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With reference to the PM’s Economic Advisory Council (PMEAC), consider the following statements:
1. It is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
2. It was set up in September 2017 with a term of five years.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
With reference to the PM’s Economic Advisory Council (PMEAC), co...
The Economic Advisory Council to the Prime Minister (EAC-PM) has recently issued a working paper that says that the decline in India’s rankings on a number of global opinion-based indices are due to the “serious problems" with the methodology used in these perception-based indices.
PM’s Economic Advisory Council (PMEAC):
  • 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 was set up with a view to provide a sounding board for inculcating awareness in government on the different point of view on key economic issues.
  • It is common for the Council to be reconstituted time and again with different organizational structures headed by various economists who are of recognized international eminence.
  • It was set up in September 2017 with a term of two years, replacing the erstwhile PMEAC, which was headed by former RBI governor C Rangarajan during the terms of former Prime Minister Manmohan Singh.
Organization:
  • The PMEAC is chaired by a Chairperson and consists of eminent economists as members.
  • After the latest reconstitution, it now has a Chairperson, Member Secretary and two part-time members.
  • It is supported in its functions by a team of officials and administrators.
  • There is no fixed definition on the exact number of members and staff of the PMEAC.
  • For administrative, logistic, planning and budgeting purposes, the NITI Aayog replaced erstwhile Planning Commission to serves as the Nodal Agency for the PMEAC.
Hence both statements are correct.
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With reference to the PM’s Economic Advisory Council (PMEAC), consider the following statements:1. It is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.2. It was set up in September 2017 with a term of five years.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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