Important Facts For Prelims
Economic Advisory Council to the Prime Minister
- 28 Oct 2021
- 2 min read
Why in News
Recently, the government 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.
Key Points
- About:
- 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.
- Periodic Reports:
- Annual Economic Outlook.
- Review of the Economy.
