Economic Advisory Council to the Prime Minister

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

• It is an independent body constituted to give advice on economic and related issues to the Government of India,specifically to the Prime Minister.
• The Terms of Reference of EAC-PM include: 
  • Analysingany 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.
  • Attending to any other task as may be desired by the Prime Minister from time to time.
• The role of EAC-PM is advisory in nature and not binding on the Government.
• In addition to its advisory role, the EAC-PM also plays an important role in fostering greater economic understanding and awareness among the public. The council regularly interacts with stakeholders and the public and communicates its findings and recommendations through reports, presentations, and public events.
• Composition:
  • EAC-PM is headed by a chairperson and consists of eminent economists as members.
  • It is supported in its functions by a team of officials and administrators.
  • There is no fixed definition of the exact number of members and staff of the EAC-PM.
  • 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.
  • For administrative, logistic, planning, and budgeting purposes, the NITI Aayogserves as the nodal agency for the EAC-PM.

Q1: What is the NITI Aayog?

The National Institution for Transforming India, also called NITI Aayog, was formed via a resolution of the Union Cabinet on 1 January 2015. NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs. While designing strategic and long-term policies and programs for the Government of India, NITI Aayog also provides relevant technical advice to the Centre and States.

News: Bibek Debroy, chairman of PM’s economic advisory council and top economist, passes away at 69