Q. Consider the following statements regarding the Cabinet Committee on Investment and Growth (CCIG):
1. It was created in 2014 to promote capital investment and growth of the economy.
2. It is headed by finance minister.
Which of the statements given above is/are correct?
In June 2019, the Union government formed two cabinet committees — one on Investment, the other on Employment and Skill Development.
The Prime Minister constitutes Standing Committees of the Cabinet and sets out the specific functions assigned to them. He can add or reduce the number of committees.
Investment: The Cabinet Committee on Investment will “identify key projects required to be implemented on a time-bound basis”, involving investments of Rs 1,000 crore or more, or any other critical projects, as may be specified by it, with regard to infrastructure and manufacturing.
- It will prescribe time limits for giving requisite approvals and clearances by the ministries concerned in identified sectors.
- It will also monitor the progress of such projects.
Employment: The Cabinet Committee on Employment and Skill Development is supposed to provide “direction to all policies, programmes, schemes and initiatives for skill development aimed at increasing the employability of the workforce for effectively meeting the emerging requirements of the rapidly growing economy and mapping the benefits of demographic dividend”.
- It is required to enhance workforce participation, foster employment growth and identification, and work towards removal of gaps between requirement and availability of skills in various sectors.
- The panel will set targets for expeditious implementation of all skill development initiatives by the ministries and to periodically review the progress in this regard.
The addition of the two committees is indicative of the new focus areas for the government. The goal of both is new jobs.
Source: The Hindu