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What is the News?
The Government of India has reconstituted the 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.
What is the Economic Advisory Council to the Prime Minister(EAC-PM)?
EAC-PM is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
Aim: To highlight key economic issues facing the country to the government of India from a neutral viewpoint.
Note: For administrative, logistic, planning and budgeting purposes, the NITI Aayog serves as the Nodal Agency for the EAC-PM.
What are the Terms of Reference of EAC-PM?
To analyze all critical issues, economic or otherwise, referred to by the Prime Minister and advising him thereon.
To address issues of macroeconomic importance and present views thereon. This could be either suo-moto or on a reference from the Prime Minister or anyone else.
Composition: The EAC-PM is chaired by a Chairperson and consists of eminent economists as members.
Reports by EAC-PM: It publishes 2 major reports: 1. Economic Outlook: It is an annual publication, 2. Review of the Economy.
Source: This post is based on the article “EAC-PM: 3 new members inducted” published in “Indian Express” on 28th October 2021.
