New Delhi: At a time when Finance Minister Nirmala Sitharaman is making a number of announcements to give a boost to the ailing economy in the country, the Central government on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) under the chairmanship of Bibek Debroy for a period of two years. Notably, Debroy is the current chairman of the EAC-PM.

“Government of India has reconstituted the EAC-PM for a period of two years with effect from September 26, 2019,” said an official release.

However, Ratan P Watal will continue as Member Secretary of the EAC-PM. Along with these two full-time members, the EAC-PM will also have two part-time members as against three in the outgoing panel.

While Ashima Goel continues to be one of the part-time members, Sajjid Chinoy has been appointed as the new member of the EAC-PM.

As per the new formulation, two existing part-time members, Rathin Roy and Shamika Ravi, have not found any place in the new EAC-PM.

A non-constitutional, non-permanent organization, the EAC-PM is an independent body constituted to give economic advice to the Prime Minister. Along with highlighting key economic issues to the government with a neutral viewpoint, the EAC-PM also advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.

Functions by a team of officials and administrators, the EAC-PM doesn’t have a fixed definition on the exact number of members and staff. At one point it was even chaired by the then Prime Minister Atal Bihari Vajpayee himself.

The NITI Aayog works like the nodal agency for the PMEAC for administrative, logistics, planning and budgeting purpose.