Prime Minister Current Affairs

KP Sharma Oli sworn in as Nepal’s Prime Minister

KP Sharma Oli was sworn in as Nepal’s prime minister for the second time. He is the 41st prime minister of Nepal. He was administered the oath of office and secrecy by President Bidya Devi Bhandari. He is known for his pro-China stance and had served as the country’s prime minister from October 2015 to August 2016.

Background

In the recently concluded Parliamentary elections, Left alliance of CPN-UML led by Oli and CPN-Maoist Centre led by Prachanda had secured almost two third majority in Parliament. Oli’s party CPN-UML secured 121 seats in 275-member Parliament making it largest party in Parliament. The Nepali Congress had won 63 seats while CPN-Maoist Centre has 53 seats. The total strength of CPN-UML and CPN-Maoist Centre was 174, sufficient to form a majority government at the Centre. Oli’s PM candidacy was supported by UCPN-Maoists, Rastriya Prajatantra Party Nepal, and Madhesi Rights Forum-Democratic along with 13 other small parties

Comment

The successful elections were seen as final step in Nepal’s transition to a federal democracy following a decade-long civil war till 2006 that claimed more than 16,000 lives. It is also seen as step forward in cementing democracy and providing political stability to Nepal. In 2015 Nepal had adopted new Constitution that split country into seven federal states.

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First Meeting of EAC-PM held in New Delhi

The first-ever meeting of newly-constituted Economic Advisory Council to Prime Minister (EAC-PM) was held at NITI Aayog, in New Delhi. It was chaired by Dr. Bibek Debroy, Member NITI Aayog.

The meeting took stock of the current economic, fiscal and monetary policy environment and identified key issues that it would focus on. It identified major priorities for accelerating economic growth and employment over tnext six months, with greater last mile connectivity.

Ten identified themes

The EAC-PM identified ten themes around which Council Report will be structured in the coming months The ten themes identified are Economic Growth, Employment and job creation, fiscal framework, informal sector and integration, public expenditure, monetary policy, institutions of Economic Governance, Patterns of Consumption & Production, Agriculture & Animal Husbandry and Social Sector.

The EAC-PM also developed Theme Groups led by its members, through consultative processes involving sectoral Ministries, States, experts, institutions, private sector and other key stakeholders. It also recognized for effective tracking of key economic parameters, through possible mechanisms for instituting Economy Track Monitor, using lead indicators and triggers for action, based on informed assessment and analysis.

EAC-PM

Prime Minister Narendra Modi has constituted five member EAC-PM in September 2017 as an independent body to provide advice on economic issues to the government, specifically to the Prime Minister. It consists of economists of high repute and eminence. It serves as an independent institutional mechanism, to provide informed advice to the Prime Minister on addressing issues of macroeconomic importance and related aspects.

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