Govt reconstitutes Economic Advisory Council to PM, Rakesh Mohan inducted

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Govt reconstitutes Economic Advisory Council to PM, Rakesh Mohan inducted
© Faizan Javed Govt reconstitutes Economic Advisory Council to PM, Rakesh Mohan inducted

Prime Minister Narendra Modi has approved the reconstitution of the Economic Advisory Council to PM (EAC-PM) for a period of two years, as per an official notification on September 27. The EAC-PM’s previous term ended last month.

Former Reserve Bank of India deputy governor Rakesh Mohan has been inducted into the seven-member body, along with TT Ram Mohan of the Indian Institute of Management, and Poonam Gupta, who heads the National Council of Applied Economic Research.

Bibek Debroy retains his post as the chairman of EAC-PM. Others who have been retained include JP Morgan Chief Economist Sajjid Chenoy, Credit Suisse India equity strategist Neelkanth Mishra and Nilesh Shah, MD of Kotak  Mahindra Asset Management.

Those who have been dropped include member-secretary Ratan Watal, professor Ashima Goyal, and Anantha Nageswaran, who is the dean of IFMR Graduate School of Business.

The role of EAC-PM is to analyse any issue, economic or otherwise, referred to it by the PM and advise him on those issues, besides addressing subjects of macroeconomic importance and presenting views to the PM.

The EAC-PM is an independent body to advise the prime minister on economic and policy-related matters. Modi’s EAC-PM was set up in September 2017 with a term of two years, and was reconstituted previously in 2019. Former members of the first EAC-PM include economists Rathin Roy, Shamika Ravi and Surjit Bhalla.

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