Question

The First Finance Commission was constituted vide Presidential Order dated 22.11.1951 under the chairmanship of _________?

• A. YV Reddy
• B. C Rangarajan
• C. Vijay Kelkar
• D. KC Neogy

Answer 1

Answer:

D. KC Neogy

• The First Finance Commission, constituted via a Presidential Order dated November 22, 1951, was chaired by Shri K.C. Neogy.

• The Finance Commission is a constitutional body in India, established under Article 280 of the Constitution.

• Its primary function is to recommend the distribution of financial resources between the Union Government and the State Governments.

• The First Finance Commission laid the groundwork for this crucial aspect of fiscal federalism in India.

• NOTE:Sixteenth Finance Commission: Chairman: Dr. Arvind Panagariya (former Vice-Chairman of NITI Aayog and Professor at Columbia University)