RBI's T Rabi Sankar appointed as part-time member of 16th Finance Commission
New Delhi [India], June 7 (ANI): T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), has been appointed as a part-time Member of the Sixteenth Finance Commission on Saturday.
The appointment of Sankar is consequent to the resignation of one of the full-time Members of the XVIFC, Ajay Narayan Jha, on personal grounds.
The Department of Economic Affairs of the Finance Ministry in a notification said, 'In pursuance of clause (1) of article 280 of the Constitution read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 (33 of 1951), the President is pleased to appoint T Rabi Sankar as a part-time Member of the Sixteenth Finance Commission.'
He will be a part-time Member of the Sixteenth Finance Commission from the date of appointment to the date the Commission submits its report or 31 October 2025, whichever is earlier.
Sankar is currently overseeing the key portfolios of the FinTech Department, the Financial Markets Operations Department, and the Financial Markets Regulation Department at the Reserve Bank of India (RBI).
Sankar has played a pivotal role in the launch of the Central Bank Digital Currency (CBDC).
In April, the Appointments Committee of the Cabinet (ACC) approved T. Rabi Sankar's reappointment as Deputy Governor of the Reserve Bank of India (RBI) for one year.
Sankar was Executive Director of the Reserve Bank before being elevated to the post of Deputy Governor in 2021.
T. Rabi Sankar, a seasoned central banker, joined the Bank in 1990 and has held various positions at the Reserve Bank of India. As Executive Director, he oversaw the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech, and the Risk Monitoring Department at the RBI.
The government appointed Arvind Panagariya as the Chairman of the 16th Finance Commission in 2023.
The commission makes recommendations about the distribution of the net proceeds of taxes between the Union and the States.
The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on the distribution of tax revenues between the Union and the States and amongst the States themselves.
Two distinctive features of the Commission's work involve redressing the vertical imbalances between the taxation powers and expenditure responsibilities of the centre and the States, respectively, and equalisation of all public services across the States. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
20 minutes ago
- India Today
Preventive detention extraordinary power of state, use it sparingly: Top court
Preventive detention is an extraordinary power in the hands of the state that must be used sparingly, said the Supreme Court as it set aside an order by a district magistrate to detain a moneylender who was allegedly indulging in illegal activities again after getting bail in four cases.A bench of Justices Sanjay Karol and Manmohan questioned the contention of the detaining authority that the order was passed as the detainee was violating bail conditions in the cases, and noted that they should have instead moved the competent court seeking cancellation of the order of detention dated June 20, 2024, and the impugned judgment dated September 4, 2024, passed by the High Court of Kerala at Ernakulam are hereby set aside. In the attending facts and circumstances of this case, the appeal is allowed," the bench said in its order passed on Friday. Noting that the power of preventive detention finds recognition in the Constitution under Article 22(3)(b), the bench said, "The provision for preventive detention is an extraordinary power in the hands of the state that must be used sparingly. It curtails the liberty of an individual in anticipation of the commission of further offence(s), and therefore, must not be used in the ordinary course of nature."The bench said the contention of the detaining authority that the detainee, Rajesh, who used to run a private financing company called 'Rithika Finance', was violating the conditions of bail imposed upon him in the cases that have been considered for passing the order of said that pertinently, no application has been filed by the respondent in any of the four cases, alleging violation of such conditions, if any, and moreover, have not even been spelt out during the hearing of the case filed by his wife against the Kerala High Court order, which affirmed the preventive detention order of the Palakkad district magistrate."Keeping in view the above expositions of law, we have no doubt that the order of detention cannot be sustained. The circumstances pointed out in the order by the detaining authority may be ground enough for the state to approach the competent courts for cancellation of bail, but it cannot be said that the same warranted his preventive detention."We clarify that if such an application for cancellation of the detainee's bail is made by the respondent - state, the same must be decided uninfluenced by the observations made hereinabove," the bench referred to the provisions of the Kerala Anti-Social Activities (Prevention) Act, 2007, and said that the object of the statute was to provide for effective prevention of certain anti-social activities in the bench said Section 2(j) of the state law defines 'goonda' as a person who indulges in activities that are harmful to the maintenance of public order, either directly or indirectly, and includes persons who are bootleggers, counterfeiters, drug offenders, and loan sharks, among bench also said that under Section 3 of the Act, the district magistrate so authorised or the government may pass an order directing detention of a "known goonda" to prevent commission of antisocial activities within the state of Kerala."Coming to the attending facts and circumstances, we are of the considered view that the exercise of power under Section 3 of the Act was not justified in law," the top court said, as it noted four cases lodged under the Kerala Money Lenders Act, 1958, cited by the police for recommending preventive detention to the district police stated that the detainee was a "notorious goonda" in the district and a threat to the society at by the order of his detention dated June 20, 2024, Rajesh's wife filed a writ petition before the Kerala High Court assailing the order and praying for a writ of habeas corpus to the state against the "illegal" detention of her high court on September 4 last year affirmed the order of preventive detention. Aggrieved by the order, the detainee's wife moved the top court challenging the December 10, 2024, the top court ordered the detainee to be released as his maximum period of detention under the Act was InMust Watch
Mint
24 minutes ago
- Mint
Week Ahead: Inflation data, US tariffs, FII flow, global cues among key triggers for Indian stock market
