Economic Advisory Council to the Prime Minister (EAC-PM)

In News 

• Recently, the Government has reconstituted the seven-member Economic Advisory Council to the Prime Minister (EAC-PM) by inducting three new members .
•   It will continue to be chaired by economist Bibek Debroy.

About

• Prime Minister of India inducted former deputy governor of Reserve Bank of India Rakesh Mohan, IIM Ahmedabad professor T.T Ram Mohan and NCAER director-general Poonam Gupta into the PMEAC as part time members for a period of two years or until further orders, whichever is earlier
• The part time members will be paid ?10,000 per day of sitting.

About EAC-PM

• It is an independent body to advise the government, especially the Prime Minister, on economic and policy-related matters. 
• Set up in September 2017 with a term of two years, replacing the erstwhile PMEAC, which was headed by former Reserve Bank of India governor C Rangarajan during the terms of former prime minister Manmohan Singh.
• Function & Mandate:  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”, either on its own or upon reference.
  • Presenting to the PM from time to time reports on “macroeconomic developments and issues with implications for economic policy”.

Source: LM