The newly-formed Civil Aviation Economic Advisory Council will advise the ministry on a suitable policy framework to ensure affordable air services to remote and undeserved areas in the country. The Ministry came out with the terms of reference for the committee today. It will also advise on a regulatory framework to ensure sustainability and viability of air transport services besides fiscal charges and financial matters. The Council will have its first meeting on Monday. Besides DGCA and Economic Advisor to the Ministry, members of the council include CEOs of all scheduled airlines and airport operators, representatives of International Air Transport Association and Industry associations. The council has been set up after the private airlines started charging exorbitant air fares. The fares came down by around 25 percent only after the ministry swung into action and cracked its whip.