Economic Advisory Council Current Affairs
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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.
The first-ever meeting of newly-constituted Economic Advisory Council to Prime Minister (EAC-PM) was held at NITI Aayog, in New Delhi. It was chaired by Dr. Bibek Debroy, Member NITI Aayog.
The meeting took stock of the current economic, fiscal and monetary policy environment and identified key issues that it would focus on. It identified major priorities for accelerating economic growth and employment over tnext six months, with greater last mile connectivity.
Ten identified themes
The EAC-PM identified ten themes around which Council Report will be structured in the coming months The ten themes identified are Economic Growth, Employment and job creation, fiscal framework, informal sector and integration, public expenditure, monetary policy, institutions of Economic Governance, Patterns of Consumption & Production, Agriculture & Animal Husbandry and Social Sector.
The EAC-PM also developed Theme Groups led by its members, through consultative processes involving sectoral Ministries, States, experts, institutions, private sector and other key stakeholders. It also recognized for effective tracking of key economic parameters, through possible mechanisms for instituting Economy Track Monitor, using lead indicators and triggers for action, based on informed assessment and analysis.
Prime Minister Narendra Modi has constituted five member EAC-PM in September 2017 as an independent body to provide advice on economic issues to the government, specifically to the Prime Minister. It consists of economists of high repute and eminence. It serves as an independent institutional mechanism, to provide informed advice to the Prime Minister on addressing issues of macroeconomic importance and related aspects.