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Business Standard
an hour ago
- Business
- Business Standard
Finance Commission must focus on strengthening local bodies: Raghuram Rajan
Former Reserve Bank of India Governor Raghuram Rajan on Wednesday said the 16th Finance Commission should focus on handing over more funds to local bodies, including municipalities and panchayats, to empower them to address issues affecting the people more effectively. Speaking to news agency PTI, Rajan noted that the previous finance commissions devolved more funds to the local bodies. He said, 'Now we need to focus also on devolving funds from states to municipalities to panchayats, etc. That third level of devolution is what we need far more of.' The Finance Commission, established under the Indian Constitution, plays an important role in improving the financial health of municipalities. The commission evaluates the fiscal condition of municipalities and advises state governments on various aspects of fiscal decentralisation. Highlighting the contrast with other major economies, Rajan noted that local government employees in India are significantly lower than in countries like China and the United States. Rajan also called for the need to decentralise in a large country like India, noting that the country is overly governed from the Centre and state capitals. He added, 'I think the 16th Finance Commission should focus on making that happen through carrots and potentially sticks.' Panagariya urges local resource boost It's noteworthy that in November last year, 16th Finance Commission Chairman Arvind Panagariya asked the local rural and urban bodies to focus on raising their resources, stating that such a move will mobilise the citizens in terms of their expectations and demands from the local bodies. Recently, Panagariya also pointed out that most states have urged the Union government to raise their share of the tax pool to 50 per cent. According to a PTI report, states currently receive 41 per cent of the divisible tax revenue, while the Centre retains the remaining 59 per cent. Rajan's views on PLI scheme While speaking to PTI, the former governor also shared his assessment of the government's Production Linked Incentive scheme and added, 'I do not think we have any strong public data to evaluate the PLI scheme.' With all government programmes, he said, there has been some success as the country is now exporting more cell phones. However, he questioned, 'But has it (PLI scheme) done enough to move the needle on jobs in a big way? I think at job numbers you see in the periodic labour force surveys (PLFS) suggest not yet.' In 2021, the Central government introduced PLI schemes for 14 crucial sectors, including telecom, electronics, pharma, textiles, and auto. The scheme, launched with a total allocation of ₹1.97 trillion, aims to boost domestic manufacturing and enhance export competitiveness. Rare earth curbs Commenting on the rare earth export curbs from China to India and other countries, Rajan stated, 'We need a strategic view of different industries and ask where we can be held up by bottlenecks, and where it is relatively easy for us to undertake production to elevate those bottlenecks.' Commenting on the semiconductor sector, Rajan said that while some sort of 'antagonistic' power could restrict India's chip access, building a complete chip-making ecosystem domestically would be prohibitively expensive.
New Indian Express
2 hours ago
- Business
- New Indian Express
Finance Commission needs to focus on strengthening local bodies: Ex-RBI Governor Raghuram Rajan
NEW DELHI: The 16th Finance Commission should focus on devolving more funds to local bodies, municipalities and panchayats to enable them effectively deal with problems facing the people, former RBI Governor Raghuram Rajan has said. Observing that previous finance commissions devolved more funds to states, Rajan told PTI Videos, "Now we need to focus also on devolving funds from states to municipalities to panchayats, etc. That third level of devolution is what we need far more of." Citing examples of China and the US, Rajan pointed out that the number of local government employees in these countries is significantly higher than the share of local government employees in India. Emphasising on the need for more decentralisation in a large country like India which is overly governed from the Centre and state capitals, he said,"I think the 16th Finance Commission should focus on making that happen through carrots and potentially sticks." Recently, 16th Finance Commission Chairman Arvind Panagariya had said that a majority of states have recommended that the Centre increase their share in tax revenue distribution to 50 percent. Currently, states receive 41percent of the divisible tax pool, while the remaining 59 percent is retained by the Centre. The Finance Commission, mandated by the Indian Constitution, plays a crucial role in strengthening the financial position of municipalities (urban local bodies). It reviews the financial position of municipalities and makes recommendations to state governments on various aspects of fiscal devolution. Asked what is his assessment of Production Linked Incentive (PLI) scheme, Rajan said,"I do not think we have any strong public data to evaluate the PLI scheme." He noted that as with all government programmes, there is some success as India is exporting more cell phones now. "But has it (PLI scheme) done enough to move the needle on jobs in a big way? I think at least... the job numbers you see in the periodic labour force surveys (PLFS) suggest not yet," Rajan, currently a professor of finance at Chicago Booth said. In 2021, the PLI scheme for 14 key sectors including telecom, electronics, pharma, textiles and auto was announced with an outlay of Rs 1.97 lakh crore to enhance India's manufacturing capabilities and exports. Responding to a question on China's rare earth material exports curb to India and other countries, the former RBI Governor said,"We need a strategic view of different industries and ask where we can be held up by bottlenecks, and where it is relatively easy for us to undertake production to elevate those bottlenecks." He noted that sometimes some sort of antagonistic power can limit "our access to chips, but it is very, very costly for us to have an entire chip manufacturing sector." "So we have to find alternative ways of getting those example through creating domestic buffers of key chips," he said. According to Rajan, in some areas, India has the opportunity to produce more rare earth metals. "For example, I understand there are reserves of some of these rare earth materials in Kashmir. Could it be a win-win situation to create more employment in Kashmir which is really very important both from an economic perspective and also from a geo-strategic perspective."
