Economic Advisory Council to the Prime Minister

The EAC-PM has been constituted several times since the independence of India. In the latest occurrence, the council was reconstituted by Prime Minister Narendra Modi on 25 September 2017. Currently EAC-PM chairman post is held by S. Mahendra Dev. The previous chairman, Bibek Debroy, died during his tenure. After him, Suman Bery, who is also Vice President of Niti Aayog, was given additional charge as interim chairman. The chairman before him resigned on 19 May 2014. He sent his resignation to the Prime Minister Manmohan Singh.He resigned following the defeat of the Congress-led UPA in the general elections 2014. Since the term of the EAC-PM was parallel to that of the Prime Minister, with the resignation of the PM Manmohan Singh on 17 May 2014, the EAC-PM also needed to resign. The Council headed by C Rangrajan had Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak and Dilip M. Nachane as members. Before this, it which was constituted on 29 December 2004, headed by Suresh Tendulkar resigned upon the completion of the then Union government's term on 21 May 2009. ==Functions==

Terms of reference as defined by the EAC-PM are as follows: and Review of the Economy of India. ==Organisation==

The EAC-PM is chaired by a Chairperson and consists of eminent economists as members. Chairman S. Mahendra Dev is the current chairman of the current EAC-PM, appointed in 2025. Dr. C. Rangarajan was the Chairman of the previous charaiman. Chairman suggests measures to improve the economic condition. The Chairman had the rank equivalent to a Cabinet Minister of India. • S. Mahendra Dev - Chairman • Dr. Shamika Ravi, as a full-time member who was also an earlier member of the EAC. • Sanjeev Sanyal, as a full-time member, who was Principal Economic Advisor to the Finance Minister. • Sanjay Kumar Mishra, as a full-time member, who was the former Enforcement Directorate Chief. • Prof. Gourav Vallabh, as Full-time member • Dr. Sajjid Z. Chinoy, as part-time member, who is Chief India Economist at J.P. Morgan • Rakesh Mohan, as part-time member, President and Distinguished Fellow of the Centre for Social and Economic Progress (CSEP), New Delhi, India. • Prof. TT Ram Mohan, as part-time member. Visiting Professor at IIM Ahmedabad. • Neelkanth Mishra, as part-time member, is a Managing Director, Co-Head of Equity Strategy, Asia Pacific, and India Strategist for Credit Suisse • Nilesh Shah,as part-time member,is currently Managing Director of Kotak Mahindra Asset Management Company Limited • Poonam Gupta (Economist), as part-time member, is a Deputy governor of the Reserve Bank of India The previous EAC had, in addition to Dr C Rangarajan, the following members: • Dr. M Govinda Rao (Director-General, National Institute of Public Finance & Policy) • Dr. Saumitra Chaudhury (Economic Adviser, ICRA (Information and credit rating services), India) • Dr. Vijay Shankar Vyas (President, Asian Society of Agricultural Economists) • Dr. Dilip M. Nachane ( Professor Emeritus, Indira Gandhi Institute of Development Research, Mumbai) • Economist Surjit Bhalla • National Institute of Public Finance and Policy director Dr. Rathin Roy • Brookings Institution member Shamika Ravi In the previous PMEAC, the members of the council were given the rank of Minister of State. Officials The previous EAC had the following officials: • Dr. Alok Sheel - Secretary • Tapasya Obhroi Nair - Deputy Secretary • Sh. Vibeesh E M - Senior Research Officer ==Impact==

The periodic reports of the EAC-PM - the annual Economic Outlook Many financial periodicals publish interviews and speeches of PMEAC Chairman to understand the most critical economic woes facing the country like inflation, monetary measures, etc. Views of the EAC-PM are also sought after to better understand the prospects of economic performance of India like its growth rates as well as on policy matters like autonomy of regulators and cotton export policy. In February 2011, PMEAC recommended to the government to initiate the process of fiscal consolidation given that the 2008 financial crisis has started to ease and the government had to re-initiate its commitment to the Fiscal Responsibility and Budget Management Act. ==Reports==

Among the widely read periodic reports of the PMEAC - the annual Economic Outlook • Economic Outlook for 2010-11 • Review of the Economy 2009-10 • Economic Outlook for 2009-10 • Review of the Economy 2008-09 • Economic Outlook 2008-09 • Review of the Economy 2007-08 • Economic Outlook for 2007-08 • Economic Outlook 2006-07 ==Latest assessment 2010–11==

Based on the latest assessment of the Economy of India for the financial year 2010–11, the EAC has highlighted the following: • Economic growth projected at 8.6% for FY2010-11 and 9% for FY2011-12 • Inflation estimated to be at 7% by March-end • Agriculture sector projected to grow 5.4% in 2010-11 • Industry sector to expand at 8.1% and services sector at 9.6% • Fiscal deficit to come down to 5.2% in FY11 • Exports estimated to increase to $230 billion in FY2010-11 • Current account deficit to be 3% of GDP • Budgeted fiscal and revenue deficit beyond comfort zone • Capital inflows projected at $64.6 billion this fiscal • Investment rate expected to be 37% • Domestic savings rate expected to be 34% ==See also==