PM to head panel on economic growth

Why in news?
  • The government set up a 10-member Cabinet Committee on Employment and Skill Development with Prime Minister Narendra Modi as its chairman.
  • The panel on employment is one of two Cabinet committees set up to spur economic growth and rackle unemployment.
More in news
  • Reason behind the step:
    (1) Employment data for 2017-18, released on May 31 after the Lok Sabha elections, said India’s unemployment rate rose to 6.1% in the period, the highest in 45 years.
  • Committee includes:
    (1) Home Minister, Finance Minister, Railway Minister, Minister of Agriculture, MHRD, Petroleum and Natural Gas Minister, Minister Skill and Entrepreneurship and Ministers of State Labor and Housing and Urban Affairs.
  • Status of GDP:
    (1) GDP has fallen to 5.8% in the last quarter of 2018-19 lowest in last five years.
    (2) The GDP growth for 2018-19 was 6.8 %, against the target of 7.2 %.
    (3) The fall in growth is result of dip in the performance of the core sectors of the economy, as the eight core sectors recorded a growth of just 2.6 % in April, compared with 4.6% in the same month last year.
    (4) The country’s economic growth saw the third straight fall in quarterly growth, raising concerns about the slowdown
Source
The hindu




Posted by Jawwad Kazi on 6th Jun 2019