Bibek Debroy appointed Chairman of PM Modi's Economic Advisory Council
Amid criticism of Centre's GST regime and demonetization drive, and an economic slowdown, PM Narendra Modi has decided to constitute the Economic Advisory Council to the Prime Minister (EAC-PM). The panel would analyze and advise the government on key issues. NITI Aayog's Bibek Debroy was appointed the Chairman of the council comprising of Principal Adviser Ratan Watal, Surjit Bhalla, Rathin Roy, and Ashima Goyal.
Address issues of macroeconomic importance
According to government officials, the key term of reference for the EAC-PM will be "Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either suo-motu or on reference from the Prime Minister or anyone else."
Similar to EAC under UPA government
To revive the economy, PM Narendra Modi reportedly reconstituted the Economic Advisory Council that was rendered defunct in May'14, after the United Progressive Alliance-led government demitted office. The UPA government also had an EAC similar to the newly-constituted one; the previous panel was led by Dr. C Rangarajan. PM Modi's decision was announced shortly after the BJP's national executive meeting.