Headed by NITI Aayog member Bibek Debroy, the EAC includes NITI Aayog's Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
The proposed bullet train will run between Mumbai and Ahmedabad.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
The council wants the government to stick to its fiscal consolidation road map.
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
Assocham told Modi policy makers needed to act fast to "bullet proof" India from global jitters.
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