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 ?

  1. 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.
  2. Its functions included analysing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
    1. Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister
    2. Presenting to the PM from time to time reports on “macroeconomic developments and issues with implications for economic policy.