The Role of the Prime Minister's Economic Advisory Council (PMEAC)

PMEAC offers unbiased economic advice in India.

The Economic Advisory Council to the Prime Minister of India (PMEAC) is a group that provides economic advice to the government of India, led by the Prime Minister. It is an independent body that is not part of the constitution and it is not a permanent group.

The council's main purpose is to give the government an unbiased perspective on important economic issues in the country. It helps the government understand and address problems like inflation, microfinance, and industrial output.

Overall, the PMEAC plays a key role in offering economic guidance to the Prime Minister and the government of India.

PMEAC advises on India's economic matters.

The PMEAC, which stands for Prime Minister's Economic Advisory Council, has been formed multiple times after India gained independence. In the most recent instance, Prime Minister Modi brought back the group on September 25, 2017. The current chairman of the PMEAC is Bibek Debroy.

Rangarajan resigned from PMEAC after elections.

The previous Prime Minister's Economic Advisory Council (PMEAC) Chairman, Chakravarthi Rangarajan, resigned on 19 May 2014. He sent his resignation to Prime Minister Manmohan Singh. Rangarajan resigned because the Congress-led UPA was defeated in the 2014 general elections.

The PMEAC's term was connected to that of the Prime Minister. Since Manmohan Singh resigned on 17 May 2014, the PMEAC also needed to resign.

The PMEAC, led by C. Rangarajan, included Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak, and Dilip M. Nachane as members.

Previously, the PMEAC was formed on 29 December 2004, with Suresh Tendulkar as the Chairman. Tendulkar's PMEAC resigned when the government's term ended on 21 May 2009.

PMEAC advises PM on economic issues.

Functions refer to the tasks or responsibilities assigned to a person or a group. In the context of the PMEAC, which stands for the Prime Minister's Economic Advisory Council, the terms of reference refer to the specific tasks or responsibilities assigned to the council.

The PMEAC is responsible for providing advice and guidance to the Prime Minister of a country on economic matters. This includes analyzing economic trends and issues, and recommending policy measures to address them. The council's main role is to support the government in formulating and implementing sound economic policies.

The terms of reference for the PMEAC outline the specific areas of focus for the council. This may include areas such as economic growth, inflation, fiscal policies, monetary policies, and other related matters. The council may also be responsible for conducting research, analyzing data, and providing reports on specific economic issues.

In summary, the functions of the PMEAC are to provide economic advice to the Prime Minister, analyze economic trends, and recommend policy measures to address economic issues. The terms of reference define the specific tasks and areas of focus for the council.

PMEAC advises PM on economic matters.

The Prime Minister's Economic Advisory Council (PMEAC) has several important responsibilities. First, it analyzes and advises the Prime Minister on any economic issues that he asks for help with. Second, the PMEAC looks into important macroeconomic issues and shares its opinions with the Prime Minister. These opinions can be given voluntarily or if the Prime Minister or someone else asks for them. Third, the PMEAC regularly reports to the Prime Minister about the overall state of the economy and any important economic developments that could affect economic policies. Lastly, the PMEAC is available to assist with any other tasks that the Prime Minister requests.

Overall, the main role of the PMEAC is to provide a neutral perspective on economic policy matters that the Prime Minister seeks guidance on. It also prepares a monthly report that highlights important economic developments for the Prime Minister's attention. To create this report, the PMEAC closely monitors economic trends both within the country and around the world. It then recommends appropriate policy responses for the Prime Minister to consider.

The PMEAC also publishes reports on the annual Economic Outlook and Review of the Economy of India. These reports provide a comprehensive analysis of the country's economic situation and its future prospects.

PMEAC is an organization of economists.

The PMEAC is an organization that is led by a Chairperson and includes respected economists as members. They have a team of officials and administrators who help them with their work. The exact number of members and staff of the PMEAC is not fixed and it has even been chaired by the Prime Minister in the past.

The NITI Aayog is the agency that provides administrative, logistic, planning, and budgeting support to the PMEAC. They help with the day-to-day operations of the organization.

Bibek Debroy: Current EAC chairman.

The current chairman of the EAC is Bibek Debroy. He was appointed in 2017. Previously, Dr. C. Rangarajan served as the chairman of the PMEAC. The chairman's role is to propose ways to improve the economy. Dr. Rangarajan was appointed as chairman in August 2009 and had the same rank as a Cabinet Minister in India.

PMEAC members: current lineup.

The PMEAC currently has the following members:

Debroy leads council, Ravi is member.

Bibek Debroy is the chairman of the council. He used to be a member of NITI Aayog, an organization that plans and coordinates the development of India.

Dr. Shamika Ravi is a full-time member of the council. She previously served as a member of the Economic Advisory Council (EAC), which advises the government on economic issues.

EAC has new members including Sanjeev Sanyal.

