Economic Advisory Council to the Prime Minister

  • October 28, 2021
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Economic Advisory Council to the Prime Minister

Subject – Economy

Context – EAC-PM: 3 new members inducted

Concept –

  • The government has reconstituted the Economic Advisory Council to the Prime Minister for a period of two years after its term came to an end last month.
  • Bibek Debroy continues to be the Chairman of the EAC-PM.
  • Economic Advisory Council to the Prime Minister (PMEAC)[1] 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 serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.
  • It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.
  • It publishes reports on the annual Economic Outlook and Review of the Economy of India.
  • 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 serves as the Nodal Agency for the PMEAC.
Economic Advisory Council to the Prime Minister economy