National Institute of Public Finance and Policy | 20 Jun 2020

Why in News

Urjit Patel has been appointed chairman of the National Institute of Public Finance and Policy (NIPFP). He will succeed Vijay Laxman Kelkar.

  • Urjit Patel is a former Reserve Bank of India (RBI) Governor.
  • NIPFP is India’s premier economic think tank - a centre for research in public economics and policies.

Key Points

  • Formation: NIPFP is an autonomous body set up jointly by the Ministry of Finance, the erstwhile Planning Commission, and several state governments. It was founded in 1976. It is registered under the Societies Registration Act, 1860.
  • Functions:
    • It undertakes research, policy advocacy and capacity building in areas related to public economics.
    • One of the major mandates of the institute is to assist the Central, State and Local governments in formulating and reforming public policies by providing an analytical base.
  • Funding: It receives an annual grant from the Ministry of Finance and various State governments. However, it maintains an independent non-government character.
  • Governing Body:
    • It includes the Revenue Secretary, Economic Affairs Secretary and the Chief Economic Advisor from the Union Finance Ministry and representatives from NITI Aayog, RBI and three state governments.
    • It also includes three distinguished economists, members of sponsoring agencies and other invitees.
    • It is involved in appointing the Chairman and the Director.
      • The usual tenure of a chairman is four years, which can be extended.
  • Location: New Delhi.

Source: IE