Why is it in the news ?
The government has reconstituted the Economic Advisory Council to the Prime Minister (PMEAC or EAC-PM).
Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to advance economic advice to the Government of India, specifically the Prime Minister.
What are its objectives and functions ?
- Council was set up with an objective to provide an advisory board for inculcating awareness in the government on the different point of view on key economic issues.
- Its functions included 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
- Presenting to the PM from time to time reports on “macroeconomic developments and issues with implications for economic policy.