Economic Advisory Council to PM

Economic Advisory Council to PM

News: Recently, the government has reconstituted the Economic Advisory Council to the Prime Minister (EACPM) under the leadership of Dr. Bibek Debroy for a period of two years after its term came to an end in September 2021.

Details:
• EAC-PM is a non-constitutional, non-statutory, independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
• The council serves to highlight key economic issues to the government of India from a neutral viewpoint.
• It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.
• For administrative, logistic, planning and budgeting purposes, the NITI Aayog serves as the Nodal Agency for the EAC-PM.
• Terms of Reference of EAC-PM:
• 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.
• It also includes attending to any other task as may be desired by the Prime Minister from time to time.