About Economic Advisory Council to the Prime Minister:
- It is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
- The Terms of Reference of EAC-PM include:
- Analysing 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.
- Attending to any other task as may be desired by the Prime Minister from time to time.
- The role of EAC-PM is advisory in nature and not binding on the Government.
- In addition to its advisory role, the EAC-PM also plays an important role in fostering greater economic understanding and awareness among the public.
- 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 of the exact number of members and staff of the EAC-PM.
- For administrative, logistic, planning, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM.
