Chairman of Economic Advisory Council: S Mahendra Dev Appointed as EAC-PM Chairman in 2025

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S. Mahendra Dev Appointed Chairman of PM’s Economic Advisory Council

Eminent economist S. Mahendra Dev has been appointed as the new Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), effective June 5, 2025. This appointment marks a significant development in India’s economic policymaking landscape, as the EAC-PM had been without a full-time chairman since November 2024, following the demise of its first chairman, Bibek Debroy. NITI Aayog Vice Chairman Suman Bery had been holding the additional charge in the interim.

Resignation from Axis Bank

Upon his appointment, Prof. Dev resigned from his position as an independent director on the board of Axis Bank, citing the full-time nature of his new role. In a letter to the bank’s board, he expressed his commitment to the responsibilities entrusted to him by the Prime Minister. Axis Bank acknowledged his contributions and expressed deep appreciation for his guidance during his tenure.

Background and Expertise

Prof. S. Mahendra Dev is a distinguished development economist with extensive experience in academia and public policy. He holds a Ph.D. in economics from the Delhi School of Economics and has conducted post-doctoral research at Yale University. He has served as the Director and Vice Chancellor of the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, and has been involved in various government committees related to rural development, agriculture, and poverty alleviation.

Reconstitution of EAC-PM

Alongside Prof. Dev’s appointment, the EAC-PM has been reconstituted with new part-time members, including Soumya Kanti Ghosh, the Group Chief Economic Advisor at the State Bank of India. This restructuring aims to bring in fresh perspectives and expertise to address the evolving economic challenges facing the country.

Why This News is Important

Impact on Economic Policymaking

The appointment of Prof. S. Mahendra Dev as the Chairman of the EAC-PM is a strategic move by the government to enhance the quality of economic policymaking. His extensive experience in development economics and public policy is expected to provide valuable insights into addressing key economic issues such as inflation, unemployment, and inclusive growth. The reconstitution of the EAC-PM with new members further strengthens its capacity to offer comprehensive and forward-looking economic advice to the Prime Minister.

Significance for Government Exams

For students preparing for government exams, particularly those related to economics and public policy, this development is noteworthy. Understanding the roles and functions of advisory bodies like the EAC-PM is crucial for subjects such as General Studies and Economic Development. Familiarity with the profiles of key appointees and the structure of such councils can provide an edge in both objective and descriptive portions of competitive exams.

Historical Context

Formation of EAC-PM

The Economic Advisory Council to the Prime Minister (EAC-PM) was constituted to provide the Prime Minister with objective advice on economic and related issues. It serves as an independent body that highlights key economic issues facing the country and advises the government on policy matters. Over the years, the council has played a pivotal role in shaping India’s economic policies and strategies.

Previous Chairpersons

The EAC-PM has seen several distinguished economists at its helm. Notably, Dr. C. Rangarajan and Dr. Suman Bery have served as chairpersons, contributing significantly to the council’s work. The recent appointment of Prof. S. Mahendra Dev continues this legacy of bringing in experienced economists to guide the country’s economic direction.

Key Takeaways from “S. Mahendra Dev Appointed Chairman of PM’s Economic Advisory Council”

FAQs: Frequently Asked Questions

1. Who has been appointed as the new Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM)?
Prof. S. Mahendra Dev has been appointed as the new Chairman of the EAC-PM.

2. When did S. Mahendra Dev assume office as Chairman of the EAC-PM?
He assumed office on June 5, 2025.

3. What was S. Mahendra Dev’s position before being appointed as EAC-PM Chairman?
He was an independent director on the board of Axis Bank.

4. What is the main role of the Economic Advisory Council to the Prime Minister (EAC-PM)?
The EAC-PM provides objective economic advice and policy recommendations to the Prime Minister of India.

5. Who are some of the new part-time members appointed alongside S. Mahendra Dev?
Soumya Kanti Ghosh, Group Chief Economic Advisor at the State Bank of India, is one of the new part-time members.

6. Why did S. Mahendra Dev resign from Axis Bank?
He resigned to take up the full-time role as Chairman of the EAC-PM.

7. What is the academic background of S. Mahendra Dev?
He holds a Ph.D. in economics from the Delhi School of Economics and has done post-doctoral research at Yale University.