The Prime Minister has appointed Dr.C.Rangarajan, (former Chairman, 12th Finance Commission) as Chairman, Economic Advisory Council to Prime Minister, with Cabinet rank.

The Members of the Council will be Dr.Suresh Tendulkar (former Director, Delhi School of Economics), Dr.G.K.Chadda, (Vice-Chancellor, Jawaharlal Nehru University), Dr.Govinda Rao (Director-General, National Institute of Public Finance & Policy) and Dr.Saumitra Choudhuri, (Economic Adviser, ICRA). Members of the Council will have the rank of Minister of State.

Apart from advice on policy matters referred to the Council by the PM from time to time, the EAC will prepare a monthly report on economic developments at home and abroad for the Prime Minister. It will also monitor economic trends on a regular basis and bring to the PM's attention important developments at home and abroad and suggest suitable policy response.