PM Modi constitutes Economic Advisory Council; Bibek Debroy named Chairman

Amidst rampant economic slowdown, Prime Minister Narendra Modi constituted an Economic Advisory Council to PM (EAC-PM) to help turn things around. Bibek Debroy, the vice chairman of Niti Aayog has been appointed as the Chairman of this economic review body. Also, Ratan Watal has been named member-secretary of the council, whereas Surjit Bhalla, Rathin Roy and Ashima Goel will be part-time members.

According to reports, the council will analyse issues, economic or otherwise, referred to it by the Prime Minister and advise him accordingly. The EAC-PM will also address macroeconomic issues of import, suo moto or on orders from PM Modi, and present views on the same to the PM.

Talking to CNBC-TV18, Ashima Goel stated that the Council will focus on sructural reforms  as well as try to put necessary course correction into effect in order to steer Indian economy towards the right direction.
The first meeting for the economic council has not been decided yet.

"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.

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 said.

(With PTI inputs)