• It is a new ‘think tank’ to replace planning commission.
• Government of India has replaced the old planning commission started in 1950 with new institution called NITI Aayog on 1st January 2015.
• It works under the chairmanship of Prime minister.
• NITI Aayog (National Institution for Transforming India) will seek to provide a critical direction and strategic input into the development process.
• It focuses on co-operative federalism.
NITI Aayog is based on the 7 pillars of the effective governance:
5. Inclusion of all
Objectives and Opportunities:
• An administration paradigm in which the government is an “enabler” rather than a “provider of first and last resort”.
• Progress from “food and security” to focus on a mix of agricultural production, as well as
actual returns that farmers get from their produce.
• Ensure that India is an active player in the debates and deliberations on the global commons.
• Ensure that the economically vibrant middle-class remains actively engaged, and its potential is fully utilized.
• Leverage India’s pool of entrepreneurial, scientific and intellectual human capital.
• Incorporate the significant geo-economic and geo-political strength of the non-resident Indian Community.
• Use urbanization as an opportunity to create a wholesome and secure habitat through the use of modern technology.
• Use technology to reduce capacity.
• Leveraging of India’s demographic dividend and realization of the potential of youth, men and women through education, skill development, elimination of gender bias and employment.
• Elimination of poverty, and the chance for every Indian to live a life of dignity and self respect.
• Redressal of inequalities based on gender bias, caste and economic disparities.
• Integrate villages institutionally into the development process.
• Policy support to more than 50 million small business, which are a major source of employment generation.
• Safeguarding of our environment and ecological assets.
• It stands for Ministry of Corporate Affairs.
• It is primarily concerned with administration of Companies Act,
1956, Companies Act, 2013, Limited Liability Partnership Act, 2008 and other allied Acts, Rules and Regulations framed for regulating the corporate sector.
• It provides an online to portal for filing of forms related to company compliances and other related forms.
• It stands for Security Exchange Board of India, it came into existence by SEBI Act, 1992 which came into effect on January 30, 1992.
• It is the regulatory authority of India to protect the interest of investors in securities.
• It is responsible for the regulation of capital markets and various participants and activities therein.
• It issues notifications, guidelines and circulars which need to be complied with by market participants.
• It also aims to promote the development of and to regulate the security market and for matters connected therewith and incidental thereto.
(iv) Reserve Bank of India
• Established on 1st April, 1935 under the Reserve Bank of India Act, 1935.
• Initially had a paid up capital of ?5 crores and was established as private shareholder bank.
• Nationalised in January 1, 1949
• The head office of Central Bank is in Mumbai.
Functions of Central Bank.
(a) Leading functions
• Issue of notes
• Bank to Bankers
• Banker to the government
• Custodian of foreign exchange reserve.
• Management and regulation of exchange rate
• Credit contro
(b) Other functions
• Collection of data
• Help to developing countries
• It stands for the Insolvency and Bankruptcy Board of India.
• It is established to administer the work of insolvency and bankruptcy of corporate persons, firms and individuals.
• It is the regulator for overseeing insolvency proceedings and entities like insolvency professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
It deals with four main transactions
• Corporate Insolvency
• Corporate Liquidation
• Individual Insolvency
• Individual Bankruptcy
• Competition Commission of India (CCI) was established under Competition Act, 2002.
• It is established for the administration, implementation and enforcement of the Act.
The main objectives of the commission are:
• To prevent practices having adverse effect on competition
• To promote and sustain competition in market
• To ensure freedom of trade
• To protect interest of consumers
(vii) NCLT (National Company Law Tribunal)
• NCLT is a quasi judicial body.
• It has replaced the Company Law Board (CLB), the Board of Industrial and Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction.
• It handles the structure, laws and settles disputes which are related to corporate cases.
• Tribunal was established under the Companies Act, 2013 and was constituted on June 1st 2016.
• All the proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies shall be disposed off by NCLT.
(viii) NCLAT (National Company Law Appellate Tribunal)
• It was formed by Central Government of India under Section 410 of the Companies Act, 2013.
• The tribunal is responsible for hearing appeals against orders of National Company Law Tribunal (NCLT).
• The tribunal also hears appeals against the orders of Insolvency and Bankruptcy Board of India and Competition Commission of India.