This comprehensive guide provides an overview of over 50 important economic committees in India that have had a significant impact on the country’s financial, economic, and industrial sectors. The committees, which have been influential in shaping various reforms, play a crucial role in enhancing efficiency, inclusivity, and growth. The article covers committees such as the Rangarajan Committee on disinvestment, Narasimham Committee on financial sector reforms, Kelkar Committee on tax reform, and many others. These committees and their recommendations are frequently asked about in competitive exams like UPSC, RBI Grade B, SSC, RRB, and other state exams.
Under the leadership of Dr. C. Rangarajan, this committee was responsible for recommending ways to disinvest public sector undertakings. The goal was to improve economic efficiency and reduce fiscal deficit.
Headed by M. Narasimham, this committee proposed major reforms in India’s financial sector. The recommendations included the introduction of prudential norms for income recognition, asset classification, and provisioning for the banking system.
This committee, under the guidance of Vijay Kelkar, was constituted for comprehensive tax reforms. It recommended broadening the tax base, simplifying tax structures, and enhancing compliance through administrative reforms.
Chaired by R. N. Malhotra, this committee brought about significant reforms in the insurance sector. It suggested the establishment of an Insurance Regulatory Authority and the entry of private sector players.
This committee was established to suggest strategies to boost small-scale industries in India. Led by Abid Hussain, it proposed various measures to improve the productivity and competitiveness of these industries.
The Basel Committee on Banking Supervision, an international regulatory committee, provides recommendations on banking regulations, primarily concerned with the risk management aspect of the banking industry.
This committee, led by Prof. Sukhamoy Chakravarty, aimed at evaluating the functioning of the monetary system. It suggested measures to improve the effectiveness of monetary policy in promoting economic development.
The Deepak Parekh committee was tasked with formulating a revival plan for the Unit Trust of India (UTI). It played a critical role in restructuring and strengthening the trust.
This committee was set up to review the fertiliser industry. Under the leadership of Dr. C.H. Hanumantha Rao, it aimed to suggest ways to improve the quality and efficiency of fertiliser use.
Chaired by Dr. Kirit Parikh, this committee was tasked with identifying new avenues for infrastructure financing. It provided strategies to mobilize funds and manage risks in infrastructure projects.
This committee, chaired by Dr. Raja J. Chelliah, was established to reform the tax structure. It suggested measures like broadening the tax base, rationalizing tax rates, and simplifying procedures to improve the efficiency and equity of the tax system.
Under the leadership of N.K.P. Salve, the Rekhi committee made recommendations on reforming and simplifying indirect tax structures. The committee aimed to increase compliance and ease of administration.
Headed by P. L. Tandon, this committee was constituted to examine the system of working capital financing by banks. It provided guidelines to ensure prudent and efficient credit management.
Chaired by S.S. Tarapore, this committee proposed a roadmap towards capital account convertibility – a policy allowing free inflow and outflow of capital on the financial account of a country’s balance of payments.
Led by Narayanan Vaghul, this committee focused on developing the money market in India. It suggested measures for its broadening and deepening to enhance its role in monetary policy.
Under the chairmanship of Y.V. Reddy, this committee reviewed the income tax rebates system. Its recommendations aimed at improving the effectiveness and equity of the tax system.
The Abhijit Sen committee was set up to formulate a long-term food policy. The committee aimed to ensure food security, improve agricultural productivity, and enhance farmer welfare.
This committee, under the guidance of B. S. Athreya, was established to recommend measures for the restructuring of the Industrial Development Bank of India (IDBI).
Chaired by Bhure Lal, this committee recommended an increase in motor vehicle tax. The goal was to curb vehicular pollution by discouraging the use of personal vehicles.
The Bimal Julka committee was constituted to study and suggest improvements in the working conditions of Air Traffic Control Officers (ATCOs) in India.
Under the leadership of C.B. Bhave, this committee was formed to streamline the disclosure and transparency norms in corporate reporting.
This committee was led by Ramachandra Chandrashekhar. Its main focus was to assess and propose enhancements in the venture capital sector in India to facilitate the growth of startups and innovative enterprises.
Chaired by Y. H. Malegam, this committee provided insights on the process of delisting in the share market. It aimed at creating a more transparent and efficient system for delisting companies from the stock exchange.
Headed by K.B. Chore, the committee was formed to review the operation of the cash credit system, a prominent method of industrial financing in India.
Chaired by D. Swarup, the Dave committee recommended a pension scheme tailored for India’s vast unorganised sector. Its mandate was to ensure a secure retirement for workers who are often excluded from formal pension schemes.
This committee, led by S.K. Dhanuka, aimed at simplifying the transfer rules in the securities market. It strove to make the system more user-friendly and efficient.
Headed by G.V. Ramakrishna, this committee was set up to oversee the disinvestment in public sector undertakings (PSUs). It played a critical role in India’s privatisation process.
Under M.N. Goiporia’s leadership, this committee suggested improvements in customer services at primary (urban) cooperative banks. It aimed at enhancing the efficiency and accountability of these banks.
The JR Verma Committee evaluated the current account carry forward practice. The committee’s recommendations aimed at creating more robust and transparent financial markets.
The JanakiramanCommittee, headed by R. Janakiraman, examined the irregularities in securities transactions. The committee played a pivotal role in identifying the loopholes in the system and suggesting remedial measures.