Important Economic Committees for UPSC, RBI Grade B, SSC

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.

Rangarajan Committee – Disinvestment

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.

Narasimham Committee – Financial Sector Reforms

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.

Malhotra Committee – Insurance Reform

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.

Abid Hussain Committee – Small-scale Industries

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.

Basel Committee – Banking Supervision

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.

Chakravarty Committee – Monetary System

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.

Deepak Parekh Committee – UTI Revival

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.

Hanumanth Rao Committee – Fertiliser

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.

Parikh Committee – Infrastructure Financing

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.

Raja Chelliah Committee – Tax Reform

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.

Rekhi Committee – Indirect Taxes

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.

Tandon Committee – Working Capital Financing by Banks

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.

Tarapore Committee – Capital Account Convertibility

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.

Vaghul Committee – Money Market in India

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.

YV Reddy Committee – Review of Income Tax Rebates

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.

Abhijit Sen Committee – Long Term Food Policy

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.

Athreya Committee – Restructuring of IDBI

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).

Bhure Lal Committee – Increase in Motor Vehicle Tax

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.

Bimal Julka Committee – Working Condition of ATCOs

The Bimal Julka committee was constituted to study and suggest improvements in the working conditions of Air Traffic Control Officers (ATCOs) in India.

CB Bhave Committee – Company Information

Under the leadership of C.B. Bhave, this committee was formed to streamline the disclosure and transparency norms in corporate reporting.

Chandrashekhar Committee – Venture Capital

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.

Chandrate Committee – Delisting in Share Market

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.

Chore Committee – Cash Credit System

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.

Dave Committee – Pension Scheme for Unorganised Sector

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.

Dhanuka Committee – Transfer Rules in Securities Market

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.

GV Ramakrishna Committee – Disinvestment

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.

Goiporia Committee – Customer Services at Primary Cooperative Banks

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.

JR Verma Committee – Current Account Carry Forward Practice

The JR Verma Committee evaluated the current account carry forward practice. The committee’s recommendations aimed at creating more robust and transparent financial markets.

Janakiraman Committee – Securities Transactions

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.