{"id":124070,"date":"2021-08-06T16:33:10","date_gmt":"2021-08-06T11:03:10","guid":{"rendered":"https:\/\/blog.forumias.com\/?page_id=124070"},"modified":"2021-08-06T16:33:10","modified_gmt":"2021-08-06T11:03:10","slug":"15th-finance-commission-3","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/15th-finance-commission-3\/","title":{"rendered":"15th Finance Commission"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It was constituted by the President of India in November 2017, under the chairmanship of<\/span><b> NK Singh<\/b><span style=\"font-weight: 400;\">. Its recommendations will cover a period of five years from the year 2021-22 to 2025-26.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The recommendations were given keeping in mind the multiple challenges. This included the dissolution of the Planning Commission, the introduction of GST, and above all the fiscal and revenue stress induced by the pandemic.<\/span><\/li>\n<\/ul>\n<p><b>Key Recommendations<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Vertical devolution &#8211; 41% of the Centre&#8217;s taxes <\/b><span style=\"font-weight: 400;\">would be distributed amongst the states.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Horizontal devolution<\/b><span style=\"font-weight: 400;\"> &#8211; It suggested 12.5% weightage to demographic performance, 45% to income, 15% each to population and area, 10% to forest and ecology, and 2.5% to tax and fiscal efforts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Revenue deficit grants <\/b><span style=\"font-weight: 400;\">amounting to 2.95 lakh crore would be given to 17 states in 5 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Grants towards urban and local bodies would be conditional upon:\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Setting up of state finance commission<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Online publication of Local bodies accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sanitation and Water services provided by local bodies (60% weightage)<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Setting up a <\/span><b>non-lapsable defence modernisation fund <\/b><span style=\"font-weight: 400;\">for augmenting capital expenditure on defence beyond the normal budgetary allocations.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taking out <\/span><b>1.53 lakh crore rupees from the consolidated fund of India<\/b><span style=\"font-weight: 400;\"> to partly finance the defense modernisation fund.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>It was constituted by the President of India in November 2017, under the chairmanship of NK Singh. Its recommendations will cover a period of five years from the year 2021-22 to 2025-26. The recommendations were given keeping in mind the multiple challenges. This included the dissolution of the Planning Commission, the introduction of GST, and&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/15th-finance-commission-3\/\">Continue reading <span class=\"screen-reader-text\">15th Finance Commission<\/span><\/a><\/p>\n","protected":false},"author":10308,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-124070","page","type-page","status-publish","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/124070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10308"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=124070"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/124070\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=124070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}