{"id":34081,"date":"2018-10-30T15:45:59","date_gmt":"2018-10-30T10:15:59","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34081"},"modified":"2018-10-30T15:45:59","modified_gmt":"2018-10-30T10:15:59","slug":"eac-has-clear-road-map-to-create-jobs","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/eac-has-clear-road-map-to-create-jobs\/","title":{"rendered":"EAC has clear road map to create jobs"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/Economy\/eac-has-clear-road-map-to-create-jobs\/article20110583.ece\"><b>EAC has clear road map to create jobs<\/b><\/a><\/p>\n<p><b> Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Prime Minister&#8217;s Economic Advisory Council has proposed a road map for stepping up skill development, creating jobs, enhancing resource investment in the social sector including for health and education, and for boosting infrastructure financing. <\/span><\/li>\n<\/ul>\n<p><b>Introduction:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Council was headed by NITI Aayog member Bibek Debroy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">EAC members recently discussed the improvements needed in national accounts and innovative steps for unlocking growth, exports and the employment potential of growth drivers, including through transformation of India&#8217;s gold market. <\/span><\/li>\n<\/ul>\n<p><b>Key highlights of the Council:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Council has formulated far-reaching recommendations to guide the evolving framework for the 15<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> Finance Commission which would recommend the formula for sharing taxes between the Centre and the State and the allocation that each State would receive, for the five-year period between 2020-2025.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It formulated recommendations to guide the evolving framework for the Fifteenth Finance Commission, including the incentivisation of State for achieving Health, Education and Social Inclusion outcomes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Council did not share any assessment of the present state of the economy, but said it \u201ctook stock of the economic and social analysis done by the them groups and \u2018evolving initiatives\u2019 led by its different members.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Innovative steps for unlocking growth, exports and employment potential were also deliberated upon \u2013including through transformation of India\u2019s gold market.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The council is also evolving the design of a new economy tracking monitor, linking economic growth indicators with social indicators for last-mile connectivity <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Council stressed on the need for according high priority to infrastructure financing and made a presentation on the issue with a focus on developing new mechanisms for a risk coverage umbrella.<\/span><\/li>\n<\/ul>\n<p><b>About Finance Commission:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Finance Commission was established by the President in 1951 under Article 280 of the Indian Constitution.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It was formed to define the financial relations between the central government and state governments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to the Constitution, the commission is appointed in \u00a0every five years and consists of a chairman and four other members.<\/span><\/li>\n<\/ul>\n<p><b>Functions of Finance Commission:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Distribution of net proceeds of taxes between Center and the States, to be divided as per their respective contributions to the taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Determine factors governing Grants-in Aid to the states and the magnitude of the same.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To make recommendations to president as to the measures needed to augment the Fund of a State to supplement the resources of the panchayats and municipalities in the state on the basis of the recommendations made by the Finance Commission of the state.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any other matter related to it by the president in the interest of sound finance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finance commission is autonomous body which is governed by the government of India.<\/span><\/li>\n<\/ul>\n<p><b>Qualifications of the members<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Chairman of the Finance Commission is selected from people with experience of public affairs. The other four members are selected from people who:<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Are, or have been, or are qualified, as judges of High Court, <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have knowledge of Government \u00a0\u00a0finances or accounts, or<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have had experience in administration and financial expertise; <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have special knowledge of economics \u00a0<\/span><\/li>\n<\/ul>\n<p><b>Disqualification from being a member of the Commission<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A member may be disqualified,<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He is mentally unsound;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He is an undischarged \u00a0insolvent<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He has been convicted of an immoral offence;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">His financial and other interests are such that it hinders smooth functioning of the Commission.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>EAC has clear road map to create jobs Context: The Prime Minister&#8217;s Economic Advisory Council has proposed a road map for stepping up skill development, creating jobs, enhancing resource investment in the social sector including for health and education, and for boosting infrastructure financing. Introduction: The Council was headed by NITI Aayog member Bibek Debroy.&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/eac-has-clear-road-map-to-create-jobs\/\">Continue reading <span class=\"screen-reader-text\">EAC has clear road map to create jobs<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34081","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704762370},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34081"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34081\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}