The Economic Advisory Council to the Prime Minister (EAC-PM) is a non-constitutional, non-permanent, and independent advisory institution constituted to provide advice on economic and related issues directly to the Prime Minister of India. The EAC-PM has been constituted and reconstituted multiple times since India's independence, with its earliest form emerging over three and a half decades ago, around 1980, to address the difficult economic challenges faced by the government. The council was revived and reconstituted by Prime Minister Narendra Modi on September 25, 2017, after the previous Prime Minister's Economic Advisory Council (PMEAC) was disbanded following the change in government in 2014.
The core mechanism of the EAC-PM is to offer a neutral, expert viewpoint on economic policy matters, as its role is advisory and not binding on the Government. Its Terms of Reference include analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon, and addressing issues of macroeconomic importance either suo-motu or on reference. The council also submits periodic reports to the Prime Minister on macroeconomic developments. For administrative, logistic, and budgeting purposes, the NITI Aayog serves as the nodal agency for the EAC-PM. The council is commonly reconstituted with different organizational structures; for instance, a reconstitution was approved in 2025 for a two-year period, maintaining three full-time members and expanding to eleven part-time members. The current Chairman is S. Mahendra Dev.