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Economic Advisory Council to the Prime Minister of India (PMEAC) [1] is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. [2] The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint. [3] It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.
The PMEAC has been constituted several times since the independence of India.
In the latest occurrence, Prime minister Modi revived the body on 25 September 2017. Currently PMEAC chairman post is held by Bibek Debroy. [4]
The previous Prime Minister's Economic Advisory Council (PMEAC) Chairman Chakravarthi Rangarajan [5] 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 PMEAC was parallel to that of the Prime Minister, with the resignation of the PM Manmohan Singh on 17 May 2014, the PMEAC also needed to resign.
The PMEAC headed by C Rangrajan had Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak and Dilip M. Nachane as members.
Before this, PMEAC 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. [6]
Terms of reference as defined by the PMEAC are as follows: [3]
The primary role of the PMEAC is to give a neutral viewpoint on economic policy matters that are referred to it by the Prime Minister. [2] Additionally it prepares a monthly report of economic developments that need to be highlighted to the PM. For this purpose it closely monitors national and international economic developments and trends and develops appropriate policy responses for the PM. It publishes reports on the annual Economic Outlook [7] and Review of the Economy of India.
The PMEAC is chaired by a Chairperson and consists of eminent economists as members. [3] It is supported in its functions by a team of officials and administrators. There is no fixed definition on the exact number of members and staff of the PMEAC. At one point it was even chaired by the then Prime Minister Atal Bihari Vajpayee himself.
For administrative, logistic, planning and budgeting purposes, the NITI Aayog serves as the Nodal Agency for the PMEAC. [8]
Bibek Debroy is the current chairman of the current EAC, appointed in 2017. [9]
Dr. C. Rangarajan was the Chairman of the previous PMEAC. Chairman suggests measures to improve the economic condition. [3] He was appointed in August 2009. [10] The Chairman had the rank equivalent to a Cabinet Minister of India. [2]
The following are currently the members of the PMEAC: [3] [11] [12]
The previous EAC had, in addition to Dr C Rangarajan, the following members: [13]
In the previous PMEAC, the members of the council were given the rank of Minister of State. [2] At one time even the former Prime Minister Manmohan Singh was a member of the PMEAC [14]
The previous EAC had the following officials:
The periodic reports of the PMEAC - the annual Economic Outlook [7] and Review of the Economy - are the most widely followed. Additionally the remarks and opinions of the Chairman and members of the PMEAC get widespread media coverage and are influential in formulation of the policies of other economic agencies, financial institutions and businesses. [15] Many financial periodicals publish interviews and speeches of PMEAC Chairman [16] to understand the most critical economic woes facing the country like inflation, monetary measures, [17] etc. Views of the PMEAC are also sought after to better understand the prospects of economic performance of India like its growth rates [16] [18] as well as on policy matters like autonomy of regulators [19] and cotton export policy. [20] In February 2011, PMEAC recommended to the government to initiate the process of fiscal consolidation given that the international financial crisis has started to ease and the government had to re-initiate its commitment to the Fiscal Responsibility and Budget Management Act. [21]
Among the widely read periodic reports of the PMEAC - the annual Economic Outlook [7] and Review of the Economy, the following are the latest editions.
Based on the latest assessment of the Economy of India for the financial year 2010–11, the EAC has highlighted the following: [22]
Manmohan Singh is an Indian retired politician, economist, academician and bureaucrat who served as the 13th Prime Minister of India from 2004 to 2014. He is the third longest-serving prime minister after Jawaharlal Nehru and Indira Gandhi. A member of the Indian National Congress, Singh was the first Sikh prime minister of India. He was also the first prime minister since Jawaharlal Nehru to be re-elected after completing a full five-year term.
Delhi School of Economics (DSE), popularly referred to as D School, is an institution of higher learning within the University of Delhi. The Delhi School of Economics is situated in University of Delhi's North Campus in Maurice Nagar. Established in 1949, the campus of the Delhi School of Economics houses the University of Delhi's departments of Economics, Sociology, Geography and Commerce, as well as the Ratan Tata Library. Out of the four academic departments, the Departments of Economics, Sociology and Geography come under the Faculty of Social Sciences, while the Department of Commerce comes under the Faculty of Commerce and Business Studies.
