Economic Advisory Council to the Prime Minister | 28 Oct 2021

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.

Source: IE