Govt appoints Shaktikanta Das as India’s G20 Sherpa
NEW DELHI: Former economic affairs secretary Shaktikanta Das was on Monday appointed India's G20 Sherpa till December 31, 2018, for the Development Track of the grouping. "Former DEA secretary Sh Shaktikanta Das @Dasshaktikanta appointed India's G20 Sherpa till December 31, 2018, for the Development Track of the G20," the Ministry of Finance said in a series of tweets.
There are two tracks in G20 –the Finance Track and the Development Track.
"Finance Track is managed by the Secretary (Economic Affairs), Ministry of Finance, as India's Deputy to G-20 and the Development Track is coordinated by the Sherpa. The Department of Economic Affairs will provide necessary support to the Sherpa," it added.
Former Niti Aayog vicechairman Arvind Panagariya had suggested to Prime Minister Narendra Modi to find a full-time Sherpa for G20 talks as India's role is expanding in the global arena.
Panagariya was appointed India's Sherpa for the G20 talks in September 2015, replacing the then railway minister Suresh Prabhu.
Sherpas, who are representatives of leaders of G20 member countries, coordinate on the agenda of the summit.
As per practice, the deputy chairman of the erstwhile Planning Commission used to be the Sherpa for G20 talks.
During the UPA regime, former deputy chairman of Planning Commission Montek Singh Ahluwalia was Sherpa for G20 talks.
The G20, a central forum for international cooperation on financial and economic issues, accounts for more than four- fifths of gross world product and is home to almost two-thirds of the world's population.
Meanwhile, former Planning Commission Member N K Singh was on Monday appointed chairman of 15th Finance Commission, which among other things has been asked to look into the impact of GST on finances of both the Centre and states, said a government notification.
The other members of the commission, which is required to submit its report by October 2019, are former Economic Affairs Secretary Shaktikanta Das and former Chief Economic Advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.
The commission will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the states.
It will also recommend a fiscal consolidation road map for sound fiscal management.
As per Article 280 of the Constitution, the commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the states. The commission also suggests the principles which should govern the grants in aid of the revenues of the states out of the Consolidated Fund of India.
As per the terms of reference, the panel will also “the impact of the GST, including payment of compensation for possible loss of revenues for 5 years, and abolition of a number of cesses, earmarking thereof for compensation and other structural reforms programme, on the finances of Centre and states”, said the notification.
Further, the commission will examine progress made in promoting ease of doing business by effecting related policy and regulatory changes and promoting labour intensive growth. KOLKATA: Diversified conglomerate ITC Ltd on Monday said its "biggest headroom" for growth is in the fast moving consumer goods business, where it can leverage internal capabilities. The soap-to-cigarette maker would explore newer areas progressively, similar to what it did with the recent foray in fruits, fruit juices, vegetables and dairy products.
"It is a continuous expansion of our portfolio, which we will strive to do," CEO Sanjiv Puri told reporters on the sidelines of the Horasis Asia meet here.
"We believe the biggest headroom to grow is in the fast moving consumer goods business. That's where opportunities are the biggest and that's where our internal capabilities can be leveraged," he said.
He said ITC had recently announced an investment of Rs 10,000 crore in food processing, and another Rs 25,000 crore was under progress in various areas. Regarding the impact of GST, Puri said by and large, trade has normalised. There may, however, be some minor issues in the wholesale channel, he added.