Daily Current Affairs

TODAY’s MOST POWERFUL DAILY CURRENT AFFAIRS CONCEPTS-26TH-SEPT,2020

UPSC PRELIMS & MAINS

Asian Infrastructure Investment Bank (AIIB): 

 The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank headquartered in Beijing, China.  It was established with a mission to improve the economic and social outcomes in Asia.  India is AIIB’s second-largest shareholder after China.  The bank will complete 5 years in January 2021.

 Details:  

  • India is one of the largest beneficiaries of AIIB financing for infrastructure projects.  
  • AIIB has supported around $5billion worth of projects in India.  
  • It is supporting unique projects, including: 
    • The Chennai Metro Corridors 4 and 5. 
    • Chennai Peripheral Ring Road. 
    • The Grand Anaicut scheme to modernise the canal system in the Cauvery delta region which is being prepared with the government of Tamil Nadu.
    • It would help save almost 20% of water leakages. 
    • The Delhi-Meerut Regional Rapid Transit is being co-financed with the Asian Development Bank. 

Parliamentary Committee System in India:  

  • Over the years, the Indian Parliament has increasingly resorted to the committee system.  
  • The system is followed for various reasons such as 
    • To enhance the efficacy of the House to cope with the technical issues confronting it. 
    • To keep the parliament abreast to exercise accountability on the government.  
    • Some committees such as the Estimates Committee and Public Accounts Committee (dating back to the colonial period) have a commendable record in this regard.  
    • Besides the standing committees, the Houses of Parliament set up, from time to time, ad hoc committees to enquire and report on specific subjects which include Select Committees of a House or Joint Select Committees of both the Houses that are assigned the task of studying a Bill closely and reporting back to the House.