Economic Advisory Council to the PM

Current Context : Bibek Debroy, a leading economist and Chairman of the Prime Minister’s Economic Advisory Council (EAC-PM) recently passed away.

About the Economic Advisory Council to the Prime Minister (EAC-PM)

• It is an Independent advisory body providing insights on economic and policy issues directly to the Prime Minister.
• Analyzes economic issues of national importance and suggests solutions.

Functions:

• Offers advice on economic topics referred by the Prime Minister.
• Discusses and provides recommendations on broader macroeconomic matters, either on request or proactively.
• Its recommendations are non-binding but aim to guide government policies.

Structure:

• Led by a Chairperson with prominent economists as members.
• Supported by officials and administrative staff, with no fixed number of members.
• Frequently reconstituted based on expertise needs, often led by economists of high international standing.

NITI Aayog acts as the nodal agency for its operations, including logistics and budgeting.