Tamil Nadu to set up Economic Advisory Council

Newly-elected Tamil Nadu government has decided to constitute an “Economic advisory council to the chief minister”.

Key Points

• Advisory council will comprise of leading economic experts from across the world as its members.
• Its members include:

1. Nobel laureate Esther Duflo of Massachusetts Institute of Technology (MIT) in USA,
2. Former Reserve Bank of India governor, Raghuram Rajan,
3. Former chief economic advisor to central government, Dr Arvind Subramanian,
4. Development economist, Jean Dreze and
5. Former Union finance secretary Dr S Narayan.

Purpose of the council

On the basis of recommendations of this council, government will revitalise economy in the state and ensure that benefits of economic growth reach all segments of society.

Economic Advisory Council to the Prime Minister (PMEAC)

PMEAC is a non-constitutional, non-permanent and independent body which have been constituted to provide economic advice to Government, specifically Prime Minister. It serves to highlight key economic issues that country faces such as inflation, microfinance, and industrial output. Council has been constituted several times since independence. Recently, Prime minister Modi revived the council in 2017. Presently, Bibek Debroy is the acting chairman of PMEAC. NITI Aayog serves as the Nodal Agency for PMEAC for administrative, logistic, planning and budgeting purposes.

Month: Current Affairs - June, 2021