Prime Minister Narendra Modi has constituted the Economic Advisory Council to the Prime Minister (EAC-PM) to be chaired by NITI Aayog's member Bibek Debroy for analysing economic issues and advising on them, an official statement said on Monday.
Other part-time members of the council are Surjit Bhalla, Rathin Ray and Ashima Goyal. Ratan Watal, Principal Advisor, NITI Aayog is the member-secretary of EAC-PM.
The main terms of reference of the EAC will be to analyse any issue — economic or otherwise — referred to it by the prime minister and advising him it.
It will also address issues of macroeconomic importance and presenting views on them to the the prime minister.
"This could be either suo-motu or on refernce from the Prime Minister or anyone else," the statement said.
And it will also attend to any othe task referred by the Prime Minister from time to time.
The PM-EAC has been consituted several times since Independence. The last chairman of the council, C Rangaraja resigned in May 2014 after the defeat of Congress-led UPA regime in the general elections.