Modi sets up Economic Advisory Council, Bibek Debroy to be chairman

Prime Minister Narendra Modi on Monday constituted a five-member Economic Advisory Council which will analyse economic and other issues, an official announcement said.

Headed by NITI Aayog member Bibek Debroy, the EAC includes NITI Aayog’s Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.

“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 tatement 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.”

Its 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.