PIB ANALYSIS FOR UPSC CIVIL SERVICES EXAM
Topics Covered
- Financial Stability Development Council
- INS Tarangini
1 . Financial Stability Development Council
19thMeeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister,Shri Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance;The Council decided that the Regulators and the Government would keep a close watch on the developing situation and take all necessary measures.
What is Financial Stability Development Council
- Indian Government has setup an apex-level Financial Stability and Development Council (FSDC) to strengthen and institutionalize the mechanism for maintaining financial stability and enhancing inter-regulatory coordination
- FSDC has replaced the High Level Coordination Committee on Financial Markets (HLCCFM), which was facilitating regulatory coordination, though informally, prior to the setting up of FSDC.
Composition
- The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.
Mandate
- The Council deals, inter-alia, with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates. No funds are separately allocated to the Council for undertaking its activities.
2 . INS Tarangini
INS Tarangini returns after Vogage across the World
What is INS Tarangini
- INS Tarangini is the First Sail Training Ship of Indian Navy commissioned in 1997
- She is the first of two Sail Training Ships in the First Training Squadron, the other being INS Sudarshini.
Purpose of Sail Training Ship
- The primary role of these Sail Training Ships is to develop character and professionalism, as well as inculcate the qualities of initiative, courage, resilience and esprit-de-corps amongst the Sea Trainees and also impart practical training to them, primarily on navigation, sailing and seamanship.
- Over the years, INS Tarangini has been extensively deployed for long voyages away from her base port of Kochi, which includes one circumnavigation of the globe (2003-04) and three previous ‘Lokayans’ (2005, 2007 and 2015)
Lokayan 18
- The Voyage named “Lokayan 18” was flagged off on 10 Apr 18 from Kochi.
- During the voyage, the ship has proudly ‘shown the flag’ and highlighted the diverse culture of India across 15 ports in 13 countries.
- The ship sailed across the Arabian Sea, Red Sea, Suez Canal, Mediterranean Sea, Strait of Gibraltar, North Atlantic Ocean, Bay of Biscay, English Channel and North Sea, right up to Norway before commencing her homeward passage back to Kochi.