Current Affairs search results for tag: committee
By admin: Sept. 8, 2022
1. Govt extends tenure of the Company Law Committee by one year
Tags: committee Economics/Business Person in news
The Government of India has extended the tenure of the Company Law Committee by one year till 16 September 2023.
IMPORTANT FACTS -
- The committee was set up by the Union Corporate Affairs Ministry in 2019 and it was extended by the ministry last year by one year till 2022.
- The committee was set up by the government to examine and make recommendations to the government on various issues related to implementation of the Companies Act 2013 and Limited Liability Partnership Act 2008.
- It was an effort by the government to promote ease of living by providing ease of doing business to law-abiding corporates.
Chairman of the committee :
- The 11 member committee is chaired by the Union Corporate Affairs Secretary Tarun Bajaj.
- Union Minister for Corporate Affairs : Nirmala Sitharaman
By admin: Sept. 7, 2022
2. Government set up Kirit Parikh committee to review the gas pricing formula to tame inflation
Tags: committee Economy/Finance Person in news
The Union Ministry of Petroleum and Natural Gas on 6 September 2022, has set up a committee to review the pricing formula for locally produced gas to ensure a "fair price to the end consumer".
IMPORTANT FACTS -
Chairman of the committee :
- The committee will be headed by former planning commission member Kirit Parikh.
- It will include members from the fertiliser ministry, as well as gas producers and buyers.
Reason for setting up of the committee :
- The committee will suggest pricing of locally produced natural gas so as to lower inflation in the country and boost the use of cleaner fuel.
- Prime Minister Narendra Modi wants to raise the share of gas in India's energy mix to 15% by 2030 from 6.2%, helping it progress towards meeting a 2070 net zero carbon-emission goal.
ADDITIONAL INFORMATION -
Fixing of natural gas price in India :
- In 2014 the government linked the local gas price to a formula tied to global benchmarks, including Henry Hub, Alberta gas, NBP and Russian gas.
- In 2016 the government began fixing the maximum prices of gas produced from deep water and allowed marketing freedom to the producer of these gasses.
- ONGC and Reliance are the major producers of deep water natural gas in India.
- The prices of natural gases are now at a record high in India and abroad, and are expected to rise further due to the Russia-Ukraine conflict. This is expected to increase inflation further in India.
Union Minister for Petroleum and Natural Gas : Hardeep Singh Puri.
