FINANCE COMMISSION OF INDIA

 UPSC GS MAINS IMPORTANT QUESTIONS


How is the Finance Commission of India constituted? What do you know about the terms of reference of the recently constituted Finance Commission? Discuss


Article 280 of the constitution of India provides for a Finance commission as a quasi judicial body. Finance Commission is constituted by the President of India every fifth year or at such earlier time as he considers necessary. The Finance Commission consists of a chairman and four other members to be appointed by the president.




The fifteenth Finance Commission was set under the chairmanship of N.K.Singh to suggest measures for the distribution of net proceeds of taxes to be shared between the Centre and the states for the period 2020 to 2025.

Terms of Reference of 15th Finance Commission:

1. Vertical devolution of taxes- The Finance Commission has to examine the impact of 42% devolution (14th Finance Commission) on Union government, including its New India Vision - 2022. States fear that the devolution may be reduced to less than 42%.

2.The 15th FC will use Census 2011 data for horizontal distribution of taxes among states. The south Indian states will reduce fertility rates fear that Northern states with reduce fertility rates fear that the Northern States will get proportionality more funds.

3. 15th FC will examine whether revenue deficit grants given to the states should be abolished. It will also make recommendations on additional conditions to be imposed on states while borrowing from market. States fear it will reduce their autonomy in raising loans from the market.


Asking the Commission to take into account the performances in implementation of various Central Schemes is equally contentious. Cooperative federalism also demands cooperation between the states. The states must come together to get the issue terms of reference addressed which raise the questions of constitutional propriety.

Sustainable Development Goal SDG-10 aims for reducing inequality within and among the countries. An equitable distribution of revenue tied with performance incentives will help greatly in this regard.







Hey guys!!!


This is Navina . Visit my blog to get crisp content on various stuffs.

Comments

Post a Comment

Popular posts from this blog

DIGITAL SIGNATURE

Image
UPSC GS MAIN IMPORTANT QUESTION  DIGITAL SIGNATURE  Digital Signature a type of electronic signature which ensures the authenticity of the documents. It gives the information about the documents. It gives the information about the document creator and ensures that document is not altered or tampered. Authentication of digital signature means that the sender only knows the unique key along which any electronic record is tied. Hence, the sender cannot deny sending a message that he had sent. Digital Signature use encryption for ensuring the authentication of electronic document, which is done by password, checksum, CRC, private key encryption or public key encryption. Salient features of digital Signature: 1. Authentication of the Sender :                           It gives information about the creator of the document and thus authenticates the sender. 2. Data Integrity :                          It ensures that the content of the electronic document is not tampered. 3. Time Stamp :  
Read more

CHOLA ARCHITECTURE

Image
 IMPORTANT UPSC QUESTION : GS MAINS CHOLA  ARCHITECTURE  REPRESENTS A HIGH WATERMARK IN THE EVLOLUTION OF TEMPLE ARCHITECTURE. ENUMERATE. The Dravidian Architecture started by the Pallavas reached its high water mark and got matured at the hands of the Cholas. The Cholas refined Pallava architecture with the following notable features.                                                                                                                            ⁃ Cholas used stones instead of bricks. ⁃ They decorated the walls with sculptures and paintings od deities, kings and queen instead of lion motifs from Pallava. ⁃Temples were enclosed by decorative walls and entrance( Gopuram ). ⁃Temples built by the Cholas also had a great audience hall called Mandapa ; a deity room called Garbhgriha and pyramid like storey room called the Vimana . ⁃The temples were decorated by a beautiful Shikhara stone at the top.Each Shikara stone weighed in tonnes and had meticulous carvings on it. During th
Read more

CITIES AND IT'S NICKNAMES

Image
 UPSC/TNPSC GENERAL KNOWLEDGE City of Golden Temple-  Amritsar Blue Mountains-  Nilgiri Hill Queen-  Simla Land of Five Rivers -  Punjab Pearl of the Orient-  Goa God's Own Country-  Kerala Pink City-  Jaipur Queen of Arabian Sea-  Cochin Switzerland of India-  Kashmir Hello  guys  !! This is Navina here. Visit my  blog  to get crisp contents on various stuffs!!  
Read more