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Recently, the Prime Minister chaired a meeting of the Economic Advisory Council to the Prime Minister (EAC-PM), highlighting the body's role in providing expert economic inputs to the highest levels of policymaking.

What is the EAC-PM?

• The EAC-PM is an independent advisory body constituted to provide advice on economic and related issues directly to the Prime Minister.
• It serves as a platform through which eminent economists and experts offer informed perspectives on key economic challenges and policy priorities facing the country.
• The Council's recommendations are advisory in nature and not binding on the Government, allowing it to function as an independent source of expert opinion.

Functions and Mandate

• The Terms of Reference of the EAC-PM include analysing economic and other issues referred to it by the Prime Minister and providing recommendations thereon.
• It examines matters of macroeconomic importance, identifies emerging challenges and opportunities, and presents its views to the Prime Minister.
• The Council may undertake studies either suo motu or on issues referred by the Prime Minister or other stakeholders. It can also perform any additional tasks assigned by the Prime Minister from time to time.
• Beyond policy advice, the EAC-PM contributes to fostering greater public understanding of economic issues through research papers, reports and analytical studies.

Composition

• The EAC-PM is headed by a Chairperson and comprises eminent economists and experts as members. It is supported by a team of officials and administrative staff.
• There is no fixed statutory strength for the Council, and its composition may vary over time based on requirements.
• For administrative, logistical and budgetary support, NITI Aayog acts as the nodal agency for the Council.