On February 17, 2020, The 15th Finance Commission has set up a 8-member group led by ITC chairman and managing director (MD) Sanjiv Puri to recommend measurable performance incentives for the states, so as to promote exports & also to encourage the concerned crops to ensure replacement of more imports.
The committee will submit its recommendations within 3 months.Key Points:
i.This expert group consists of members including (i) Ms. Radha Singh, Former Agriculture Secretary (ii) Representative of Ministry of Food Processing Industries (iii) Chairman, Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce and Industry (iv) Shri Suresh Narayanan, CMD, NESTLE India (v) Mr. Jay Shroff, CEO-UPL Limited. (vi) Shri Sanjay Sacheti, Country Head India-Olam Agro India Ltd. (vii) Dr. Sachin Chaturvedi, Director General, RIS.
ii.Terms of Reference (ToR) of the committee:
The group will assess export and import substitution opportunities for Indian agricultural products (commodities, semi-processed and processed) in the changing situation of international trade and suggest steps to boost exports and reduce imports.
It will recommend different measures to enhance agricultural productivity, ensure wastage reduction, strengthen Indian logistics-related infrastructure, etc. and enhance the competitiveness of this sector globally.
It will identify bottlenecks in the path of private sector investment in the agricultural value chain and suggest ways and reforms that will help in attracting necessary investments.
It will also suggests appropriate performance-based incentives to the States for the period from 2021-22 to 2025-26 to speed up reforms in the agricultural field.
About 15th Finance Commission:
Formed– 27 November 2017
Headquarters– New Delhi
Minister responsible– Nirmala Sitharaman (Minister of Finance)