Time of India
2 hours ago
- Business
- Time of India
Finance Commission needs to focus on strengthening local bodies, says Raghuram Rajan
Former RBI Governor Raghuram Rajan suggests the 16th Finance Commission should prioritize devolving more funds to local bodies for effective problem-solving. He emphasized decentralization, drawing comparisons with China and the US regarding local government employment. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The 16th Finance Commission should focus on devolving more funds to local bodies, municipalities and panchayats to enable them effectively deal with problems facing the people, former RBI Governor Raghuram Rajan has that previous finance commissions devolved more funds to states, Rajan told PTI Videos, "Now we need to focus also on devolving funds from states to municipalities to panchayats, etc. That third level of devolution is what we need far more of."Citing examples of China and the US, Rajan pointed out that the number of local government employees in these countries is significantly higher than the share of local government employees in on the need for more decentralisation in a large country like India which is overly governed from the Centre and state capitals, he said,"I think the 16th Finance Commission should focus on making that happen through carrots and potentially sticks."Recently, 16th Finance Commission Chairman Arvind Panagariya had said that a majority of states have recommended that the Centre increase their share in tax revenue distribution to 50 per states receive 41 per cent of the divisible tax pool, while the remaining 59 per cent is retained by the Finance Commission, mandated by the Indian Constitution, plays a crucial role in strengthening the financial position of municipalities (urban local bodies).It reviews the financial position of municipalities and makes recommendations to state governments on various aspects of fiscal asked what is his assessment of Production Linked Incentive (PLI) scheme, Rajan said, "I do not think we have any strong public data to evaluate the PLI scheme." He noted that as with all government programmes, there is some success as India is exporting more cell phones now."But has it (PLI scheme) done enough to move the needle on jobs in a big way? I think at job numbers you see in the periodic labour force surveys (PLFS) suggest not yet," Rajan, currently a professor of finance at Chicago Booth 2021, the PLI scheme for 14 key sectors including telecom, electronics, pharma, textiles and auto was announced with an outlay of Rs 1.97 lakh crore to enhance India's manufacturing capabilities and to a question on China's rare earth material exports curb to India and other countries, Rajan said,"We need a strategic view of different industries and ask where we can be held up by bottlenecks, and where it is relatively easy for us to undertake production to elevate those bottlenecks."He noted that sometimes some sort of antagonistic power can limit "our access to chips, but it is very, very costly for us to have an entire chip manufacturing sector.""So we have to find alternative ways of getting those example through creating domestic buffers of key chips," he to Rajan, in some areas, India has the opportunity to produce more rare earth metals ."For example, I understand there are reserves of some of these rare earth materials in Kashmir. Could it be a win-win situation to create more employment in Kashmir which is really very important both from an economic perspective and also from a geo-strategic perspective."
News18
7 hours ago
- Entertainment
- News18
National Broadcasting Day 2025: India's Radio Journey, Policies And Milestones
Last Updated: National Broadcasting Day marks the legacy of Indian radio, from IBC to Akashvani, and the evolution of broadcasting policies shaping India's public communication landscape. National Broadcasting Day commemorates the evolution of the broadcasting landscape in India, highlighting the impact of broadcast services in the nation's development and outreach since the establishment of the Indian Broadcasting Company (IBC) on July 23, 1927. The IBC's birth marks the start of organised radio broadcasting in the country, which is now celebrated as the annual National Broadcasting Day. National Broadcasting Day 2025: History and Significance Four years after India's radio journey began in June 1923 with the first transmission of the Radio Club of Bombay, the Indian Broadcasting Company was launched on July 23, 1927. IBC began organised radio broadcasting in India, paving the way for the All India Radio's emergence in 1936. As India gained independence, the AIR expanded its wings across the country, adopting the name of 'Akashvani' in 1956. The AIR strongly reflects the evolution of India's state broadcasting services, operating across 591 stations and reaching 98% of India's population, while offering its broadcasts in 23 languages and 146 dialects. Source: PIB Broadcasting Policies In India Since its inception in the pre-independence days, the broadcasting policies in India have gone through a significant evolution, transforming from a strictly government-controlled functioning to a more liberalised and democratic framework. The policies have undergone necessary changes, based on India's growth in various aspects as a country. They also uphold the right to freedom of speech and expression in the Indian Constitution. The government's radio and television broadcasting has maintained a balance of public interest, national security and the demand for diversified content. Even today, as the landscape evolves fast through the digital age, India's broadcasting landscape and its policies are expected to keep up with it. Source: PIB About the Author Lifestyle Desk Our life needs a bit of style to get the perfect zing in the daily routine. News18 Lifestyle is one-stop destination for everything you need to know about the world of fashion, food, health, travel, More First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Today
