The National Statistical Commission, also known as NSC, is an essential body set up by the Government of India. It was established based on a resolution that came into effect from 12th July 2006. The creation of this commission followed the recommendations of the Rangarajan Commission, which conducted a comprehensive review of the Indian Statistical System in 2001.
Role and Functioning of the National Statistical Commission
The primary objective of the NSC is to formulate policies, identify priorities and establish standards in statistical matters. Its mandate includes the constitution of professional committees to advise on various technical issues.
In line with its mandate, the Ministry of Statistics and Programme Implementation formed five professional committees in 2016 upon the recommendation of NSC. These include the Committee on Real Sector Statistics, Committee on Financial Sector Statistics, Committee on Fiscal Statistics, Committee on Online Reporting System, and the Committee on Analytics.
Structure of the National Statistical Commission
The NSC comprises four members plus a Chairperson, each specializing and experienced in specific statistical fields. The Chief Executive Officer of the NITI Aayog serves as an ex-officio member. The Chief Statistician of India holds the responsibility as the Secretary to the Commission. With a dual role, the Chief Statistician also functions as the Secretary to the Government of India in the Ministry of Statistics and Programme Implementation.
NSC’s Recent Involvement in Public Consultation
Recently, the NSC invited public comments on a report indicating that the economy expanded at its quickest pace in 2006-07. The back series data on GDP was devised by the Committee on Real Sector Statistics.
Bondi Bond: A Blockchain Operated Debt Instrument
In the domain of financial technology, the ‘Bondi Bond’ stands out as the world’s first public bond managed solely with blockchain technology. This incredible financial instrument gets its name from the globally celebrated Bondi beach in Australia. The World Bank developed the prototype deal, which is considered a significant step in diverting bond sales from manual processes to cost-efficient automation.
Understanding the Blockchain Technology
Blockchain technology serves as the fundamental technology that underlines the operation of bitcoins. It functions like a digital public ledger, recording each transaction made. Once information enters the blockchain, deleting or altering it becomes impossible.
This technology eliminates the need for a trusted third-party, such as a bank, to facilitate a transaction, by directly linking the customers and suppliers. Although the exact origin of the technology is unclear, many believe it to be the invention of a person or group of people under the pseudonym Satoshi Nakamoto, who introduced it to back cryptocurrency.
