Niti Aayog Vice-Chairman Rajiv Kumar today made a strong case for setting up an independent debt management office, as better servicing of loans could lead to substantial reduction in India’s interest payment.Debt management helps to reduce outstanding, unsecured debts over time to help the debtor regain control of finances.
At present, government debt, including market borrowing, is managed by Reserve Bank of India (RBI).
About :Niti Ayog
The NITI Aayog is a policy of the Government of India, established with the aim to achieve Sustainable Development Goals and to enhance cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process.
Importance of Dept Management office:
It will also help in strengthen bond market and help to promote investment. It will be in pursuance global practice of shifting public debt management from central bank to a debt management office.
- Niti Ayog has made a strong case for setting up an independent debt management office will help to resolve issues relating to conflict of interest as RBI decides on key interest rates as well as undertakes buying and selling of government bonds.
- The setting up of Debt Management Office has been one of the top priority of government for bringing reforms in financial sector.It will facilitate in better planning and management of domestic and foreign market borrowings of Central Government.
- The Centre has finally made up its mind on setting up an independent agency to mange its debt after years of discussions with the Reserve Bank of India. As a precursor, the Finance Ministry will soon set up the Public Debt Management Cell (PDMC) in the Budget Division.
- In his February 2015 Budget speech, Finance Minister Arun Jaitley had proposed to set up a Public Debt Management Agency (PDMA) within the finance ministry. The idea behind setting up of PDMA was to resolve issues relating to conflict of interest as the RBI decides on the key interest rates as well as undertakes buying and selling of government bonds.
Prime Minister Narendra Modi laid the foundation stone-laying ceremony for construction of first traditional Hindu temple in Al Wathba, Abu Dhabi, the capital city of United Arab Emirates (UAE). It will be the first traditional Hindu stone temple in the Middle East.The UAE government had allocated land for the temple during PM Modi’s first visit to the gulf country in 2015.
Key Points: Hindu temple in Abu Dhabi
- It will be the first traditional Hindu stone temple in the Middle East and to be built in Abu Dhabi off Dubai-Abu Dhabi highway. The first Hindu temple in Abu Dhabi will come up on 55,000 square metres of land.
- The temple will replicate the BAPS temple ,Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS), is a socio-spiritual Hindu organisation set up in 1907 n New Delhi the one under construction in New Jersey.
- The temple will incorporate all aspects and features of a traditional Hindu temple as part of a fully functional, social, cultural and spiritual complex.
- The temple design and structure is along the lines of the Akshardham temple in Delhi and other places and will include idols of Lord Krishna, Lord Maheshwara, Lord Ayyappa and more .
- The temple will be hand-carved by Indian temple artisans and assembled in the UAE and will be completed by 2020, and open to people of all religious backgrounds.