Business, Economy & Banking Current Affairs - 2019
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Reserve Bank of India (RBI) governor Shaktikanta Das called for permanent status to Finance Commission. RBI Governor Shaktikanta Das is also the member of the fifteenth finance commission.
Necessity of the Permanent Status
- The permanent status will ensure consistencies between finance commissions so that there is some certainty in the flow of funds to states.
- The permanent status will also provide for continuity between the successive finance commissions.
- The permanent status will also provide for the finance commission to function as a leaner entity in the intervening period until the next finance commission is set up in a full-fledged manner.
- The establishment of the finance commission through permanent status will also enable it to address issues arising from the implementation of the recommendations of the finance commission during the intervening period.
The RBI governor also called on for a robust expenditure planning without compromising on fiscal consolidation as fiscal federalism gathers momentum in the era of uniform goods and services tax (GST). He said that it is equally important to undertake robust expenditure planning based on a ‘commonly agreed expenditure code’ to address the socio-economic challenges without diluting the goals of fiscal consolidation.
Union Ministry of Commerce and Industries had organised a Conclave on India-Africa Project Partnerships in association with Confederation of Indian Industry and EXIM Bank of India.
The conclave is held every year since its inception in 2005 brings together senior Ministers, policymakers, officials, business leaders, bankers, technologists, start-up entrepreneurs and other professionals from India and Africa on a common platform in a spirit of partnership.
Features of the Conclave
- The conclave marks the pre-eminence of India-Africa partnership in the area of South-South Cooperation at a time when the global economy is faced with intractable challenges that stem from rising protectionism and trade conflicts.
- The conclave acknowledges India’s ascendency as the fastest growing major economy, as well as Africa’s new economic dynamism illustrated by some of the Sub-Saharan economies which are among the top 10 fastest growing economies in the world.
- The conclave is in line with the Indian Government’s broader vision of long-term engagement with Africa. India’s unflinching commitment to expanding the canvas of India-Africa economic partnership which is evident from the increase in bilateral trade between India and Africa by nearly 22% from last year touching USD 62.66 billion in the year 2017-18.
The deliberations during the conclave focused upon the potential areas for bilateral economic and business partnerships, core capabilities of Indian and African enterprises and opportunities for joint ventures thereof, innovative financing of significant development projects, skill development and capacity building.