15th February, 2024 Current Affairs

NATIONAL
16th Finance Commission Holds First Meeting Under Chairmanship of Arvind Panagariya

• The 16th Finance Commission (FC) convened its inaugural session with Arvind Panagariya at the helm to deliberate upon its Terms of Reference (ToR). The commission aims to engage in comprehensive analytical endeavors and leverage expertise from prominent research institutions and think tanks specializing in fiscal federal relations.
• The commission commits to delivering its recommendations by October 31, 2025, covering a five-year award period starting from April 1, 2026.
• The FC is constitutionally mandated to formulate a framework for distributing net tax proceeds between the Centre and states, as well as among states and local bodies. Presently, India allocates 41% of federal taxes to states based on the recommendations of the 15th panel.

Composition of the Commission

• Full-time members: Arvind Panagariya (Chairman), Ajay Narayan Jha, Annie George Mathew, and Niranjan Rajadhyaksha.
• Part-time member: Soumya Kanti Ghosh, Group Chief Economic Advisor of the State Bank of India.

Also Read: Awards: Weekly Current Affairs Bitbank (January 15 to 21, 2024): Who recently became the first Indian to achieve a stage victory at the Dakar Rally?

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INTERNATIONAL
India in Talks for Full Membership with IEA

• India is engaged in discussions with ministers from member countries of the International Energy Agency (IEA) regarding its application to attain full membership in the Paris-based organization, comprising 31 nations. These talks acknowledge India’s strategic significance in addressing global energy and climate challenges, as highlighted during the IEA’s 2024 ministerial meeting held in Paris.
• The IEA acknowledges India’s pivotal role in addressing global energy and climate issues.
• India’s formal request for full membership was submitted in October 2023, subsequent to its status as an associate member since 2017.
• The IEA, comprising 31 member countries and eight associates, has four countries, including India, seeking full membership.
• Full membership prerequisites include OECD membership and maintaining strategic oil reserves equivalent to 90 days of net imports

SPORTS
Indian Hammer Thrower Rachna Kumari Banned For 12 Years For Doping

• Athletics Integrity Unit (AIU) and the National Anti-Doping Agency (NADA) have imposed significant suspensions on two athletes for anti-doping rule violations. These decisions highlight the unwavering commitment of sporting authorities to maintain fairness, integrity, and a level playing field in athletics.
• Hammer thrower Rachna Kumari faces a 12-year suspension for her second anti-doping rule violation, marking a severe penalty that reflects the seriousness with which doping offenses are treated.
• Quarter-miler Nirmala Sheoran, another athlete with a history of doping violations, has been handed an eight-year suspension by NADA for her second offence.

Published date : 15 Feb 2024 03:42PM