NITI Aayog Convened a Stakeholder Consultation on Implementation of the SHANTI Act 2025

Why in news

NITI Aayog recently convened a Stakeholder Consultation on the Implementation of the SHANTI Act 2025, bringing together leaders, policymakers, and experts to deliberate on the operational framework of the Act.

Exam relevance

GS2, GS3 · Polity, Governance, Economy · Prelims · Mains

Key facts

1. NITI Aayog organized a Stakeholder Consultation for the implementation of the SHANTI Act 2025.
2. The consultation was chaired by Prof. Abhay Karandikar, Member, NITI Aayog.
3. Key leaders, policymakers, and experts from government, research institutions, and industry participated.
4. Discussions were structured around three critical pillars: Legislative & Regulatory Framework; Finance, Insurance & Public Perception.
5. The Legislative & Regulatory Framework segment focused on the Act's draft rules, regulations, related FDI policy provisions, statutory compliance mechanisms, and attracting foreign capital while safeguarding domestic interests.

Prelims pointers

• NITI Aayog's role in stakeholder consultations for policy implementation.
• SHANTI Act 2025 is a landmark Act discussed in the consultation.
• Prof. Abhay Karandikar (Member, NITI Aayog) chaired the consultation.
• The consultation focused on three pillars: Legislative & Regulatory Framework, and Finance, Insurance & Public Perception.
• Discussions included FDI policy provisions and safeguarding domestic interests.

Mains practice question

Discuss the significance of stakeholder consultations, as exemplified by NITI Aayog's initiative on the SHANTI Act 2025, in ensuring effective policy implementation and balancing foreign investment with domestic interests in India.

Static linkage

NITI Aayog serves as the premier policy 'Think Tank' of the Government of India, providing both directional and policy inputs. It plays a crucial role in fostering cooperative federalism, designing strategic and long-term policies and programmes, and facilitating stakeholder consultations for effective governance and policy implementation.

Significance

Such stakeholder consultations are vital for ensuring comprehensive and effective implementation of landmark legislation by incorporating diverse perspectives from government, industry, and academia. They help in refining legislative and regulatory frameworks, addressing financial and insurance aspects, and managing public perception, which are crucial for the successful rollout of any major Act. Furthermore, these deliberations are essential for attracting foreign investment while simultaneously protecting domestic interests, thereby contributing to economic growth and national security.

Way forward

Not specified in source