The government today announced the reconstitution of the Economic Advisory Council (EAC) to provide a stimulus to policy making and other key economic issues. Dr. Manmohan Singh, himself and economist of international repute, included former Reserve Bank governor Dr C Rangarajan as the panel chief; and Mr M. Govinda Rao, Mr V.S.Vyas, Mr Suman Bery and Mr Saumitra Chaudhuri as other members of committee.

The 77-year-old Dr. Rangarajan will replace Mr Suresh Tendulkar to head the prestigious panel. The former RBI governor said: “We will address various issues relating to the economic situation in the context of the drought-like situation in the country and infrastructure, specifically the problems faced by the power sector. The agenda will be set according to the needs of the economy.”

Meanwhile, two former members - the former ADB Director Mr S. C. Jha, Jawaharlal Nehru University and professor, Mr G.K. Chaddha - have been dropped from the panel.

All members of the PM’s Economic Advisory Council will have the rank of minister for state, while the chairman will have a cabinet rank.