Thursday, September 29, 2022

Govt reconstitutes Economic Advisory Council

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New Delhi: The Centre on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of two years. The reconstituted Council will continue to have Dr Bibek Debroy as the Chairman and Ratan P Watal as Member Secretary.

An official release said, “Government of India has reconstituted the Economic Advisory Council to the PM for a period of two years with effect from September 26, 2019.
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Who are the members now?

Apart from these two full-time members, the EAC-PM will have two part-time members. While Dr Ashima Goel continues to be one of the part-time members, Dr Sajjid Chinoy has been made another part-time member.

What does the Council do?

The EAC-PM is an independent body designed to guide the government on policy decisions. The terms of reference of the EAC include addressing macroeconomic concerns and undertaking any assignment the PM may refer to it.

The backdrop

After the Bharatiya Janata Party (BJP) government first came to power in 2014, it had disbanded the Economic Advisory Council, which was earlier headed by former Reserve Bank of India Governor C Rangarajan.

The apex body has been reconstituted at a time when the government is trying to revive the economy reels under a slowdown.

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