PM forms Economic Advisory Council; Debroy to head it

"The five-member council consists of economists of high repute and eminence," said the statement.

PTI
Srinagar, Publish Date: Sep 26 2017 12:50AM | Updated Date: Sep 26 2017 12:50AM
PM forms Economic Advisory Council; Debroy to head itFile Photo

Over three years after coming to power, Prime Minister Narendra Modi today formed an Economic Advisory Council (EAC) amid the government's endeavour to give a push to the growth which has witnessed a slowdown.

The five-member EAC will be headed by NITI Aayog member Bibek Debroy and will include NITI Aayog's Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members, according to an official statement.

"The five-member council consists of economists of high repute and eminence," said the 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.

Formation of the EAC by the prime minister comes over three years after he assumed power and at a time when the GDP has slipped to 5.7 per cent in April-June quarter, the lowest since May 2014.