The Economic Advisory Council (EAC) has a new team of members. Sanjeev Sanyal, previously the Principal Economic Advisor of the Finance Minister, is now a full-time member. Dr. Sajjid Z. Chinoy, the Chief India Economist at J.P. Morgan, is a part-time member. Dr. Ashima Goyal, a well-known economist and professor at the Indira Gandhi Institute of Development Research, is also a part-time member. Prof. TT Ram Mohan, a visiting professor at IIM Ahmedabad, is also a part-time member. Neelkanth Mishra, the Managing Director and Co-Head of Equity Strategy at Credit Suisse, is a part-time member as well. Nilesh Shah is the current Managing Director of Kotak Mahindra Asset Management Company Limited. Dr. Poonam Gupta, the Director General of NCAER, is a part-time member. The previous EAC had Dr. C Rangarajan as one of its members.

Previous PMEAC members held important positions.

The previous PMEAC had several members who held important positions. Some of them include Dr. M Govinda Rao, who is the Director-General of the National Institute of Public Finance & Policy. Another member is Dr. Saumitra Chaudhury, who is an Economic Adviser at ICRA (Information and Credit Rating Services) in India. Dr. Vijay Shankar Vyas, the President of the Asian Society of Agricultural Economists, was also a member. Dr. Dilip M. Nachane, a Professor Emeritus at the Indira Gandhi Institute of Development Research in Mumbai, was part of the council as well. Economist Surjit Bhalla, Dr. Rathin Roy (director of the National Institute of Public Finance and Policy), and Shamika Ravi from the Brookings Institution were also members.

In the previous PMEAC, the council members were given the rank of Minister of State. Even former Prime Minister Manmohan Singh was once a member of the PMEAC.

EAC officials played crucial roles in conference.

The previous EAC (East Asian Conference) included several officials who played important roles. These officials were responsible for carrying out various tasks and decisions within the organization. Their roles were crucial for the smooth functioning of the conference.

Dr. Alok Sheel - Secretary

Tapasya Obhroi Nair - Deputy Secretary

Sh. Vibeesh E M - Senior Research Officer.

Dr. Alok Sheel serves as the Secretary. Tapasya Obhroi Nair is the Deputy Secretary, and Sh. Vibeesh E M is the Senior Research Officer.

PMEAC influences India's economy, advises policies.

The PMEAC, or the Prime Minister's Economic Advisory Council, has a significant impact on the economy of India. Their reports and opinions are widely followed and receive a lot of media coverage. Other economic agencies, financial institutions, and businesses take their views into consideration when making policies and decisions. The PMEAC Chairman's interviews and speeches are published in financial periodicals to gain insight into the country's economic problems and trends. The PMEAC's views are also sought after to understand the country's economic performance and to discuss policy matters. In 2011, the PMEAC recommended that the government start the process of fiscal consolidation in response to the easing financial crisis and to uphold the Fiscal Responsibility and Budget Management Act.

PMEAC: Regular reports on economy published.

The PMEAC is known for publishing regular reports that people like to read. Two important reports are the annual Economic Outlook and Review of the Economy. Here are the latest editions of these reports.

Review and analysis of multiple years' economies.

The economy of the year 2010-11 was reviewed, and its outlook was discussed. The same was done for the year 2009-10, 2008-09, and 2007-08. Additionally, the economic outlook for the year 2006-07 was also analyzed.

Positive growth in Indian economy, some challenges

The latest assessment of the Economy of India for the financial year 2010-11 shows some important points, according to the Economic Advisory Council (EAC). Here are the key highlights:

1. Agriculture: The agriculture sector experienced healthy growth during this period. Crop production improved, leading to increased earnings for farmers.

2. Industry: The industrial sector also showed positive growth, with manufacturing industries performing well. This contributed to job creation and overall economic development.

3. Services: The services sector continued to be a significant driver of India's economy. Sectors such as information technology and telecommunications experienced rapid growth, attracting foreign investment and generating employment opportunities.

4. Inflation: The assessment highlighted concerns about rising inflation rates. This can negatively impact the purchasing power of consumers and create challenges for the overall economy.

5. Fiscal deficit: The report raised concerns about the fiscal deficit, indicating that it was higher than desired. Managing the deficit and ensuring fiscal discipline becomes crucial to maintain financial stability.

Overall, the assessment indicates that India's economy showed positive growth in several sectors during the financial year 2010-11. However, challenges such as inflation and fiscal deficit need to be addressed to sustain and further strengthen the economy.

Economic growth at 8.6%, inflation at 7%, sector growth in agriculture, industry, and services, decreasing fiscal deficit, increasing exports, high fiscal and revenue deficit, capital inflows, investment rate at 37%, domestic savings rate at 34%.

The economic growth for the fiscal year 2010-11 is estimated to be 8.6%, and for the fiscal year 2011-12, it is projected to be 9%. Inflation is expected to be around 7% by the end of March.

The agriculture sector is expected to grow by 5.4% in 2010-11. The industry sector is projected to expand by 8.1% and the services sector by 9.6%.

The fiscal deficit is anticipated to decrease to 5.2% in FY11. Exports are estimated to increase to $230 billion in FY2010-11. The current account deficit is expected to be 3% of GDP.

However, the budgeted fiscal and revenue deficit are higher than desired. Capital inflows for this fiscal year are projected to be $64.6 billion. The investment rate is expected to be 37%, while the domestic savings rate is expected to be 34%.