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Economic Advisory Council To The Prime Minister

Economic Advisory Council To The Prime Minister:

A member of the Economic Advisory Council to the Prime Minister recently said India will soon have the capability to issue 1,00,000 patents in a year

  • Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
  • It was set up for the first time in September 2017 with a term of two years.
  • Analyzing 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.
  • These could be either suo-motu or on reference from the Prime Minister or anyone else.
  • Attending to any other task as may be desired by the Prime Minister from time to time.
  • EAC-PM is headed by a Chairperson and consists of eminent economists as members.
  • It is supported in its functions by a team of officials and administrators.
  • There is no fixed definition of the exact number of members and staff of the EAC-PM.
  • It is common for the Council to be reconstituted time and again with different organizational structures headed by various economists who are of recognized international eminence.
  • For administrative, logistic, planning, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM.