The economic situation in the country would continue to be very difficult even on favourable assumptions of a good monsoon and stable oil prices, according to the high-level Economic Advisory Council( EAC) to the Prime Minister.
On this basis, with help of econometric models and qualitative judgement, the council has made detailed projections of income growth, prices and balance of payments.
The Council functions from Yojna Bhavan and submit reports from time to time on important economic matters for consideration of the Prime Minister and the Government.
In preparation of its reports, the Council draws on the best expertise available in the government and outside, including national research institutions.