GS Paper - 3 (Economy)

The government has reconstituted the seven-member Economic Advisory Council to the PM for a period of two years after its term came to an end last month. Bibek Debroy continues to be the chairman of the Council. The reconstitution of the Economic Advisory Council to the PM (EAC-PM) for a period of two years or until further orders, whichever is earlier, the cabinet secretariat said in a notification dated 27 October 2021.

As per the notification

  1. The Council has been tasked to analyse any issue, economic or otherwise, referred to it by the PM.
  2. Besides, it would address issues of macroeconomic importance and present views thereon to the Prime Minister.
  3. This could be either suo-motu or on reference from the PM or anyone else, the Council may attend to any other task as may be desired by the PM from time to time.

Flashback

  1. The EAC-PM is an independent body to advise the government, especially the prime minister, on economic and policy-related matters.
  2. It was set up in September 2017 with a term of two years, replacing the erstwhile PMEAC, which was headed by former Reserve Bank of India governor C Rangarajan during the terms of former Prime Minister Manmohan Singh.