15th Finance Commission Submits Report for 2021-26 to FM Nirmala Sitharaman

Nirmala Sitharaman

The Fifteenth Finance Commission, Chaired by NK Singh, on Tuesday submitted its report for the period 2021-22 to 2025-26 to the Union Finance Minister Nirmala Sitharaman, said an official statement.

Members of the Commission, Ajay Narayan Jha, Prof Anoop Singh, Dr Ashok Lahiri and Dr Ramesh Chand along with Secretary to the Commission, Arvind Mehta along with the Chairman submitted the report, titled “Finance Commission in Covid Times”, to the Finance Minister Nirmala Sitharaman.

“Chairman NK Singh and members of the 15th Finance Commission presented a copy of the Commission’s report for the period 2021-22 to 2025-26 to Finance Minister Nirmala Sitharam today,” posted the Finance Ministry on micro-blogging site Twitter.

The Commission was mandated by the centre to frame recommendation for five years, from 2021-22 to 2025-26, by October 30, 2020.

The recommendations mentioned in the report revolve around a wide-set of issues namely vertical and horizontal tax devolution, local government grants and disaster management grant.

Also Read: Aatmanirbhar Package 3.0: FM Nirmala Sitharaman announces slew of measures to boost economy

The Commission was also directed to examine and recommend performance incentives for states in segments such as power sector, adoption of direct benefit standard and solid waste management.

The report has been drafted in four volumes, out of which Volume 1 and 2, contain the main report and the accompanying annexes.

Volume 3 aims at the Union Government and it does the in-depth analysis of the key departments with the medium-term challenges and the roadmap ahead, while the Volume 4 is completely dedicated to the states and issues such as finances of each state and state-specific concerns to address and  the key challenges that individual states face.

The Commission had submitted its report to Prime Minister Narendra Modi on Monday while it was submitted to the President of India, Ram Nath Kovind on November 4

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.