Prime Minister Narendra Modi constituted Economic Advisory Council and appointed Bibek Debroy as its chairman on Monday. NITI Aayog’s principal advisor and former finance secretary Ratan Watal will be Economic Advisory Council's member-secretary.
PM Modi also appointed Surjit Bhalla, Rathin Roy and Ashima Goyal as "part-time members" of the EAC.
The Economic Advisory Council had been rendered defunct by Modi after he took office in May 2014.
Debroy, a former professor at Centre for Policy Research, is currently a member of NITI Aayog, Indian Government's think tank.
An economist, Bhalla is the managing director of Oxus Research and Investments, a New Delhi-based economic research, asset management, and emerging-markets advisory firm.
Dr. Rathin Roy is the Director of New Delhi-based National Institute of Public Finance and Policy.
The third part-time member of the Council is Indira Gandhi Institute of Development Research professor Ashima Goyal.
According to an official note, the council will analyse and advise the Prime Minsiter on economic issues which he refers to them. They are also expected to address “issues of macroeconomic importance and presenting views” to the Prime Minister, according to the terms of reference of the EAC.
The council will also attend to "any other task as may be desired by the Prime Minister from time to time."
More details awaited.