The Economic Advisory Council was set up with a view to provide a sounding board for inculcating awareness in Government on the different point of view on key economic issues. The Economic Advisory Council was reconstituted time and again with different organisational structures headed by various economists who are of recognised international eminence.

The importance of Economic Advisory Council can be gauged by the fact that Sh. Atal Bihari Vajpayee the then Prime Minister, was the chairman of the Economic Advisory Council.