Government of India reconstituted the seven-member Economic Advisory Council (EAC) to the prime minister on October 27, 2021.

Key Points

• New EAC was constituted after its tenure ended in the month of September 2021.
• It has been reconstituted for a period of two years.

Part time members

Former RBI deputy governor Rakesh Mohan, NCAER director-general Poonam Gupta and IIM-Ahmedabad professor TT Ram Mohan were appointed as new part-time members. Other part time members are Debroy, Neelkanth Mishra, Sajid Chenoy and Neelkanth Mishra. While V Anantha Nageswaran, dean of IFMR Graduate School of Business in Krea University, has been removed as member.

Chairman of the council

Bibek Debroy will continues to be the chairman of council.

Responsibilities of the council

• Council has been charged with the responsibility to analyse any issue, economic or otherwise, which are referred to it by the prime minister.
• It will also address the issues of macroeconomic importance and present its views on it, to the PM.
• These responsibilities could be either suo-motu or on reference from the PM or any other person.
• Council may attend to any other task, as PM will assign from time to time.

About EAC-PM

EAC-PM is an independent body, which advises the government on economic and policy-related matters. It was first constituted in September 2017 for a period of two years. It replaced the erstwhile PMEAC, which was chaired by former governor of Reserve Bank of India, C Rangarajan.