Social Sector Current Affairs
Britain’s Prince Charles has launched a new 10-million-dollar Development Impact Bond (DIB) to help improve education for over 200,000 children in India. The DIB is the largest bond of its type in South Asia. It is the latest fundraising initiative by British Asian Trust (BAT) set up by royal 10 years ago to fight poverty in South Asia.
The DIB was announced on occasion of celebration of 10th anniversary of BAT. It was launched by trust with support of UK government’s Department for International Development (DfID), Comic Relief, Mittal Foundation and UBS Optimus Foundation.
The DIB is intended as result-oriented way to attract new capital into development projects, with strong emphasis on data and evidence. It is intended to improve literacy and numeracy learning levels for primary school students from marginalised communities in country.
Under the initiative, DIB will provide funding to local not-for-profit delivery partners in India over 4 years period to deliver range of operational models including principal and teacher training, direct school management, and supplementary programmes.
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.