Satyanarayan Gangaram Pitroda, also known as Sam Pitroda is an Indian telecommunication engineer and entrepreneur. He was born in Titlagarh in the eastern Indian state of Odisha to a Gujarati family. He was also an advisor to the PM during Dr. Manmohan Singh's tenure and for United Nations.
Bibek Debroy is an Indian economist, serving as the chairman of the Economic Advisory Council to the Prime Minister of India. He is also the Chairman of the Finance Ministry's 'Expert Committee for Infrastructure Classification and Financing Framework for Amrit Kaal'. Debroy has made significant contributions to game theory, economic theory, income and social inequalities, poverty, law reforms, railway reforms and Indology among others. Bibek Debroy's recent co-authored magnum opus, Inked in India, stands distinguished as the premier comprehensive documentation, capturing the entirety of recognized fountain pen, nib, and ink manufacturers in India. He is also an anchor for the fortnightly show Itihasa on Sansad TV.
Sanjeev Sanyal is an Indian economist and popular historian. He is a member of the Economic Advisory Council to the Prime Minister of India, and has helped prepare six editions of the Economic Survey of India starting in 2017. Sanyal has written several books on Indian history to mixed reviews.
Nand Kishore Singh is an Indian politician, economist and former Indian Administrative Service officer. He is a senior member of the Bharatiya Janata Party (BJP) since March 2014 after having served as a Member of Parliament in the Rajya Sabha (2008-2014) from Bihar for the Janata Dal (United). He has been a senior bureaucrat, Member of the Planning Commission and handled assignments of Union Expenditure and Revenue Secretary. He was also Officer on Special Duty to Prime Minister Atal Bihari Vajpayee.
Amir Ullah Khan is a professional economist and professor who works on development issues primarily in the health, education, and agriculture sectors. Prof. Khan has worked for the Ministry of Finance, Government of India and the UNDP at Project LARGE. He is a former Deputy Director and policy advisor to the Bill and Melinda Gates Foundation. Prof. Khan writes a regular column for the business news publication livemint.com and for the newspaper etemaaddaily.com He is also a visiting professor at the Indian School of Business and at NALSAR in Hyderabad.
Suresh D. Tendulkar was an Indian economist and former chief of the National Statistical Commission. Tendulkar was a member of Prime Minister Manmohan Singh's Economic Advisory Council (PMEAC) from 2004 to 2008 and then served as its chairman from 2008 to 2009 when C. Rangarajan vacated the post to enter the Rajya Sabha. He died on 21 June 2011, as a result of cardiac arrest at Prayag Hospital, Pune (India).
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally created in May 2010 following the general election and was placed on a statutory footing by the Budget Responsibility and National Audit Act 2011. It is one of a growing number of official independent fiscal watchdogs around the world.
Chakravarthi Rangarajan is an Indian economist, a former Member of Parliament and 19th governor of the Reserve Bank of India. He is the former chairman of the Prime Minister's Economic Advisory Council; he resigned the day the UPA lost power. He is also the Chairman of the Madras School of Economics; former president of the Indian Statistical Institute; the founding chairman of the CR Rao Advanced Institute of Mathematics, Statistics and Computer Science; former chancellor of the University of Hyderabad; and a professor in Ahmedabad University.
Yaga Venugopal Reddy is an Indian economist and a retired Indian Administrative Service (IAS) officer of the 1964 batch belonging to Andhra Pradesh cadre. Reddy served as governor of the Reserve Bank of India (RBI), India's central bank, from September 2003 until September 2008.
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA. N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
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National Council of Applied Economic Research (NCAER) is India’s oldest and largest independent, non-profit, economic policy research think tank. Established in New Delhi in 1956, it acquired considerable national and international standing within only a few decades of its founding. It is one of a handful of think tanks globally that combine rigorous analysis and policy outreach with deep data collection capabilities, especially for household surveys.
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