The Indian stock market consolidated for the third consecutive week, but also snapped a two-week losing streak, driven by favourable domestic cues, instilling fresh confidence among D-Street investors. This, despite the ongoing trade tensions and uncertainty surrounding tariff negotiations. Next, investors will monitor some key market triggers in the second week of June. India's retail inflation, global tariff announcements, foreign capital flow, macroeconomic data, and global market cues will dictate the market direction. Domestic equity benchmarks Sensex and Nifty 50 were range-bound for most of the week, but surged on Friday to settle near the week's high. Supportive domestic developments helped limit the downside, with the highlight being the Reserve Bank of India (RBI)'s monetary policy, which took the market by surprise. The RBI cut the repo rate by 50 basis points to 5.50 per cent—double the market expectation—and reduced the Cash Reserve Ratio (CRR) by 100 basis points to three per cent, the lowest level since April 2021, further boosting market sentiment. This liquidity boost is expected to lower the cost of funding for banks and spur credit growth, powering rate-sensitive stocks. On Friday, the Nifty 50 logged its best day in three weeks and rose 252 points, reclaiming the psychologically crucial 25,000-mark after investors rallied behind the RBI's bumper policy measures. Sensex added 738 points to end at 82,189, while both indices gained one per cent for the week. The Bank Nifty outperformed, rising 1.5 per cent to settle at 56,578.40 after hitting a fresh all-time high of 56,695, extending its winning streak to four consecutive weeks. In the broader markets, both midcap and smallcap indices outperformed the benchmarks, reflecting a risk-on sentiment among investors, with gains ranging between 2.8 per cent and four per cent. In the coming week, the primary market will witness more action, with some new initial public offerings (IPO) and listings slated across the mainboard and small and medium enterprises (SME) segments. The week will be critical from the domestic and technical points of view. Investors will track domestic macroeconomic data, geopolitical events, and sector-specfic outcomes. Going forward, market participants will focus on key macroeconomic data for further cues. High-frequency indicators such as the consumer price index (CPI) inflation data and the index of industrial production (IIP) will be closely tracked to gauge demand trends and the central bank's next steps. Additionally, the progress of the monsoon and sowing patterns will be monitored due to their implications for rural consumption. "By front-loading easing measures, the RBI has underscored its commitment to reviving domestic growth amid global uncertainties. While such a bold approach was expected to unfold gradually, this decisive action reinforces confidence in its intent to support economic recovery while managing inflation risks," said Ajit Mishra, – SVP, Research, Religare Broking Ltd. One mainboard IPO, Oswal Pumps IPO, will open for subscription this week, while three new SME issues will also open for bidding in the next five days. Among listings, no new IPO-concluded companies are scheduled to be debut on the stock exchanges in the coming week. Foreign Institutional Investors (FIIs) remained net sellers, offloading ₹ 3,565 crore in equities. However, strong domestic institutional flows offset the pressure, as domestic institutional investors (DIIs) infused ₹ 25,513 crore into the cash segment, providing solid support to the broader market. According to Ionic Wealth by domestic brokerage Angel One, FIIs hold 18.8 per cent of Indian equities, compared to 30 per cent in other emerging markets (EMs), offering 'significant room for capital infusion'. Chemicals, telecom, and financials are the sectors attracting FIIs, driven by strong structural themes like the China+1 strategy. India's unique mix of consumption-led growth, robust capex cycles, and high-return-on-equity companies makes it a strong investment case. On the global front, developments in trade negotiations and movements in US bond yields will continue to influence investor sentiment. Global uncertainties and tariff-related risks could keep markets on edge and add to market volatility. According to market analysts, profit booking was visible last week due to the ongoing global uncertainty. Mid- and small caps outperformed large caps, driven by better earnings and valuations. A mildly positive bias emerged from strong US job data and expectations of easing US-China trade tensions. "Benchmark indices attempted recovery after FIIs turned net buyers, encouraged by strong domestic economic indicators amidst a weakening dollar and US bond yields, fostering a 'buy-on-dip' strategy," said Vinod Nair of Geojit Investments. "While China's rare earth restrictions pose long-term risks and investors await the inflation print in the US, the aggressive RBI rate cut, backed by cooling inflation and a steady GDP outlook, is likely to support investor confidence amidst the ongoing global uncertainties," added Nair. Shares of Adani Ports & SEZ, Asian Paints, Adani Enterprises, Ambuja Cements, Adani Total Gas, Piramal Enterprises, among several others, will trade ex-dividend next week starting from Monday, June 2. Shares of some stocks will also trade ex-bonus and ex-split. Check full list here Technically, Nifty 50 has approached the upper band of its prevailing consolidation range of 24,500–25,100. 'A decisive breakout above 25,200 would mark the beginning of a fresh uptrend, with potential to gradually move toward the 25,600–25,800 zone,' said Ajit Mishra of Religare. On the downside, the 24,400–24,600 range is expected to act as a strong support zone during any corrective phase. Bank Nifty has broken above the key 56,000 mark after trading in a tight range for over a month. Mishra now expects it to move towards 58,000, making this segment crucial for broader market direction. In case of a dip, the 55,350–56,000 range is likely to provide strong support. For the market's trading strategy, Mishra maintains a positive outlook and suggests 'buy on dips' unless Nifty 50 decisively breaks below 24,600. However, he clarified that investors should remain selective and focus on fundamentally strong stocks in sectors such as banking, auto, and real estate, which are poised to benefit from lower interest rates. Other sectors may contribute on a rotational basis. Caution is warranted in areas facing margin pressures or global headwinds, such as FMCG and IT. Traders should remain agile and well-informed, especially in light of the macroeconomic data and persistent global uncertainties. Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.
