Economic Advisory Council to the Prime Minister

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

• It is an independent body constituted in 2017 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 analyzing any 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. 
  • They also include attending to any other task as may be desired by the Prime Minister from time to time.
• EAC also prepares a monthly reporton economic developments at home and abroad for the Prime Minister.
• It monitors economic trends on a regular basis and bring to the PM’s attention important developments at home and abroad and suggests suitable policy responses.
• The council regularly interacts with stakeholders and the public, and communicates its findings and recommendations through reports, presentations, and public events.
• Composition:
  • The EAC-PM is headed by the Chairman and includes a mix of economists and experts from academia, research institutions, and the private sector.
  • 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 Aayog serves as the nodal agency for the EAC-PM.

Q1: What is 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. The Government of India, in keeping with its reform agenda, constituted the NITI Aayog to replace the Planning Commission instituted in 1950.

Source: Should we have a new poverty line? asks Bibek Debroy EAC-PM chairman