Context:
The Chairman of the Economic Advisory Council (EAC) to the Prime Minister emphasized the need for a new poverty line at a data user conference organized by the Ministry of Statistics and Programme Implementation (MoSPI) recently.
Relevance:
GS II: Polity and Governance
About Economic Advisory Council to the Prime Minister (EAC-PM):
- Overview:
- An independent body established in 2017 to provide advice on economic and related issues to the Government of India, specifically to the Prime Minister.
- Terms of Reference:
- Analyzes any issue, economic or otherwise, referred to it by the Prime Minister and provides advice.
- Addresses issues of macroeconomic importance and presents views to the Prime Minister.
- Can be either suo-motu or on reference from the Prime Minister or anyone else.
- Includes attending to other tasks as desired by the Prime Minister.
- Functions:
- Prepares a monthly report on economic developments at home and abroad for the Prime Minister.
- Monitors economic trends and brings important developments to the PM’s attention, suggesting suitable policy responses.
- Regularly interacts with stakeholders and the public, communicating findings and recommendations through reports, presentations, and public events.
- Composition:
- Headed by the Chairman and includes a mix of economists and experts from academia, research institutions, and the private sector.
- There is no fixed number of members and staff, allowing for reconstitution over time with different organizational structures.
- Typically headed by economists of recognized international eminence.
- Administrative and Logistic Support:
- For administrative, logistic, planning, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM.
-Source: Indian Express
