The Passing of Bibek Debroy and the Future of the EAC-PM
The recent passing of Dr. Bibek Debroy, the esteemed economist and Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), has left a significant void in the government's policy formulation efforts. Dr. Debroy's contributions to the EAC-PM were invaluable, and his absence will be deeply felt.
The EAC-PM, an independent body of economic and sectoral experts, plays a crucial role in advising the Prime Minister on economic and related issues. Its responsibilities include analyzing issues referred to it by the Prime Minister, addressing matters of macroeconomic importance, and presenting its views on various economic topics. The council also publishes periodic reports on subjects such as social progress indices, state economic performance, and food consumption patterns in India.
Dr. Debroy's appointment as Chairman of the EAC-PM in September 2017 marked a significant moment for the council. He brought a wealth of experience and expertise to the role, having previously served as a permanent member of the NITI Aayog from 2015 to 2019. His untimely passing on November 1st, 2023, after battling health issues, is a significant loss to the Indian economic landscape.
The EAC-PM currently comprises two full-time members, Sanjeev Sanyal and Shamika Ravi, alongside six part-time members, including Rakesh Mohan, Sajjid Chinoy, Neelkanth Mishra, Nilesh Shah, TT Ram Mohan, and Poonam Gupta. While the EAC-PM is not a constitutional body, its role in providing guidance and recommendations on critical economic issues has been recognized by successive governments.
The UPA government, under Prime Minister Manmohan Singh, established the Economic Advisory Council in December 2004, with Dr. C Rangarajan as its Chairman. In addition to advising the Prime Minister on policy matters, the council was tasked with preparing monthly reports on domestic and international economic developments.
The government is expected to begin the process of selecting a new Chairperson for the EAC-PM soon. The council's continued work in providing expert advice and analysis will be crucial in navigating the complex economic challenges facing India.