On May 9, 2020 Tamil Nadu(TN) constituted a 24 member high-level committee headed by C Rangarajan, ex-governor of Reserve Bank of India(RBI) to assess the immediate and medium-term impact of the COVID-19 pandemic on various sectors of the State’s economy, examine fiscal challenge & suggest ways to improve its fiscal position including increasing the tax-Gross Domestic Product(GDP) ratio and diversifying revenue sources and re-prioritising expenditure.
- State Finance Secretary S Krishnan will be the coordinator of the committee. The committee will submit its final reports to the Government within 3 months apart from the interim reports.
Gist about the committee
i.The committee will assess opportunities and threats in the short- and medium-term, along with measures required to help key sectors namely- Agriculture, Industries, Services, including tourism, construction, real estate and retail trade, among others to overcome the impact of the pandemic.
ii.It will identify specific reform measures to be taken by the State to support and promote the growth of these sectors, and identify possible sources of financing and funding for infrastructure projects, small businesses and other enterprises.
iii.Interact and seek views from industry bodies, trade associations, stakeholders, economic and other experts in India and overseas
iv.Look at fiscal issues and economy promotion measures the State government should take up with the Centre for necessary action
Purpose of the committee
To bring the economy back to the expected growth trajectory, address the needs and requirements of the poor, maintain the supply of essential commodities undisturbed, while limiting longer-term fiscal deterioration.
Members
Members include- N Narayanan, former Chief Secretary; A Vellayan, former chairman of Murugappa Group; N Srinivasan, vice-chairman & Managing Director(MD), India Cements; Venu Srinivasan, Chairman, TVS Motors; Padmaja Chunduru, MD, Indian Bank; PN Vasudeven, MD and Chief Executive Officer(CEO), Equitas Bank; M Suresh Babu of IIT Madras; Pinaki Chakraborty, Co-ordinator, United Nations Children’s Fund(UNICEF), Chennai among other bureaucrats and academicians.
About TN:
Chief Minister(CM)– Edappadi K. Palaniswami
Governor– Banwarilal Purohit
National Park(NP)– Guindy NP, Indira Gandhi NP, Mukurthi NP, Mudumalai NP, Gulf of Mannar Marine NP.
