The five-member team consists of Niti Aayog member Bibek Debroy who will head the Council.
The team also includes Aayog's principal advisor and former finance secretary Ratan Watal as its member-secretary.
National Institute of Public Finance and Policy Director Rathin Roy, Economist Surjit Bhalla and professor at Indira Gandhi Institute of Development Research Ashima Goyal have also been roped in as members of the Council.
The terms of reference of the council include analysis of any issue, economic or otherwise, referred to it by the PM and advising him on the same, and attending to any task 'as may be desired' by the Prime Minister from time to time.
It will also be addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister.
This could be either suo-motu or on reference from the Prime Minister or anyone else.
It was rendered defunct after the former UPA government demitted office in 2014. (ANI)