New body must meet changing economic needs: PlanComm to PM

December 7, 2014

PlanCommNew Delhi, Dec 7: The Planning Commission today suggested to a group chaired by Prime Minister Narendra Modi that its replacement body should be structured to meet the need of changing economic paradigm and comprise sectoral experts and states' representative.

In her presentation before the group comprising Modi and chief ministers, Planning Secretary Sindhushree Khullar said that the new institution may have 8-10 regulars or executive members with half of them representing the states.

She suggested that the remaining members could be sectoral experts -- environmentalists, financial experts, engineers, scientists and eminent scholars from different fields.

The new body may be headed by the Prime Minister as the chairperson position would be ex-officio.

The meeting, convened by Modi to deliberate on replacement of the Planning Commission, is being attended by the several Chief Ministers, including Akhilesh Yadav (UP), Manohar Lal Khattar (Haryana), Devendra Fadnavis (Maharashtra) Vasundhara Raje (Rajasthan), Shivraj Singh Chouhan (Madhya Pradesh), Raman Singh (Chhattisgarh), Harish Rawat (Uttarakhand) and Oomen Chandy (Kerala).

West Bengal Chief Minister Mamata Banerjee is skipping the meeting. State Finance Minister Amit Mitra is representing the West Bengal.

Khullar in her presentation suggested that the new institution would have functions including monitoring and evaluation; programme project and scheme evaluation; cross-sectoral and inter-ministerial expertise and appraisal and monitoring of projects.

It is has been suggested that the new body would advise the Prime Minister on matters referred to it. Besides, it should act as think-tank and have network with universities and other institutions.

The new body could provide internal consultancy services to states and the Centre on different matters. It could also be used to design medium and long-term strategy.

The Prime Minister in his Independence Day speech had announced that the Commission, set up in 1950 at a time when government gave public sector the commanding heights of economy, would be abolished and replaced with a more relevant institution.

"We will very soon set up a new institution in place of Planning Commission...the internal situation of the country has changed, global environment has changed... We need an institution of creative thinking and for optimum utilisation of youth capability," Modi had said.

The Commission had held meetings with experts to discuss the structure of the new institution that would ultimately replace it.

Country's first Prime Minister Jawaharlal Nehru had set up the Planning Commission to steer the nation's economic course.

Set up by a Cabinet resolution, the Commission had enjoyed immense power and prestige as it had always been headed by the Prime Minister. Its most important function was to fix targets for sectoral growth and allocate resources to achieve them.

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News Network
March 9,2020

New Delhi, Mar 9: The Delhi Police Special Cell on Monday arrested a PFI member Danish from UP''s Moradabad for allegedly spreading fake propaganda during anti- CAA protests.

"Danish was the head of the Counter Intelligence Wing of PFI and has been actively participating in the anti-CAA protest across the city," sources in the Delhi Police Special Cell said.

Sources further claimed that his arrest has given clues regarding the Information war by the Popular Front of India (PFI).

The FIR related to the protest was filed by the Crime Branch but since the larger conspiracy regarding the Delhi riots is being probed by the Cell, the matter has been transferred to them.

Delhi Police Special Cell had on Sunday arrested a Kashmiri couple from Okhla for alleged links with Islamic State (IS) Khorasan module.

The couple have been identified as Jahanjeb Sami (husband) and Hinda Bashir Beg (wife). The police have seized some objectionable material from them and were interrogating them.

When asked about the couple, the sources said, "Officers of CERT-In are analysing the Eight Mobile phones and Laptop of the couple to question them further."

The couple being an active member of ISJ&K was operating from the Valley but later shifted their base to Delhi post internet clampdown.

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Agencies
January 21,2020

Pune, Jan 21: The Pune session court on Tuesday rejected the bail application of accused Vikram Bhave in the Dabholkar murder case.
Last year, Pune Sessions Court had granted an extension of 90 days to the Central Bureau of Investigation (CBI) to file a charge-sheet against Bhave.

On August 17, 2019, the court had rejected Bhave's bail plea.

During the course of hearing, Special Public Prosecutor (SPP) Prakash Suryavanshi, appearing for the CBI, had in June last year contended that Bhave helped the assailants to escape.

The CBI had arrested Bhave and another accused Sanjeev Punalekar from Mumbai on May 25, 2019 in connection with the matter.

Founder of the Maharashtra Andhashraddha Nirmoolan Samiti (MANS), Dabholkar was shot dead by bike-borne assailants while returning home from a morning walk on August 20, 2013. 

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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