PM Modi chairs Economic Advisory Council meeting amid West Asia crisis

Prime Minister Narendra Modi on Saturday chaired a meeting of the Prime Minister’s Economic Advisory Council (PM-EAC), where members discussed measures to sustain India’s economic growth amid global uncertainties and geopolitical tensions. The meeting focused on strategies to strengthen economic resilience against external shocks, support investment, and advance reforms aimed at improving ease of living and ease of doing business.

Council members reviewed the evolving global economic environment and examined the potential implications of the ongoing crisis in West Asia on India and the broader world economy. Discussions included the possible effects of geopolitical instability on energy supplies, fuel prices, supply chains, inflationary pressures and global trade flows, which have emerged as major concerns for policymakers.

The meeting also explored measures to strengthen domestic economic activity and productivity. Participants deliberated on policy initiatives intended to encourage investment, improve the business environment and support long-term economic growth. Reforms related to reducing compliance burdens, improving service delivery and enhancing the quality of life of citizens were also discussed.

The deliberations took place against the backdrop of recent remarks by the Prime Minister highlighting the challenges facing the global economy. He had stated that the current decade has been marked by successive disruptions, including the Covid-19 pandemic, armed conflicts, volatility in energy markets and supply chain disturbances. He had also noted the impact of fluctuations in fuel prices and stress in global energy networks on economies worldwide.

The council reviewed policy options aimed at balancing growth with economic stability amid international uncertainties. Discussions also covered the importance of strengthening India’s economic fundamentals, reducing vulnerabilities arising from external dependencies, and supporting key sectors through reforms and investment as global conditions remain uncertain.