Economic Advisory Council to the Prime Minister

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Overview:

The Economic Advisory Council to the Prime Minister (EAC-PM) recently said that there was no evidence that the government catered to only one community.

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

  • It is a non-constitutional, non-permanent and independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
  • Terms of Reference:
    • 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.
  • It was set up for the first time in September 2017 with a term of two years.
  • 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 on the exact number of members and staff of the PMEAC.
    • 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 the role of Chief Economic Advisor?

The Chief Economic Advisor (CEA) is the one in the Union Ministry of Finance who advises the government on economic matters. The main role of the CEA is to produce the Economic Survey of India which is presented in Parliament a day before the Union Budget presentation every year. Also, the CEA is head of the Economic Division of the Department of Economic Affairs.

Source: No proof government catered to only one community, says PM’s Economic Advisory Council study