Q. Which of the following is/are correctly matched?
Committee/Panel: Significance
1. Ranga Rajan Committee:Balance of Payments
2. Vijay Kelkar Committee:Goods & Service Tax
3. Tarapore Committee:Monetary policy
Select the correct answer using the codes given below:

[A] 1, 2 and 3

[B] 2 and 3 only

[C] 1 and 2 only

[D] 1 only

Answer: C

Besides, economic reforms in various sectors, various Committees were set up from time to time (by the Government of India and by RBI) to discuss policy issues related to international trade and balance of payments.  

Some of the important Committees were –  

  • Committee on Export – Import Policies & Procedures (Alexander Committee, 1978),  
  • Committee on Trade policy (Abid Hussain Committee, 1984),  
  • High – level Committee on Balance of Payments (Rangarajan Committee 1993), and  
  • Committee on Capital Account Convertibility (Tarapore Committee I 1997 & Tarapore Committee II 2006). 

In 2003, the Vajpayee government forms a task force under Vijay Kelkar to recommend tax reforms. In 2004, Vijay Kelkar, then advisor to the Finance Ministry, recommends GST to replace the existing tax regime. 

Source: TMH Ramesh Singh