Committees Current Affairs
Union Ministry of Skill Development and Entrepreneurship has launched Closing the Skills Gap Task Force in India in collaboration with World Economic Forum (WEF). It will be co-chaired by Minister of Skill Development and Entrepreneurship Dharmendra Pradhan along with Salil Parekh, Chief Executive Officer and Managing Director of Infosys.
Closing the Skills Gap Task Force
The goal of Task Force is to develop action plan to address skills gaps in India and make Indian workforce ready for jobs of future. It will bring together leaders from business, Government, civil society, and the education and training sectors to accelerate future-proofing of education and training systems in the country.
More than half of India’s population is in the working age, thus skills development is critical to sustaining inclusive growth and development in the country. The task force will be significant step to accelerate the impact on skills development already achieved by bringing together relevant stakeholders to act collectively. It will the second country-led public-private collaboration of WEF’s Closing the Skills Gap Project after South Africa.
Union Finance Ministry has constituted nine-member Competition Law Review Committee to ensure that legislation is in tune with changing business environment. It will be chaired by chaired by Corporate Affairs Secretary Injeti Srinivas and includes Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo and Competition Commission of India (CCI) Chairperson as members. The committee was constituted in pursuance of Government’s objective of ensuring that legislation is in sync with needs of strong economic fundamentals.
Committee’s Terms of references
The committee will review competition regulations in view of changing business environment and suggest the necessary changes to strengthen and re-calibrate existing law to promote best practices. It will also look into international best practices in competition field with thrust on anti-trust laws, merger guidelines and handling cross-border competition issues. It will also study other regulatory regimes, institutional mechanisms and government policies which overlap with Competition Act. It will submit its report within three months of the date of its first meeting.
The Competition Act was passed in 2002 and Competition Commission of India (CCI) was set up in 2009. However, since inception of the commission, the size of the economy has grown immensely making it one of the fifth largest economies in the world. In this context, it was seen necessary to that Competition Law is strengthened and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money.