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The Economic Advisory Council to the Prime Minister was constituted on 29th Dec 2004 with the Chairman of Cabinet rank. Dr. C. Rangarajan is the current Chairman.
The Members of the Council are Dr. Saumitra Chaudhuri (Economic Adviser, ICRA), Dr. Vijay Shankar Vyas (President, Asian Society of Agricultural Economists), Dr. Pulin B. Nayak and Dr. Dilip M. Nachane. The members of the Council will have the rank of Minister of State.
Apart from advice on policy matters referred to the Council by the PM from time to time, the EAC also prepares a monthly report on economic developments at home and abroad for the Prime Minister. It monitors economic trends on a regular basis and bring to the PM’s attention important developments at home and abroad and suggests suitable policy responses.