Surjit Bhalla Current Affairs - 2019

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Chief Economic Advisor Krishnamurthy Subramanian appointed as Advisory Council Member in 15th Finance Commission

The Chief Economic Advisor (CEA) to Central government, Dr. Krishnamurthy Subramanian is appointed as twelfth (12) member of Advisory Council of Fifteenth (15th) Finance Commission (FCc).

Advisory Council

It now has 12 members, which include noted economists Surjit Bhalla, Arvind Virmani, Indira Rajaraman and M Govinda Rao among others.

Role and Function:

  • To is to advise FC on any relevant matter or subject related to Terms of Reference (ToR) of Commission.
  • To assists FC in preparing any research paper or study which would enhance commission’s understanding on issue contained in its ToR.
  • To help expand FC understanding in adopting best national and international practices on matters of fiscal devolution and
  • To help improve quality, reach and enforcement of FC recommendations.

Finance Commission

  • It is constituted under article 280 of Constitution by President of India. It mainly gives its recommendations on tax devolution i.e. distribution of tax revenues between Union and States and amongst states themselves.
  • It is appointed for a period of five years and comprise of five member including one chairman and four other members.
  • First FC was constituted under chairmanship of Shri K.C. Neogy on 6th April, 1952.

Fifteenth Finance Commission

  • It was constituted in November 2017, to give recommendations for tax devolution and other fiscal matter for five fiscal years, 1 April 2020- 31 March 2025.
  • It is chaired by N. K. Singh, and members Ajay Narayan Jha, Ashok Lahiri and Anoop Singh. Ramesh Chand is a part-time member in FC.

Economist Surjit Bhalla resigns from Prime Minister’s Economic Advisory Council

Eminent economist and columnist Surjit Bhalla has resigned as part-time member of Economic Advisory Council to the Prime Minister(EAC-PM). His resignation comes day after Reserve Bank of India (RBI) governor Urjit Patel, quit abruptly after months-long tussle over policy with government.

Prime Minister’s Economic Advisory Council (PMEAC)

PMEAC is non-constitutional and non-statutory, non-permanent and independent body, constituted with the prime and sole aim to analyse all critical issues, economic or otherwise, referred to it by the prime minister and advising him thereon. It is mandate to give advice to prime minister on economic matters such as inflation, GDP changes, export-import changes, creating supporting environment for increased trade and commerce.

Functions

Submit periodic reports to PM related to macroeconomic developments and issues which will have implications of the economic policy. Analyse any topics, issues assigned by the PM and provide advice to them. Analyse macroeconomic issues having high importance and present the views to PM and any other task which is assigned by Prime Minister.

Current Composition of PMEAC: It is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.