New Delhi (NVI): The 15th Finance Commission (XVFC) led by Chairman NK Singh, submitted its report for fiscal years 2021-22 to 2025-26 to President Ram Nath Kovind today.
As per the terms of reference (ToR), the Commission was mandated to give its recommendations for five years by October 30, the Finance Commission said in a statement.
The report titled —”Finance Commission in Covid Times” used scales on the cover to indicate the balance between the States and the Union Territories.
Meanwhile, the Commission was asked to give its recommendations on many unique and wide-ranging issues in its terms of reference. “Apart from the vertical and horizontal tax devolution, local government grants, disaster management grant, the Commission was also asked to examine and recommend performance incentives for states in many areas like power sector, adoption of DBT, solid waste management etc,” the statement said.
The panel was also asked to examine whether a separate mechanism for funding of defence and internal security ought to be set up and if so how such a mechanism could be operationalised.
However, the Commission has sought to address all its ToRs in this report, organised in four volumes.
“Volume I and II, as in the past, contain the main report and the accompanying annexes. Volume III is devoted to the union government and examines key departments in greater depth, with the medium-term challenges and the roadmap ahead. Volume IV is entirely devoted to the states,” the statement noted.
Furthermore, the Commission has analysed the finances of each state in great depth and has come up with State-specific considerations to address the key challenges that individual states face.
This report will be available in the public domain once it is tabled in the parliament by the union government along with explanatory memorandum or action taken report on the recommendations contained in the report.
Last year, the Commission had submitted its report containing recommendations for the year 2020-21 which was accepted by the union government and tabled in the parliament on 30 January 2020.
Ajay Narayan Jha, Prof. Anoop Singh, Dr Ashok Lahiri and Ramesh Chand along with Secretary to the Commission Arvind Mehta accompanied the Chairman.
-RJV
