Bibek Debroy to head the PM Modi’s Economic Advisory Council

Bibek Debroy to head the PM Modi’s Economic Advisory Council

Recently, the Prime Minister Narendra Modi set up a five-member Economic Advisory Council (EAC).

Bibek Debroy, the chairman of the Economic  Advisory Council

Why was the EAC constituted?

  • The EAC has been constituted in the backdrop of growing concerns of loss in the growth momentum in the economy, which indicates that the PM will closely scrutinize future economic policy.
  • In order to provide a “sounding board” for inculcating awareness in the government on the different points of view on the key economic issues, the EAC was set up.

About the Economic Advisory Council (EAC) →

  • The EAC will help the government to advise and analyze on key issues of macro-economic importance.
  • The council will analyze any issue, economic or otherwise, or referred to it by the PM.
  • The panel will also express their views thereon to the PM that could be either suo motu or on reference from the PM or anyone else.

The members of the panel are –

  • Bibek Debroy, a member of the government’s think tank the NITI Aayog, will be the chairman of the Economic Advisory Council.
  • Before joining the NITI Aayog as a member, Bibek Debroy was with the Centre for Policy Research till 2015.
  • Bibek Debroy has also headed a panel for restructuring the Indian Railways that submitted a report in 2015 suggesting doing away with a separate rail budget.
  • Apart from Bibek Debroy, the four other members are – Surjit Bhalla, Rathin Roy, Ashima Goyal, and Ratan Watal.
  • The chairman of research and portfolio management firm Oxus Investments, Surjit Bhalla has taught at the Delhi School of Economics and worked at the World Bank and the Brookings Institution.
  • Rathin Roy is the director of the National Institute of Public Finance and Policy and a member of the NK Singh committee on a new Fiscal Responsibility and Budget Management law.
  • Ashima Goyal is a professor at the Indira Gandhi Institute of Development Research.
  • Ratan Watal is a former finance secretary who was appointed the principal adviser to the NITI Aayog in 2016. Prior to this, he headed the committee on digital payments.
  • Ratan Watal will be the principal adviser of the panel.


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