Economics Miscellaneous (Part – III)

The Competition Commission of India (CCI), founded in 2003 and fully operational by 2009 under the Competition Act, 2002, regulates fair competition in India's market. It operates under the Ministry of Corporate Affairs, the CCI's main functions are to prevent anti-competitive practices, regulate mergers, protect consumer interests, and ensure free trade.
The amendments, such as the 2009 and 2023 Acts, have refined its powers to meet evolving market needs, especially in digital economies. Key challenges include digital business complexities, staffing constraints, regulatory delays, judicial limitations, and enforcement issues, highlighting the need for updated competition frameworks.

• Pay commission is a body set up by the Central government that reviews and recommends changes to the salary structure of the employees. This panel also reviews the bonuses, allowances and other benefits of the employees.
• It recommends changes for central government employees and pensioners as well as the defence forces.
• History: Pay commissions are usually constituted every 10 years and the first pay commission was set up in 1946. Since Independence, a total of seven pay commissions have been formed.
• The latest pay commission was set up in 2014 and it recommendations came into effect in 2016.
• It is not mandatory for the government to accept the recommendations of the pay commission. The government may choose to accept or reject the recommendations.
• The Department of Expenditure under the Ministry of Finance is responsible for the implementation of the recommendations of the Central Pay Commission.

• The National Dairy Development Board (NDDB) is a national institution founded in 1965 by an act of the Indian Parliament.
• The National Dairy Development Board, which was initially constituted as a society under the Societies Act 1860, was merged with the former Indian Dairy Corporation, which was created and registered under the Companies Act 1956, by the NDDB Act 1987, which took effect on October 12, 1987.
• NDDB was founded in Anand, Gujarat, with the goal of boosting, financing, and supporting dairy producer-owned and managed organisations.
• The National Dairy Development Board (NDDB) is a prestigious organisation in India that works in the field of dairy development.
• Its operations and programs are focused on bolstering farmer-owned institutions, as well as supporting national policies that encourage the expansion of such organisations.
• Board of Directors: The Board of Directors has overall supervision, direction, control, and administration of NDDB's operations and business.

About Airports Authority of India (AAI)

• It is a statutory body under the Directorate General of Civil Aviation, Ministry of Civil Aviation, Government of India.
• It was constituted by an Act of Parliament and came into being on 1st April, 1995, by merging the erstwhile National Airports Authority and the International Airports Authority of India.
• The merger brought into existence a single Organization entrusted with the responsibility of creating, upgrading, maintaining, and managing civil aviation infrastructure both on the ground and air space in the country.
• AAl manages 137 airports, which include 24 International Airports (including 3 International Civil Enclaves), 10 Customs Airports (including 4 Customs Civil Enclaves), 80 Domestic Airports, and 23 Domestic Civil Enclaves at Defence airfields.

Reserve Bank of India (RBI) is the nation's central bank, tasked with overseeing and regulating the monetary and financial framework of India. Established on April 1, 1935, based on the recommendations of the Hilton Young Commission, under the Reserve Bank of India Act of 1934, the RBI plays a crucial role in India's economic development by managing the country's currency, credit, and financial stability.
Reserve Bank of India (RBI) regulates the issue and supply of the Indian currency and manages the country's monetary policy to ensure financial stability and economic growth. It plays a key role in controlling inflation, ensuring the smooth functioning of the financial system, and promoting digital payments and financial inclusion across the country.

The Finance Commission, established under Article 280 of the Indian Constitution, is a constitutional body that recommends the distribution of tax revenues between the central and state governments every five years. The Commission plays a crucial role in maintaining fiscal federalism, ensuring effective governance, and addressing economic disparities among states.