In news– Recently, the Union government reconstituted the Economic Advisory Council to Prime Minister for the period of two years.
About Economic Advisory Council to Prime Minister
- It is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
- It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.
- Bibek Debroy, the Chairman of the council, is among the four members who have been retained.
- Former RBI Deputy Governor Rakesh Mohan, IIM Ahmedabad Professor TT Ram Mohan and Director-General of the National Council of Applied Economic Research (NCAER) Poonam Gupta are the new part-time members inducted into the seven-member body.
- Other members include Sajjid Chinoy, Neelkanth Mishra, Nilesh Shah.
- The primary role of the PMEAC is to give a neutral viewpoint on economic policy matters that are referred to by the Prime Minister.
- Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
- Addressing issues of macroeconomic importance (could be either suo-moto or on a reference from the Prime Minister or anyone else) and presenting views thereon to the Prime Minister .
- Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy.
- It publishes reports on the annual Economic Outlook and Review of the Economy of India.