About Economic Advisory Council to the Prime Minister (EAC-PM):
- It is a non-constitutional, non-permanent and independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
- Terms of Reference:
- 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.
- It was set up for the first time in September 2017 with a term of two years.
- Composition:
- EAC-PM is headed by a Chairperson and consists of eminent economists as members.
- It is supported in its functions by a team of officials and administrators.
- There is no fixed definition on the exact number of members and staff of the PMEAC.
- 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.
