PM Narendra Modi on Monday constituted an Economic Advisory Council with Bibek Debroy as its Chairman. Other members of the Council include Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal. Economic Advisory Council has been set up with a view to provide a sounding board for inculcating awareness in Government on the different point of view on key economic issues. The Economic Advisory Council previously has been reconstituted time and again with different organisational structures headed by various economists who are of recognised international eminence.
“The five-member council consists of economists of high repute and eminence,” said an official statement. Terms of reference of the EAC would be to “analyse any issue, economic or otherwise, referred to it by the prime minister and advising him thereon,” the statement said, PTI reports. It will also “address issues of macroeconomic importance “and present its views to the prime minister, it said, adding “This could be either suo-motu or on reference from the prime minister or anyone else.” It’s terms of reference also includes attending to “any other task as may be desired by the prime minister from time to time,” the statement added.