In News:

• Eminent economist and columnist Surjit Bhalla had resigned as parttime member from the Economic Advisory Council to the Prime Minister (EAC-PM).

Background:

• 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.
• For administrative, logistic, planning and budgeting purposes, the NITI Aayog serves as the Nodal Agency for the PMEAC.

Terms of Reference of the EAC – PM:

• Analyze 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-motu or on reference from the Prime Minister or anyone else.
• Attending to any other task as may be desired by the Prime Minister from time to time.

Periodic Reports of the PMEAC:

• Annual Economic Outlook
• Review of the Economy