Question

Arrange the Finance Commission Chairmen in the ascending order

• A. C. Rangarajan, A.M. Khusro, Dr. Vijay L. Kelkar, Yaga Venugopal Reddy
• B. C. Rangarajan, Dr. Vijay L. Kelkar, A.M. Khusro, Yaga Venugopal Reddy
• C. C. Rangarajan, Dr. Vijay L. Kelkar, Yaga Venugopal Reddy, A.M. Khusro
• D. Dr. Vijay L. Kelkar, C. Rangarajan, A.M. Khusro, Yaga Venugopal Reddy

Answer 1

Answer:

A. C. Rangarajan, A.M. Khusro, Dr. Vijay L. Kelkar, Yaga Venugopal Reddy

The Finance Commission

• The Finance Commission is a constitutional body in India that plays a crucial role in the fiscal federalism of the country.
• It is established under Article 280 of the Indian Constitution.
• The primary purpose of the Finance Commission is to recommend the distribution of financial resources between the central government and the state governments, as well as among the states themselves.

Key functions and roles of the Finance Commission in India:

1. Distribution of Tax Revenues: The Finance Commission determines the sharing of tax revenues between the central government and the state governments. This includes the distribution of the proceeds of taxes such as income tax, corporate tax, and the goods and services tax (GST).

2. Grants-in-Aid: The Commission recommends the grants-in-aid to be provided by the central government to the state governments based on various criteria, including the state's revenue and expenditure needs.

3. Debt Consolidation and Management: The Commission suggests measures for the consolidation and management of public debt, both at the central and state levels.

4. Resource Allocation: It recommends principles to govern the allocation of resources among states, taking into account factors like population, area, fiscal capacity, and special needs of states.

5. Other Matters: The Finance Commission also deals with any other matter referred to it by the President of India in the interest of sound finance.

Composition & Tenure

• The Finance Commission is typically constituted every five years by the President of India 
• It is composed of a Chairman and four other members.
• So far 15 Finance Commissions have been appointed

List of Finance Commissions

Finance Commission	Year of establishment	Chairman	Operational duration
First	1951	K. C. Neogy	1952–57
Second	1956	K. Santhanam	1957–62
Third	1960	A. K. Chanda	1962–66
Fourth	1964	P. V. Rajamannar	1966–69
Fifth	1968	Mahaveer Tyagi	1969–74
Sixth	1972	K. Brahmananda Reddy	1974–79
Seventh	1977	J. M. Shelat	1979–84
Eighth	1983	Y. B. Chavan	1984–89
Ninth	1987	N. K. P. Salve	1989–95
Tenth	1992	K. C. Pant	1995–00
Eleventh	1998	A. M. Khusro	2000–05
Twelfth	2002	C. Rangarajan	2005–10
Thirteenth	2007	Dr. Vijay L. Kelkar	2010–15
Fourteenth	2013	Dr. Y. V Reddy	2015–20
Fifteenth	2017	N. K. Singh	2020–25