Skip to main content

15th Finance Commission submitted it's reports

15th Finance Commission

15th Finance Commission under Chairman N. K. Singh has submitted reports from 2021-22 to 2025-2026 to the President, now the President will put it on the table of the Parliament and after that it will come in public domain. In this report on issues like tax distribution model among states for the next 5 years
recommendations will be included. The report has been finalized after consultations with institutions and multi-tiered institutions.

Composition of Finance Commission:

It's a constitutional body. It's formed in every 5 year under the article 280.This is done for the purpose of advising the government on financial matters.

There is a chairman and 4 members. The Chairman of the Finance Commission would be the person who has enough experience in 'Public Life'. 

Other members of the Finance Commission having the qualification of a HC Judge, a Finance and Accounts
Knowledgeable, a financial affairs experience and an economist.

Parliament has the power to make laws, rules for the selection of members of the Commission. For this  The Finance Commission Act 1951 was passed.

Functions of Finance Commission:

Under Article 280 (3), the Finance Commission makes its recommendations to the President on the following matters:

-Regarding the distribution of taxes between the Union and the States.

- Regarding the principles that determine grants-in-aid to the States from the Consolidated Fund of India.

-Regarding necessary measures for promotion from the State's Consolidated Fund for the fulfillment of resources of Panchayats and Municipalities in the State based on the recommendations of the State Finance Commission. 

-Regarding any other subject specified by the President to strengthen the financial position.

Other important facts about the Finance Commission

-The first Finance Commission was formed in the year 1951.

-Its first chairman was KC Niyogi.

-A total of 15 Finance Commissions have been constituted so far.

-The 15th Finance Commission was constituted in November 2017, headed by NK Singh (IAS). 


Popular posts from this blog

Current position of money market in Madhya Pradesh.

Money Market in Madhya Pradesh What is Money Market? The money market is a place where short term tenure obligations such as treasury bills, commercial paper / paper and bankers' approvals etc. are bought and sold. In finance, the currency market refers to the global financial market for borrowing and lending short-term debt. It provides short term cash / liquidity funding for the global financial system.  The money market consists of financial institutions and money or credit dealers, who either undertake borrowing or lending. Participants borrow or lend for a short period, usually up to thirteen months. Money market trading of short-term financial instruments is commonly called "paper". This is in contrast to the relatively long-term capital capital market, which is supplied by bonds and shares. There are banks in the money market and origin, which borrow and lend to each other using commercial paper, repurchase agreements and similar instruments. In fact, the money mar

What is 'Sanjha Chulha Yojna' of Madhya Pradesh?

Sanjha chulha Yojana of madhya pradesh Sanjha Chulha yojana was started to ensure food security to the families of Sahariya tribe in Morena district by Akash Tripathi (Collector Morena) by the state government, Sanjha Chulha was started in 29 villages in 3 blocks of Morena district. This Yojana was started on 1st November 2009. Under this scheme, free food was provided to the selected beneficiaries once daily. A card was issued under this arrangement from which this facility can be availed. Since kitchens were mainly used for cooking in India, this scheme was named as Sanjha Chulha. Funds for this scheme are arranged with Gram Panchayat, Red Cross and public support.  Under the Sanjha Chulha scheme, there is a provision of providing nutritious food to children of 6 months to 3 years (children and mothers also) in the anganwadis  Providing balanced diet. Some Important Points about this scheme The scheme will start from November 1 2009 Functionally will be started at every Anganwadi cen

The agro-based industries of Madhya Pradesh.

Madhya Pradesh is one of the four industrialized states of the country, an exceptionally rich natural resource and rich in manpower. Apart from being an agrarian state, it is also a state rich in forest wealth and mineral wealth, and industries have been established on the basis of these immense natural wealth. Although several industrial units and mineral and forest wealth have been snatched from the state due to the separation of Chhattisgarh, despite this Madhya Pradesh has managed to strengthen its industrial position, thanks to the untiring efforts made by the state government. Madhya Pradesh is an agrarian state whose economy is directly or indirectly dependent on agriculture. Indirectly, the raw material produced in agriculture is used for the operation of industries and industries are important pillars of the economy of the state. In this way, many industries have been established in Madhya Pradesh on the basis of agricultural crops like cotton, sugarcane, soybean, oilseeds, pu