Social Sector Current Affairs

Ratan P Watal appointed as principal adviser for social sector in NITI Aayog

Former Finance Secretary Ratan P Watal has been appointed as Principle Adviser for social sector in NITI Aayog. He has been appointed to the post for three years.

His appointment comes after his two-month extended tenure as Finance Secretary ended in April 2016. He was to retire in February 2016, but got a two-month extension.

Mr. Watal is a retired IAS officer of Andhra Pradesh cadre of a 1978-batch. He had served as Finance Secretary between August 2015 and April 2016.

About NITI Aayog

  • National Institution for Transforming India (NITI Aayog) is premier policy think tank of Union Government. It has had replaced erstwhile six decade old Planning Commission.
  • Its aim is to foster involvement and participation in the economic policy-making process of the state governments and has adopted a bottom-up approach in planning.
  • Noted Economist Arvind Panagariya is Vice Chairman of the NITI Aayog. Economist Bibek Debroy and former DRDO chief V K Saraswat are its full-time members.

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India, Bangladesh sign $2 billion Line of Credit

India has signed the second line of credit (LOC) agreement extending 2 billion dollars in development financing to Bangladesh for undertaking various development projects.

This credit line will be provided through Export Import Bank of India (Exim Bank), India’s external lending arm. It is Exim Bank’s biggest ever LOC facility given to another country.

The development financing will be used in the infrastructural projects like power sector, road transportation, railways, shipping, information and communication technology (ICT) and social sector projects like health and technical education.

Background

The financing deal comes after Prime Minister Narendra Modi in June 2015 had announced new credit line to Bangladesh during his official visit to Dhaka. It follows India’s earlier 1 billion dollar in assistance provided to Bangladesh in 2011 for infrastructure development.

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