15th Finance Commission presents the report of 2021-22 to 2025-26 to President

Photo Credits: Finance Commission

The Fifteenth Finance Commission (XVFC), headed over by Chairman NK Singh, presented the report for the time frame from 2021-22 till 2025-26 to the President of India, Ram Nath Kovind, according to the government statement released on Monday.

The report titled “Finance Commission in Covid Times” was submitted together by members of the commission, Ajay Narayan Jha, Prof Anoop Singh, Dr Ashok Lahiri and Ramesh Chand along with the Secretary to the Commission, Arvind Mehta to the President.

It was mandated to the Commission to present the recommendation for the upcoming five years from 2021-22 to 2025-26 with the deadline of October 30, 2020.

The recommendations submitted were based on various unique and wide ranging subjects which comprises of vertical and horizontal tax devolution, local government grants, grants for disaster management. The Commission was further directed to assess and suggest performance incentives based on the states in various sectors like power sector, adoption of DBT, and solid waste management.

The official statement stated, “The Commission was also asked to examine whether a separate mechanism for funding of defence and internal security ought to set up and if so how much a mechanism could be operationalised.”

The report has been segregated in four volumes, from which the first and the second volume the key aspects of the report and the accompanying annexes.

The third volume is sectioned for Union Government and checks for the essential departments in greater depth, and also the medium-term challenges along with the advanced roadmap. While, the volume four is dedicated absolutely to the states, which is inclusive of the finances of every state in great depth and state-biased deliberations for the rising concerns of the respective states. Once the report will be tabled in the Parliament by the Centre, coupled with explanatory memorandum/action taken report based on the recommendations presented in the report, the report will be accessible on public domain.