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NITI Aayog

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NITI Aayog

The policy think tank of the Government of India is referred to as NITI Aayog (Policy Commission). It was set-up with the vision of achieving the Sustainable Development Goals (SDGs). Established in 2015, the NITI Aayog replaced the Planning Commission.

The NITI Aayog serves the role of the country's main policy-making institution. Additionally, its role involves furthering the economic growth of India. They develop plans to achieve national-level developmental goals in active partnership with Indian states. The Prime Minister is the head and Chairman of Niti Aayog and is responsible for further recruiting a Vice-Chairman. 

The NITI Aayog comprises of two working hubs:

  1. Team India Hub: Focussed on ensuring participation of Indian states along with the central government.
  2. The Knowledge and Innovation Hub: Focussed on building the institution’s think tank capabilities

It recognized the following 7 pillars of effective governance and created its model based on them:

  1. Pro-people: It fulfills the aspirations of society and individuals
  2. Pro-activity: It works in anticipation of and response to citizen needs
  3. Participation: It ensures the involvement of the citizenry
  4. Empowering: It focuses on empowering people, especially women in all aspects
  5. Inclusion: It aims for the inclusion of all people irrespective of caste, creed, and gender
  6. Equality: Its goal is to provide equal opportunity to all, especially the youth
  7. Transparency: It works on making the government visible and responsive

Executive Bodies

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Executive Bodies

Executive bodies are non-constitutional and non-statutory bodies. This means that they are not established by the Parliament. Instead, they are established by Executive resolution or action i.e through the government’s action only. These non-statutory bodies can be converted to statutory bodies by enacting a law. This was done in the case of the Unique Identification Authority of India (UIDAI) which was converted into a statutory body by actioning a new law.

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Insurance Regulatory and Development Authority of India (IRDAI)

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Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body that is autonomous in nature. Its main role is to regulate and promote the insurance and re-insurance industries of the country. 

Pension Fund Regulatory & Development Authority (PFRDA)

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Pension Fund Regulatory & Development Authority (PFRDA)

The Pension Fund Regulatory and Development Authority (PFRDA) main role is to regulate the National Pension System (NPS). The NPS is subscribed by employees of the Government of India, state governments, private institutions/organizations as well as unorganized sectors. PFRDA works to ensure the systematic growth of the pension market.

Telecom Regulatory Authority of India (TRAI)

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Telecom Regulatory Authority of India (TRAI)

The Telecom Regulatory Authority of India (TRAI) has been established by India's government. This was done with the aim to ensure proper growth of the country's telecommunication industry and its integration into the global information society. TRAI serves as the regulator of the telecommunications sector in India.

TRAI consists of a total of 5 members. This includes a Chairperson along with 2 full-time and 2 part-time members. To qualify for a position in TRAI, an individual should have either specialized knowledge of or experience working in the telecom industry, financial sector, accountancy, law, management and/or consumer affairs.

Food Safety and Standards Authority of India

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Food Safety and Standards Authority of India

Established under the Ministry of Health & Family Welfare, the Food Safety and Standards Authority of India (FSSAI) is an autonomous non-constitutional body whose key function is to protect and promote public health. It ensures this by regulating and supervising food safety in the country. The FSSAI focuses on:

  1. Laying down science-based standards for articles of food
  2. Regulating the manufacturing, storage, distribution, import and sale of food
  3. Facilitating the safety of food

The FSSAI comprises a Chairperson and 22 members. Out of these members, a total of one-third must be female candidates. The central government is responsible for recruiting the Chairperson..

Securities and Exchange Board (SEBI)

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Securities and Exchange Board (SEBI)

The Securities and Exchange Board of India (SEBI) is the regulator of the securities and commodity market in India. The key function of SEBI is to protect those who have invested in securities and to promote the development of the securities market along with ensuring its regulation.

SEBI focuses on three core groups which form the market:

  • Issuers of securities
  • Investors
  • Market intermediaries

SEBI performs quasi-legislative, quasi-judicial, and quasi-executive functions. In the legislative domain, it drafts the regulation. On the executive side, it ensures the enforcement of regulations and in its judicial capacity, it gives rulings and orders. While this gives SEBI a lot of power, an appeal has been made to establish higher accountability.

The Board of Securities & Exchange Board of India (SEBI) is comprised of 9 members:

  • A Chairman nominated by the Union Government.
  • 2 members who are officers from the Union Ministry of Finance.
  • 1 member who is from the Reserve Bank of India.
  • 3 full-time members, who are nominated by the Government of India.
  • 2 part-time members, who are also nominated by the Government of India.

Reserve Bank of India (RBI)

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Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) is the country's central bank. Its main function is to control the issuing and supply of the Indian rupee. In India, the Reserve Bank plays the role of the regulator of the entire banking system including commercial banks as well as non-banking finance companies. Along with the banking system, it is the leader of the money market too. The RBI is responsible for facilitating financial stability and inclusion.

India's monetary policy is implemented by the RBI. It serves as a banker to banks and the government by maintaining their accounts and executing transactions on their behalf as well as giving them banking services.

A Central Board of Directors is responsible for governing the work of the RBI. Additionally, each part of the country, North, South, East, and West has a local board that looks after the local interests of that area. The Central Board of Directors and Local Board members are nominated and appointed by the central government as per the Reserve Bank of India (RBI) Act.

Regulatory Bodies

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Regulatory Bodies

Regulatory Bodies are non-constitutional government bodies established through legislative acts. These bodies have autonomous control over some areas in the private sector of the economy in a supervisory capacity. A few of them are independent of any branch of the government. They have been established to monitor utilization of public goods, regulate business and implement safety and standards.

Lokpal and Lokyukta

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Lokpal and Lokyukta

Lokpal and Lokyukta are anti-corruption authorities that represent the public interest of the people of India. The Lokpal has the authority to investigate allegations linked to corruption against public offices under the central government. At the state level, the same function is performed by the Lokayukta.

It was after the Anna Hazare led 2011 Jan Lokpal movement that The Lokpal and Lokayuktas Act was passed in 2013 with amendments in Parliament.