The Economic Advisory Council to the Prime Minister (EAC-PM) is a non-constitutional, non-permanent institution constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister. The concept of an advisory body to the Prime Minister on economic matters has existed since the PMEAC's initial formation over three and a half decades ago, with the first iteration coming into existence around 1980 when Prime Minister Indira Gandhi faced formidable economic challenges. The current iteration of the EAC-PM was constituted by Prime Minister Narendra Modi on September 25, 2017, to provide a neutral viewpoint and a "sounding board" for different perspectives on key economic issues.
The mechanism of the EAC-PM is defined by its Terms of Reference (ToR), which include analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon. It also addresses issues of macroeconomic importance and presents views to the Prime Minister, either suo-motu or on reference. The advice provided by the council is advisory in nature and not binding on the Government. For administrative, logistic, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM. The council is headed by a Chairman, currently Prof. S. Mahendra Dev, and includes three Full-Time Members and eleven Part-Time Members. The council is non-permanent and is reconstituted periodically. Recently, the EAC-PM has been active in policy discourse, such as through a working paper recommending the end of sterilisation-linked incentives and the repeal of two-child rules, citing India's Total Fertility Rate (TFR) falling to 1.9.