Economic Advisory Council to the Prime Minister (EAC-PM)

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About Economic Advisory Council to the Prime Minister (EAC-PM):

The Paper has analysed three perception-based indices- Freedom in the World Index, V-DEM indices, and EIU Democracy Index.
The paper says that these indices are primarily based on the opinions of a tiny group of unknown experts.
It also says, the questions that are used are subjective and are worded in a way that is impossible to answer objectively.
The Working paper also said that certain questions used by these indices are not an appropriate measure of democracy across all countries.
It noted that since these indices are inputs into the World Governance Indicators, the World Bank should ensure greater transparency and accountability from these institutions.

Economic Advisory Council to the Prime Minister (PMEAC] is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
The Council was set up with a view to provide a sounding board for inculcating awareness in government on the different point of view on key economic issues.
It is common for the Council to be reconstituted time and again with different organizational structures headed by various economists who are of recognized international eminence.
It was set up in September 2017 with a term of two years, replacing the erstwhile PMEAC, which was headed by former RBI governor C Rangarajan during the terms of former Prime Minister Manmohan Singh.

The PMEAC is chaired by a Chairperson and consists of eminent economists as members.
After the latest reconstitution, it now has a Chairperson, Member Secretary and two part-time members.
It is supported in its functions by a team of officials and administrators.
There is no fixed definition on the exact number of members and staff of the PMEAC.
For administrative, logistic, planning and budgeting purposes, the NITI Aayog replaced erstwhile Planning Commission to serves as the Nodal Agency for the PMEAC.

Source : All India Radio