Prime Minister Narendra Modi has formed an Economic Advisory Council that will be headed by NITI Aayog member Bibek Debroy. The five-member panel will include NITI Aayog’s principal adviser Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.Meet the five members of the Economic Advisory Council:Bibek DebroyBibek Debroy is an economist, author and member of the NITI Aayog. Debroy has taught at Presidency College, Calcutta, the Gokhale Institute of Politics and Economics, Indian Institute of Foreign Trade and National Council of Applied Economic Research.Heading a panel on restructuring the Indian Railways, Debroy came up with a report that sought to appoint an independent regulator while doing away with Rail Budget.Surjit BhallaSurjit Bhalla has taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, World Bank, Goldman Sachs and Deutsche Bank. He is the chairman of a New Delhi-based economic research, Oxus Investments.He has authored academic articles as well as three books on globalisation and its effects on the world economy.He has been on several government committees, including the two capital account convertibility committees of the RBI (1997 and 2006). He has also been a member of the Secondary Market Advisory Committee of SEBI and of the National Statistical Commission of India.After the EAC announcement was made on Monday, Bhalla tweeted: “Thanks to all for support (including the critics!) hope to provide inputs to help Indian economy and working with EAC and @bibekdebroy”.Rathin RoyRathin Roy is the director of Delhi-based think-tank National Institute of Public Finance and Policy. He has worked as an economic diplomat and policy adviser with the United Nations Development Program.He has also worked as an investment banker and as an academic economist, with research on fiscal space, fiscal decentralisation, macro-fiscal policy, and the economics of institutions, according to the NIPFP’s website.Ashima GoyalAshima Goyal has served on several government committees, boards of educational and of financial institutions, including the RBI technical advisory committee for monetary policy. She has been a visiting fellow at the Economic Growth Centre, Yale University.Goyal is a professor at the Indira Gandhi Institute of Development Research and has authored books including Macroeconomics and Markets in Developing and Emerging Economies and A Concise Handbook of the Indian Economy in the 21st Century.Ratan WatalRatan Watal is principal adviser, NITI Aayog. He has previously served in the Prime Minister’s Office, the International Monetary Fund and the Andhra Pradesh government.Before joining the NITI Aayog, Watal was the finance secretary and is credited with facilitating prudent fiscal management during his tenure in finance ministry.He chaired a committee to review the framework for digital payments. The committee submitted its report in December last year and the recommendations are currently under implementation, according to the NITI Aayog website.