Related Topics: Indian Economy, Non Constitutional Bodies
The government has reconstituted the Prime Minister’s Economic Advisory Council for a period of two years.
- Economist Bibek Debroy will continue to be Chairman of the EAC-PM.
- Former NITI Aayog Principal Advisor Ratan P Watal will remain the Member Secretary of the panel.
- Apart from these two full-time members, the EAC-PM will have two part-time members.
- Ashima Goel has been retained as one of the part-time members, whereas Sajjid Chinoy has been brought in as a new member on the council.
What is EAC-PM?
- It is an independent body constituted to advise the government (especially prime minister) on economic and related issues.
- The Economic Advisory Council was set up with a view to provide a sounding board for inculcating awareness in Government on the different point of view on key economic issues.
- The Economic Advisory Council was reconstituted time and again with different organizational structures headed by various economists who are of recognized international eminence.
- 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. This could be either be suo-moto or on a reference from the Prime Minister or anyone else;
- Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy;
- Attending to any other task as may be desired by the Prime Minister from time to time.
- The EAC-PM has been reconstituted at a time when the economy is going through a tough phase.
- Several sectors have reported slump in performance and latest macro-economic numbers have reflected slowdown in economic growth.
- Asian Development Bank had slashed India’s growth forecast to 6.5 per cent for the current fiscal, weighed down by the GDP growth rate dipping to a six-year low in the first quarter.
[Source: Business Today, eac.gov.in]