WHAT IS ECONOMIC ADVISORY COUNCIL?

 

Economic Advisory Council to the Prime Minister (EAC-PM) under the leadership of Dr. Bibek Debroy for a period of two years after its term came to an end in (September 2021) has been constituted by Government.

• EAC- PM is a non-constitutional, non statutory, independent body.
• It is constituted to give advice on economic and related issues to the government of India, specifically to the PM.
• The main function of the council is to highlight key economic issues the Government of India from a neutral view point.
• Council Advices PM on economic issues like inflation, microfinance, and industrial output.
• The NITI Aayog serves as the nodal agency for the council , for administrative, logistic, planning and budgeting.
• EAC-PM can analyze any issue , economic or other wise it is referred to the council by PM and advice is given.
• They also focus on issues of macroeconomic importance and presents their views to the PM.
• These could be either suo-motu or on reference  from PM or anyone else.
• Council also performs other tasks desired by PM from time to time.

PERIODIC REPORTS

• Annual Economic Outlook.
• Review of the Economy.