Arvind Panagariya Current Affairs

Arvind Panagariya resigns as Vice-Chairman of NITI Aayog  

Arvind Panagariya (64) has resigned as Vice Chairman of NITI (National Institution for Transforming India) Aayog and announced to return to academics in US.

He resigned after his public service leave for two years from the Columbia university, where he is professor of Indian Political Economy did not receive extension. He was appointed as the as Vice Chairman of NITI Aayog in January 2015 and held cabinet minister rank.

About Arvind Panagariya

Before joining Niti Aayog, he was a professor at Columbia University and chief economist at the Asian Development Bank (ABD). He has also worked for the World Bank, International Monetary Fund (IMF), World Trade Organisation (WTP), and the UN Conference on Trade and Development (UNCTD) in various capacities.

He has earned PhD in economics from prestigious Princeton University. He has written around 10 books and the latest was India: The Emerging Giant published in 2008. He was honoured with Padma Bhushan in 2102.

About NITI Aayog

NITI Aayog was formed on January 1, 2015. NITI Aayog via a resolution of the Union Cabinet. It is the premier policy ‘Think Tank’ of the Union Government, providing both directional and policy inputs. It had replaced the 65-year old Planning Commission established in 1950. Prime Minister is ex-officio Chairperson of the Aayog.

NITI Aayog plays important role in designing strategic and long term policies and programmes for the Government. It also provides relevant technical advice to the Centre and States. It also acts as the quintessential platform of Union Government to bring States to act together in national interest, and thereby fosters Cooperative Federalism.

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Government constitutes Arvind Panagariya committee to fast-track bullet train project

Union Government has constituted a committee to fast track the Mumbai-Ahmedabad High-Speed Rail Corridor, meant for connecting two cities with bullet trains.

The committee is tasked to interact with the Japanese counterpart for taking further steps in implementation of Mumbai-Ahmedabad High-Speed Rail Corridor.

Members: The committee will be headed by Arvind Panagariya, vice-chairman of the NITI Aayog. It will also include Railway Board chairman, foreign secretary and secretary (industrial policy) and secretary in the department of expenditure as its members.

Mumbai-Ahmedabad High-Speed Rail Corridor: It will be 500km long and will be connecting both trains at the cost of the project will be 98,000 crore rupees.  Japan will invest 78, 000 crore rupees making it largest foreign investment in railway sector of India.

Background

  • Recently, Union Cabinet had had given its nod to bullet train project making it first of its king bullet train project with the help of Japan for funds and technology.
  • Cabinet approval was based on the recommendations of a committee headed by Panagariya which had favoured Japan over China due to the low-cost funding also commitment for technology transfer and local manufacturing for a specified period.

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