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Economic Advisory Council to the Prime Minister


The Chairman of the Economic Advisory Council (EAC) to the Prime Minister emphasized the need for a new poverty line at a data user conference organized by the Ministry of Statistics and Programme Implementation (MoSPI) recently.


GS II: Polity and Governance

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

  • Overview:
    • An independent body established in 2017 to provide advice on economic and related issues to the Government of India, specifically to the Prime Minister.
  • Terms of Reference:
    • Analyzes any issue, economic or otherwise, referred to it by the Prime Minister and provides advice.
    • Addresses issues of macroeconomic importance and presents views to the Prime Minister.
      • Can be either suo-motu or on reference from the Prime Minister or anyone else.
      • Includes attending to other tasks as desired by the Prime Minister.
  • Functions:
    • Prepares a monthly report on economic developments at home and abroad for the Prime Minister.
    • Monitors economic trends and brings important developments to the PM’s attention, suggesting suitable policy responses.
    • Regularly interacts with stakeholders and the public, communicating findings and recommendations through reports, presentations, and public events.
  • Composition:
    • Headed by the Chairman and includes a mix of economists and experts from academia, research institutions, and the private sector.
    • There is no fixed number of members and staff, allowing for reconstitution over time with different organizational structures.
    • Typically headed by economists of recognized international eminence.
  • Administrative and Logistic Support:
    • For administrative, logistic, planning, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM.

-Source: Indian Express

July 2024