19 hours ago
- Politics
- India Today
When India's Vice-President quit mid-term and CJI had to fill in as President
Fifty-six years before Jagdeep Dhankhar's surprising resignation from the post of Vice-President on Monday, India witnessed the first resignation of a Vice-President in 1969. But far from the intrigue in the Dhankhar case, the 1969 resignation was forced by circumstances and eventually resulted in the Chief Justice of India (CJI) taking charge of the Republic as the President of the sudden death of President Zakir Husain in May 1969, Vice-President VV Giri stepped down from his post to run for the President's led to the young Republic facing a unique situation, where Giri's resignation to run for the President's post resulted in the CJI, Mohammad Hidayatullah, taking charge as the President. His tenure lasted a month, until VV Giri was elected and sworn in as the full-time President of India. For over a month, the CJI was the acting President of India, and even hosted then US President Richard Nixon at the Rashtrapati Dhankhar's resignation on Monday, citing health reasons, makes him the fourth Vice-President to quit without completing his 5-year term. While Dhankhar's case is exceptional, the others quit to run for the President's than Giri, Ramaswamy Venkataraman (1987) and Shankar Dayal Sharma (1992) were the other two who quit mid-term and contested presidential resignation provides an opportunity to revisit the VV Giri chapter and examine how the CJI became the acting Article 67(a) of the Indian Constitution, a Vice-President may resign by submitting a written notice to the President, effective immediately upon acceptance. In the absence of a Vice-President, the Deputy Chairman of the Rajya Sabha assumes interim duties, while the Chief Justice of India (CJI) may act as President if both offices are vacant, as outlined in the President (Discharge of Functions) Act, these provisions that enable transitions in India's top leadership to take place smoothly, in accordance with the OF AN INDIAN PRESIDENT, AND A FRACTURED CONGRESSOn May 3, 1969, President Zakir Husain, who had been the Vice-President between 1962-1967, died in office. A constitutional crisis was India's third President, Husain was a respected figure, and his passing left the presidency the time, the Congress party was grappling with internal party was split between the old guard, known as the Syndicate, and the faction led by then-Prime Minister Indira rift set the stage for the contentious presidential election of VV Giri, who had been serving as acting President following Husain's death, emerged as a key figure in the unfolding political Congress faced pressure to select a candidate who could have the support and unify the factions. But the divide between the Syndicate (namely the Congress Organisation) and Gandhi's supporters Congress (Requisitionists) made consensus elusive.A PRESIDENTIAL BID IN INDIA LIKE NO OTHER; VV GIRI WON BY A NARROW MARGINadvertisementThe Syndicate, a group of senior Congress leaders, including K Kamaraj and Morarji Desai, sought to assert control over the presidential favoured Neelam Sanjiva Reddy as their candidate, believing he would align with their conservative faction. Meanwhile, Indira Gandhi, pushing for greater influence within the party, backed VV Giri, who was seen as more sympathetic to her pursue the presidency, Giri, acting as the President, resigned as the Vice-President on May 13, 1969. The move was an unprecedented one as no Vice-President had election became a battleground for control of the Congress Party. Giri, running as an independent candidate with Gandhi's support, faced Reddy. Gandhi called for a "conscience vote", allowing Congress MPs to vote won the election in August 1969, by a narrow margin. He secured 4,20,077 votes against Reddy's 4,05,427, becoming India's fourth CJI WELCOMED US PRESIDENT NIXON, AS A PRESIDENTWith both the presidency and vice-presidency vacant after Giri's resignation, an interim arrangement was required. From May to August 1969, the Vice-President's post remained vacant for more than 100 President's role, temporarily assumed by Vice-President VV Giri in May, came to an end in July after he resigned, having discharged the duties of both offices for over two was then, based on the provisions of the Constitution and the President (Discharge of Functions) Act, 1969, enacted just before this crisis, the Chief Justice of India acted as the Chief Justice of India Mohammad Hidayatullah assumed the role of acting President from July 20, until Giri's inauguration on August tenure as the acting President became historic when he hosted US President Richard Nixon during his official visit to India. He even delivered a formal address at Rashtrapati Bhavan's Banquet Hall, according to the American Presidential Project, a digital archive maintained by the University of a short tenure of a month, as Article 62 of the Constitution mandates that a presidential election must be held within six months of a vacancy, Hidayatullah's stint came to an end after Giri took the oath of India's highest office on August becoming a full-time Vice-President, Hidayatullah went on to act as President thrice in the 1980s during President Zail Singh's foreign part of post-Independence lore, this precedent gains some renewed relevance in 2025. However, now, Dhankhar's resignation has paved the way for an election to fill the Vice-President's post in six months.- Ends
