15th Finance Commission submits report to President Kovind, eyes of all states
The 15th Finance Commission led by its Chairman NK Singh here on Monday submitted its report for fiscal years 2021-22 to 2025-26 to President Ram Nath Kovind.
New Delhi: Members of the 15th Finance Commission met President Ram Nath Kovind on Monday. Kovind tweeted that the members of the Commission met him at Rashtrapati Bhavan under the chairmanship of 15th Finance Commission Chairman NK Singh. The President has further written that he has also been assigned a report for 2021-26 on behalf of the Commission. The cover title of the report has also been made quite interesting. The cover title of this recommendation report is- Finance Commission in Covid Times i.e. Finance Commission in Corona era.
This report follows extensive deliberations and marathon meetings with the Central Government and State Governments, local governments of various levels, former Chairman of the Finance Commission and its members, Advisory Council of the Commission, experts in relevant fields, educational institutions and other institutions. Has been prepared. At a time when the resources base in the country is shrinking due to the epidemic, government spending has increased and revenue has been cut, all eyes are on the report of the 15th Finance Commission. This report will suggest how much states' share in taxes. Earlier, the 14th Finance Commission had recommended increasing the share of states from 10 per cent to 42 per cent.
The Covid-19 epidemic presented a unique challenge to the 15th Finance Commission. Its recommendations ultimately decide the allocation of financial resources to the states and the Center which impact on major issues of development spending, life expectancy, health, livelihood, economic and security challenges. This is to ensure that revenue pressures arising from the epidemic are addressed appropriately.