Time of India
2 hours ago
- Time of India
Who's really over-represented? Busting delimitation myths
The announcement of Census 2027 has sparked off a fresh debate on delimitation. The argument that it will penalise states that have controlled their population better is based on popularly held myths. Research this writer undertook on Census data since 1872 shows that all regions of India grew briskly in terms of population at different points of time, with the South growing faster till 1951, and North India picking up pace after that. Kerala was the first state to double its population between 1881 and 1931, and Tamil Nadu was the next. Kerala doubled its population yet again between 1931 and 1971, and then began to stabilise its population. While this may sound surprising to many, it's true, and follows the pattern demographic transition has taken the world over. Out of the four regions of India, the North grew at the lowest rate between 1881 and 1951. Its demographic take-off decade was the 1950s, precisely the period when 'population explosion' emerged as a serious global policy concern. The later demographic growth phase of the North was thus mistakenly seen as caused by social and cultural backwardness, and failure of family planning, without considering longer-term empirical evidence. In 1976, delimitation was frozen for 25 years on the basis of the 1971 Census, and the same was done in 2001 for another 25 years. So, the constitutional principle of 'one person, one vote, one value' no longer holds, and the value of a vote in Bihar is much lower than the value of a vote in Tamil Nadu and Kerala. Policymakers will have to figure out how to reconcile the constitutional promise with this skew which will have only increased since 2001. Importantly, while the right to equality is one of the bedrocks of the Constitution, formal equality is abandoned by it only for the benefit of the more deprived and backward — subsidies to the poor and reservation for backward classes being an example — and never for the well-off. One argument that the debate on delimitation will thus have to confront is whether formal equality can be abandoned in favour of better-off groups, socially or geographically, and what it will mean for the Constitution. While this is for political players to decide, it is important that the debate takes place on an empirically sound basis. The North, meaning the Hindi belt, has not grown at a disproportionate rate vis-a-vis other regions of India, and its national population share has gone down from about 50% in 2001 to 46% in 2011. South India has grown rapidly for 100 of those 150 years, increasing its share from about 22% in 1881 to about 26% in 1951, maintaining it at around 25% in 1971, before going down in the last few decades. Over 1881-1971, the North had the lowest cumulative growth of about 115%, as compared to the South at 193%, West 168% and East 213%. Over 1881-2011, the North at 427% was again at the bottom, with the South at 445%, West at 500%, and East at 535%. The prevalent distorted perception arises from taking only the post-1971 period into account — when population growth in the South started slowing down with better social and economic indicators, even as growth in the less developed North and better-off states of the West picked up. Without considering principles of demographic transition that operate in most societies over the long term, a proper perspective on why populations of different regions of India — or, of the world for that matter — grow at differential paces during any given period won't develop. Culture may at best be a marginal influence on population growth patterns, which social and economic factors adequately explain. Any causal connection between family planning and population control in India is at best tenuous, mainly because when family planning assumed importance in the 1960s, some southern states had already grown at a rapid pace and were at or near their peak population growth rates. Therefore, they witnessed stabilisation from the 1970s and 1980s. Family planning was at best an associate factor. Moreover, relatively developed western India has shown good demographic growth over the last 150 years, increasing its population share and potential parliamentary representation. Today, North and West India are grossly under-represented, the East is almost even, while the South is heavily over-represented. While the average Lok Sabha constituency in the South has just about 21 lakh people, in the North it has around 31 lakh, and in the West 28 lakh. The real divide in representation isn't North vs South; it's more like the South versus the rest. Mishra, a historian, is the author of 'Demography, Representation, Delimitation: The North-South Divide in India' and joint director, Prime Ministers Museum and Library
