDP is calculated by dividing the Gross State Domestic Product (GSDP) of the state by the sum of GSDP of all states. Relative per capita income is calculated as the ratio of the per capita Net State Domestic Product (NSDP) of the state as a percentage of the all-India per capita Net National Product (or Net National Income in some years). An important point to remember here is that per capita NSDP means that it does not include remittances which may be important for states like Kerala, Bihar and Uttar Pradesh. We have made adjustments where possible for state bifurcations and other factors to ensure comparability. All data used are in current prices. The analysis spans a long period, from 1960-61 to 2023 24, providing insights into how individual states have performed in response to changes in national and state-specific policies.
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Changes in India’s Food Consumption and Policy Implications
Significant changes are unfolding in India’s food consumption pattern, with serious implications for our national agriculture, health, nutrition, and overall welfare policies that target poorer sections of society. The changing consumption basket of Indians will also impact the calculation of the Consumer Price Index in the future. A comprehensive analysis of the Household Consumption Expenditure Survey 2022–23 and comparisons with 2011–12 reveal striking changes in food consumption patterns over the last ten years, with potential implications for health outcomes. This comprehensive study is presented in four chapters.
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Share of Religious Minorities A Cross-Country Analysis
The global economy is in a phase of churn and being closely watched and analyzed by economists and policymakers everywhere. There are, however, major demographic transitions that are also underway across countries - but mostly going unnoticed by analysts ranging from economy watchers to democracy-watchers. These silent transformations have the power to reshape societies and states. Ironically, of the four megatrends whose cascading effects are bringing about these transformations -demography, technology, economy and climate change3- the forecasts for demography are the most predictable. Shifting demographic trends are aggravating economic disparity within and between countries, straining governance and fuelling friction between states and people.
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Challenges of Solid Waste Management in Urban India
Waste generation increases as a result of rapid urbanisation and economic growth, placing tremendous pressure on the current management systems. Effective waste management has remained difficult despite the rapid economic expansion, indicating a gap in development strategies. The paper presents an in-depth study and analysis of solid waste management, highlighting the dual nature of solid waste as a challenge and an opportunity for Indian cities. It further emphasises that immediate sustainable waste management solutions are needed to solve environmental issues and achieve economic potential. Constructive approaches that involve public engagement and take geographical differences into account are essential. Through the implementation of sustainable practices such as waste disposal, reduction, reuse, and waste recovery, communities can turn waste from an issue into an asset that benefits the environment, the economy, and public health in urban areas. Although various regulations and laws have been introduced to improve waste management, such as the shift from centralised (2000) to decentralised (2016) approaches, challenges persist during the implementation process of these regulations. A shift towards responsible practices, along with investment in infrastructure, finance, technology, and awareness, are necessary to alleviate the challenges and achieve effective waste management.
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Need for Franchising Laws in India
The term ‘Franchise’ is not explicitly defined within the Indian Legal framework. However, its interpretation can be deduced from the Finance Act of 1999, which stipulates that a 'Franchise' refers to an agreement granting the authorized entity the right to sell, manufacture goods, provide services, or engage in business activities associated with the Franchisor (Shrivastava & Jacob, 2023). India’s growing middle class and rising entrepreneurial culture make the nation fertile ground for emergent franchising opportunities. However, certain lacunas need to be addressed before realizing this ambition, notably the lack of franchise-specific laws. In contrast to many other countries - the United States, where the Federal Trade Commission (FTC) oversees franchising through the Franchise Rule, the European Union, where member states regulate franchising in their national laws, Australia, which has specific disclosure laws pertaining to franchises and the Australian Competition and Consumer Commission (ACCC) that regulates the code - India does not possess a centralized regulatory body or comprehensive franchise law at the national level. The landscape of franchisor-franchisee relationships is marked by diverse arrangements and contracts, giving rise to various forms of exploitation and disputes, particularly impacting smaller local vendors serving as franchisees due to the inherent information asymmetry. The franchisor, as the source of the business opportunity, has access to enhanced knowledge about the business as well as typically exercises greater control over the terms of the franchise contract, elucidating skewed power dynamics within the industry structure.
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