Economic Advisory Council Current Affairs - 2020

Economic Advisory Council to PM reconstituted under Bibek Debroy

Government of India has reconstituted Economic Advisory Council to the Prime Minister (EAC-PM) under existing Chairman Bibek Debroy. The reconstitution is for a period of two years, with effect from 26 September 2019.

Key Highlights

Along with Chairman Bibek Debroy, Ratan P Watal will also continue as Member Secretary of the reconstituted EAC-PM. Apart from these two full-time members, EAC-PM will have 2 part-time members as against 3 in outgoing panel.

While Ashima Goel continues to be one of part-time members and Sajjid Chinoy (Chief India economist at J.P. Morgan) has been roped in as the new member. The economists Rathin Roy and Shamika Ravi, who were the two existing part-time members, have been dropped in reconstituted EAC-PM.

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

It is an independent body constituted to advise the government (especially prime minister) on economic and related issues.

EAC-PM advises PM Modi on macroeconomic issues and other matters referred to it by PM himself. So far the suggestions made by the EAC-PM to PM on economic matters have not been made public.

The Council submitted papers on issues such as employment, macroeconomic situation and growth to Prime Minister’s Office (PMO).

Sumita Misra appointed as joint secretary in PM’s Economic Advisory Council

IAS officer Sumita Misra was appointed joint secretary in Prime Minister’s Economic Advisory Council (PMEAC) for five years. She is 1990 batch IAS officer of Haryana cadre.

Prime Minister’s Economic Advisory Council (PMEAC)

PMEAC is a non-constitutional and non-statutory, non-permanent and independent body, constituted with the prime and sole aim to analyse all critical issues, economic or otherwise, referred to it by the prime minister and advising him thereon. It is mandate to give advice to prime minister on economic matters such as inflation, GDP changes, export-import changes, creating supporting environment for increased trade and commerce.

Current Composition of PMEAC

Bibek Debroy, NITI Aayog member is the chairman of the Council. Its four members are Ratan Watal (member-secretary), NITI Aayog’s principal advisor and former Finance Secretary; Economist Surjit Bhalla; Rathin Roy, Director of National Institute of Public Finance and Policy and Professor Ashima Goya, Indira Gandhi Institute of Development Research.

Functions of PMEAC

Submit periodic reports to PM related to macroeconomic developments and issues which will have implications of the economic policy. Analyse any topics, issues assigned by the PM and provide advice to them. Analyse macroeconomic issues having high importance and present the views to PM and any other task which is assigned by Prime Minister.