Why it is in news?

• Newly constituted PM Economic Advisory Council acknowledges slowdown but declines to share reasons .
• But they will not be sharing what these reasons are, other than to the PM.

What PMEAC said?

• Accelerating growth and employment over the next six months would be the top priority of the PMEACs chairman Bibek Debroy 
• The five-member Council was unanimous that the government shouldn’t stray from the path of fiscal consolidation
• Thus ruling out a fiscal stimulus to reverse the downturn in the economy.
• Stressed that there is no good data regarding jobs, employment and unemployment
• The only good way to obtain satisfactory jobs data is through household surveys
• The previous National Sample Survey was released in 2011, and the next one will release data only in 2018.

What is PMEAC?

• Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
•  The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.
•  It advises the Prime Minister on a whole host of economic issues like inflation, microfinance, industrial output, etc.
• Bibek Debroy is the current chairman of the current EAC
• Dr. C. Rangarajan was the Chairman of the previous PMEAC.