INDIAN POLITY

• Context: Prime Minister chaired a meeting of the Economic Advisory Council to the Prime Minister (EAC-PM) in which members discussed measures to sustain and accelerate India’s economic growth amid an uncertain global environment.

About the Economic Advisory Council to the Prime Minister (EAC-PM)

• The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent advisory body established to provide expert advice to the Government of India, particularly to the Prime Minister, on economic and related matters. 

Functions of EAC-PM

• Examines economic and other issues referred to it by the Prime Minister and offers recommendations. 
• Studies major macroeconomic developments and submits its views and policy suggestions to the Prime Minister. 
• May take up issues on its own initiative or based on references received from the Prime Minister or other sources. 
• Undertakes any additional assignments entrusted to it by the Prime Minister from time to time. 

Nature of the Council

• The recommendations of the EAC-PM are advisory and are not mandatory for the Government to implement. 
• Besides policy advice, the Council contributes to improving public understanding and awareness of economic issues. 

Composition

• The Council is led by a Chairperson and comprises distinguished economists as members. 
• Its work is supported by a team of administrative and professional staff. 
• There is no predetermined or fixed number of members or supporting personnel. 

Administrative Support

• For administrative, logistical, planning, and budgetary matters, NITI Aayog acts as the nodal agency for the EAC-PM.
  Current Facts

  Thirukkural (595)

  With rising flood the rising lotus flower its stem unwinds;

  The dignity of men is measured by their minds

  
  Explanation:

  • The stalks of water-flowers are proportionate to the depth of water; so is men’s greatness proportionate to their minds.