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Consider the following statements regarding the Prime Minister’s Economic Advisory Council (PMEAC): 1. It is a statutory and permanent body. 2. It analyzes any economic issue referred to it by the Prime Minister and advises him thereon. 3. It submits periodic reports to the Prime Minister, related to macroeconomic developments and issues. Which of the statements given above is/are correct?

Consider the following statements regarding the Prime Minister’s Economic Advisory Council (PMEAC): 1. It is a statutory and permanent body. 2. It analyzes any economic issue referred to it by the Prime Minister and advises him thereon. 3. It submits periodic reports to the Prime Minister, related to macroeconomic developments and issues. Which of the statements given above is/are correct? Correct Answer 2 and 3 only

The correct answer is 2 and 3 only.

Key Points

  • Prime Minister’s Economic Advisory Council (PMEAC):
  • Economic Advisory Council to the Prime Minister is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. Hence statement 1 is not correct.
  • It analyzes any economic issue referred to it by the Prime Minister and advises him thereon.
  • It submits periodic reports to the Prime Minister, related to macroeconomic developments and issues.
  • Hence the correct answer is 2 and 3 only.

Additional Information 

  • Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
  • The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.
  • It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.
  • The PMEAC has been constituted several times since the independence of India.
  • In the latest occurrence, Prime minister Modi revived the body on 25 September 2017.
  • Currently, the PMEAC chairman post is held by Bibek Debroy.
  • Terms of reference as defined by the PMEAC are as follows:
    • Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
    • Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister.
    • This could be either suo-moto or on a reference from the Prime Minister or anyone else: Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy.
    • Attending to any other task as may be desired by the Prime Minister from time to time.

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