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

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

• It is an independent body constituted in 2017 to give advice on economic and related issues to the Government of India, specifically to the Prime Minister. 
• The Terms of Reference of EAC-PM include 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. 
  • They also include attending to any other task as may be desired by the Prime Minister from time to time.
• EAC also prepares a monthly report on economic developments at home and abroad for the Prime Minister.
• It monitors economic trends on a regular basis and brings to the PM’s attention important developments at home and abroad and suggests suitable policy responses.
• The council regularly interacts with stakeholders and the public, and communicates its findings and recommendations through reports, presentations, and public events.
• Composition:
  • The EAC-PM is headed by the Chairman and includes a mix of economists and experts from academia, research institutions, and the private sector.
  • There is no fixed definition of the exact number of members and staff of the EAC-PM.
  • It is common for the Council to be reconstituted time and again with different organizational structures headed by various economists who are of recognized international eminence.
  • For administrative, logistic, planning, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM.