Inclusive Growth Current Affairs

NITI Aayog Conducts First Samavesh Meeting

NITI Aayog has conducted the first Samavesh meeting of the National Steering Group and other knowledge partners under the co-chairmanship of Amitabh Kant, CEO and Ratan P Watal, Principal Adviser, NITI Aayog. The meeting was also attended by representatives of four States- Kerala, Assam, Uttar Pradesh and Rajasthan.

Salient Highlights

The objective of the meeting was to bring together 32 premier educational and policy research institutions to boost the development process, improve institutional capacity and forge a field level interface with the community in pursuance with the Prime Minister’s call for a New India 2022,

In the meeting, Memorandum of Understands (MoUs) were signed between NITI Aayog and major think tanks across the country with an aim to create an atmosphere of evidence based policy research.

This is the first ever initiative undertaken by the government to bring a huge number of institutions across diverse domain themes to deliberate together to promote inclusive development of the country. This network is expected to promote efficient knowledge sharing and information exchange among all partners in order to achieve a sustainable and more inclusive development in line with the National Development Agenda, Sustainable Development Goals and the 15 year Vision, 7 year strategy and 3 year action plan.

NITI Aayog has been emphasizing upon the role that can be played by the country’s Premier institutes to promote for inclusive development of the country. As a part of Samavesh initiative, NITI Aayog will launch a new link in its website that would serve as a major repository of knowledge based reports and case studies across different sectors of the economy.

NITI Aayog

NITI Aayog or National Institution for Transforming India was established on January 1, 2015 through a government resolution. NITI Aayog is essentially an advisory body that seeks to provide critical directional and strategic inputs across spectrum of key elements of policy to the centre as well as to the states. NITI Ayog was established by the government as a “Think Tank” which has no power to impose policies. NITI Aayog seeks to put an end to the slow and tardy implementation of the policy by fostering inter-ministry, inter-state and centre-state coordination. It has been envisaged to follow the bottom-top development approach whereby, it would develop mechanisms to formulate credible plans to the village level and aggregate these progressively at higher levels of government.

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3rd G20 Framework Working Group meeting held in Varanasi

The third edition of G20 Framework Working Group (FWG) meeting was held in Varanasi, Uttar Pradesh.

The two-day meeting took place under the G20 German presidency, and was co-hosted by the Union Finance Ministry and the Reserve Bank of India (RBI).

It was inaugurated by Shaktikanta Das, Economic Affairs Secretary and Dinesh Sharma, special secretary in the Finance ministry was head the programme.

Key Facts 
  • The two day meeting held discussions on the current global economic conjecture as well as deliberations on the policy options that countries can pursue to counter the challenges.
  • It also deliberated on the inclusive growth agenda of G20 and formulated a framework that will enable countries to help frame country specific inclusive growth policies.
  • The high-profile meeting was attended by around 100 financial and economic policy mandarins from around 19 countries of G20.
  • Officials from the International Monetary Fund (IMF), World Bank, OECD, ILO, UNCTAD, European Central Bank, European Commission, Financial Stability Board and Asian Development Bank also participated in it.
Background

The first two FWG meetings under the German presidency of G20 were held at Berlin in December 2016 and at Riyadh in February 2017. The fourth and the last G20 FWG meeting under the G-20 German presidency is likely to be held in Argentina before the G20 leaders’ summit in July 2017 in Hamburg, Germany.

Note: This was the fourth occasion that India, hosted the FWG meeting since its inception in 2009.Previously, India had hosted the G20 FWG meeting in Neemrana (2012 under Mexican presidency), Goa (2014 under Australian presidency) and in Kerala (2015 under Turkish presidency).

About G20
  • The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. It is deliberating on global economic issues and other important development challenges.
  • It comprises total 19 countries plus the European Union (EU), representing 85% of global GDP, 80% of international trade, 65% of world’s population.
  • It was started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Southeast Asian (Tiger economies) financial crisis.
  • In 2008, the first G20 Leaders’ Summit was held in Washington DC, US. The group had played a key role in responding to the global financial crisis.
  • Its members include India, Australia, Argentina, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, Russia, Turkey, South Africa, UK, US and EU.

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