Economic Advisory Council Current Affairs - 2019

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First Meeting of EAC-PM held in New Delhi

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.

EAC-PM

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.

Government constitutes Economic Advisory Council headed by Bibek Debroy

Prime Minister Narendra Modi has constituted Economic Advisory Council to the Prime Minister (EAC-PM). The five member of council will be headed by Niti Aayog member Dr Bibek Debroy.

Other members are Dr Surjit Bhalla, Dr Rathin Roy, Dr Ashima Goyal and Ratan Watal. The committee will analyse any issue economic or otherwise referred to it by the Prime minister.

Economic Advisory Council

The EAC-PM is an independent body which provides advice on economic issues to the government, specifically to the Prime Minister. It consists of economists of high repute and eminence.

Terms of reference of EAC

EAC will analyse any issue, economic or otherwise, referred to it by prime minister and advising him thereon. It will also address issues of macroeconomic importance and present its views to the prime minister. It advise can be either suo-motu or on reference from prime minister or anyone else. It can also attend any other task as may be desired by prime minister from time to time.

Background

Formation of EAC by PM Narendra Modi comes over three years after he assumed power. It will play a critical role in reviving the economy’s growth momentum that has has slipped to 5.7% in April-June quarter, the lowest since May 2014. Earlier PM Manmohan Singh had EAC headed by former RBI Governor C Rangarajan, who resigned in May 2014 after UPA government lost power.