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Urjit Patel is back – as chief of key economic think tank

Urjit Patel as chairman of NIPFP

Approx Read Time: 5 minutes
Urjit Patel as chairman of NIPFP

In News:

  • Urjit Patel has been appointed as the chairman of the National Institute of Public Finance and Policy (NIPFP).
  • He replaces former bureaucrat Vijay Kelkar, who chaired NIPFP for almost six years.

In Focus: National Institute of Public Finance and Policy (NIPFP)

  • The National Institute of Public Finance and Policy (NIPFP) is a centre for research in public economics and policies and is India’s premier economic think tank.
  • It was founded in 1976, as an autonomous body set up jointly by the Ministry of Finance, the erstwhile Planning Commission, and several state governments and distinguished academicians.
  • It is registered under the Societies Registration Act, 1860.

Main Functions of NIPFP:

  • The institute undertakes research, policy advocacy and capacity building in areas related to public economic and advises the Central and the state governments of India.
  • The institute receives an annual grant from the Ministry of Finance, Government of India, and various State governments.
  • Despite receiving annual grant from the Ministry of Finance, it maintains an independent non-government character.

Governing Body of NIPFP:

  • The governing body of NIPFP comprises of the following:
    1. Three representatives of the Ministry of Finance including the Revenue Secretary, Economic Affairs Secretary and the Chief Economic Advisor.
    2. One representative of the Niti Aayog.
    3. One representative of the Reserve Bank of India.
    4. Three representatives of sponsoring State governments.
    5. Also distinguished economists and members of other sponsoring agencies and invitees.

NIPFP’s Chairman’s Role:

  • The NIPFP chairman’s role is advisory in nature and he does not interfere in day today functioning of the institution.
  • He chairs the board meetings which are held at least three to four times in a year.

NIPFP’s Publications:

  • The institute has made significant research contribution in the area of-
    • Revenue and taxation
    • Fiscal management
    • Public expenditure
    • Macro-economic policies
    • Fiscal federalism
    • Other public finance and policy issues both at the Central and the State-level
  • Most of the studies are undertaken at the instance of Central and State governments in India, and bilateral and multilateral lending institutions.
  • The institute has also undertaken research for a few other countries at the request of the Government of those countries.

Other Activities of NIPFP:

  • Apart from the research publications, NIPFP also organizes conferences on issues like growth and stability; fiscal policies for gender equality etc.

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