Govt reconstitutes PM’s Economic Advisory Council

New Delhi, Sep 25 (IANS) The government on Wednesday said it has reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of two years.

A government statement said that Bibek Debroy and Ratan P. Watal will continue to be the chairman and member secretary respectively of the reconstituted EAC-PM.

Further, Sajjid Chinoy has been appointed as a part-time member, while Ashima Goel would continue to be a part-time member of the council.

"Government of India has reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of two years with effect from 26th September, 2019. Dr. Bibek Debroy and Shri Ratan P. Watal will continue to be the Chairman and Member Secretary respectively of the reconstituted EAC-PM," the government statement said.

"Apart from these two full-time members, the EAC-PM will have two part-time members. While Ashima Goel continues to be one of the part-time members, Sajjid Chinoy has been made as another part-time member," It added.

The notable exclusions from the previous EAC-PM are economist Surjit Bhalla and National Institute of Public Finance and Policy director Rathin Roy.

The reconstitution comes at a time when the Indian economy has thrown up one of the worst growth numbers in the last five years. There is a crisis on the job front while private investment has continued to remain subdued in the absence of demand.

The government has come out with various stimulus measures to prop up the economy but the crisis-like situation is continuing.

The Economic Advisory Council to the Prime Minister is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint. It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.