The Economic Advisory Council to the Prime Minister has been reconstituted with Dr. C. Rangarajan as its Chairman.

The Members of the Council are Dr. Saumitra Chaudhuri, (Economic Adviser, ICRA), Dr. Govinda Rao (Director-General, National Institute of Public Finance & Policy), Dr. Vijay Shankar Vyas(President, Asian Society of Agricultural Economists) and Mr. Suman K. Bery (Director-General, National Council of Applied Economic Research.) The 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 also prepares a monthly report on economic developments at home and abroad for the Prime Minister. It monitors economic trends on a regular basis and bring to the PM's attention important developments at home and abroad and suggests suitable policy responses.