A New Look PM's Economic Advisory Council Steps Up

Though the new team of the EAC-PM — which was reconstituted just two weeks ago — is expected to analyse economic and other policy issues that the PM refers to it, sources said the council is also likely to independently delve into other issues and prescribe measures to augment consumption and employment opportunities.

The EAC-PM was originally set up by the late PM Manmohan Singh in 2004. On June 4, PM Modi approved its reconstitution. Now, it is expected to play a more proactive role in prescribing socio-economic policies regularly.

“On an immediate basis, the focus of the council will be to ensure that GDP growth picks up, and that geopolitical risks don't affect the domestic economy,” an official source told The Secretariat.

EAC PM-Members

In March this year, former Enforcement Directorate chief Sanjay Kumar Mishra was appointed a full-time member of the EAC-PM. Mishra, known for his economic acumen, has also handled and investigated several tax cases. Two other full-time members of the council are Shamika Ravi and Sanjeev Sanyal.

The State Bank of India’s Chief Economic Adviser Soumya Kanti Ghosh, IIM-Bangalore professor Pulak Ghosh, Delhi School of Economics Director and professor Pami Dua, and BJP national spokesperson Gourav Vallabh, have also joined the EAC-PM as part-time members.

Earlier, The Secretariat had reported that Soumya Kanti Ghosh and Pulak Ghosh, in 2018, had jointly prepared a report refuting claims that India was going through a phase of jobless growth. Deriving data from the Employees’ Provident Fund Organisation (EPFO) and Employees’ State Insurance Corporation, the two economists established a different interpretation of the country’s employment situation. Following their report, the EPFO started publishing monthly payroll data.

Interestingly, Mishra’s appointment in the EAC-PM coincided with the induction of former Cabinet Secretary Rajiv Gauba in the Niti Aayog, as a full-time member. Sources said that Niti Aayog and EAC-PM will work closely to support economic growth.