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PIB – 04 September 2021

CONTENTS

  1. 6th EASTERN ECONOMIC FORUM 2021
  2. FINANCIAL STABILITY AND DEVELOPMENT COUNCIL

 

6th EASTERN ECONOMIC FORUM 2021

Focus: International relations

Why in News?

Prime Minister’s Virtually -Addressed the 6th Eastern Economic Forum 2021 in Vladivostok.

  • PM stressed on the importance of greater economic and commercial engagement between the two sides in line with the ‘Special and Privileged Strategic Partnership’.
  • He highlighted the importance of health and pharma sectors as important areas of cooperation that have emerged during the pandemic.
  • He also referred to other potential areas of economic cooperation including diamond, coking coal, steel, timber etc.

About Eastern Economic Forum

  • It was established by the decree of the President of the Russian Federation in the year 2015 and takes place each year in Vladivostok, a city in Russia.
  • It serves as a platform for the discussion of key issues in the world economy, regional integration, and the development of new industrial and technological sectors, as well as of the global challenges facing Russia and other nations.
  • The Forum business programme includes a number of business dialogues with leading partner countries in the Asia-Pacific region, and with ASEAN, a key integration organization of dynamically developing nations in Southeast Asia.
  • Over the years, it has emerged as an international platform for discussing the strategy for developing political, economic and cultural ties between Russia and Asia Pacific.
India-Russia Relations
  • India-Russia cooperation is based on the solid foundations of the 1971 Treaty of Peace, Friendship and Cooperation between the Republic of India and the USSR, 1993 Treaty of Friendship and Cooperation between the Republic of India and the Russian Federation, 2000 Declaration on Strategic Partnership between the Republic of India and the Russian Federation and 2010 Joint Statement elevating the Partnership to a Special and Privileged Strategic Partnership. 
  • Cooperation between India and Russia spans across the whole gamut of sectors and rests on the fundamental pillars of political and strategic cooperation, military and security cooperation, cooperation in the spheres of economy, energy, industry, science and technology, and cultural and humanitarian cooperation.

FINANCIAL STABILITY AND DEVELOPMENT COUNCIL

Focus: GS III- Indian Economy

Why in News?

Finance Minister chaired 24th Meeting of the Financial Stability and Development Council.

About Financial Stability Development Council (FSDC)

  • The Financial Stability and Development Council (FSDC) was constituted by an Executive Order of the Union Government as a non-statutory apex body under the Ministry of Finance in 2010. 
  • The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008. 
  • No funds are separately allocated to the council for undertaking its activities.
  • The FSDC was formed to bring greater coordination among financial market regulators. 
About Composition of the FSDC

The membership of the FSDC is are as discussed below;-

  • The Finance Minister is the Chairman of the FSDC.
  • The council is headed by the finance minister and has the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) as other members along with finance ministry officials.
  • Other members are Finance Secretary, Chief Economics Advisor and  Secretary of the Department of Financial Services.
About Functions and Responsibilities of the FSDC
  • The FSDC was formed to bring greater coordination among financial market regulators.
  • To strengthen and institutionalize the mechanism of maintaining financial stability and responsibilities of FSDC as shown in the below image

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