PM Narendra Modi on Monday constituted an Economic Advisory Council with Bibek Debroy as its Chairman. Other members of the Council include Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal. Economic Advisory Council has been set up with a view to provide a sounding board for inculcating awareness in Government on the different point of view on key economic issues. The Economic Advisory Council previously has been reconstituted time and again with different organisational structures headed by various economists who are of recognised international eminence.
As per Economic Advisory Council website (now defunct), the council previously had three functions in particular.
a) Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
b) Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could either be suo-motu or on a reference from the Prime Minister or anyone else;
c) Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy;
Bibek Debroy headed Council includes Surjit Bhalla, Rathin Roy, Ashima Goyal and Ratan Watal. (PTI)
