Who is the current Chairman of the 15th Finance Commission of India?
ARaghuram Rajan
BShaktikanta Das
CN.K. Singh
DUrjit Patel
Answer:
C. N.K. Singh
Read Explanation:
- Constitutional Provision: The Finance Commission of India is a constitutional body established under Article 280 of the Constitution of India. It is constituted by the President of India every five years or at an earlier time as deemed necessary.
- Appointment & Duration: The 15th Finance Commission was constituted by the President of India on November 27, 2017. Its recommendations cover a period of six years (including an interim report for 2020-21 and the main report for the 5-year period from 2021-22 to 2025-26).
- Composition of the 15th Finance Commission:
- Chairman: Nand Kishore Singh (N.K. Singh), a prominent Indian administrator, economist, and former Member of Parliament.
- Full-time Members: Ajay Narayan Jha, Ashok Lahiri, and Anoop Singh.
- Part-time Member: Ramesh Chand.
- Secretary: Arvind Mehta.
- Key Recommendations of the 15th Finance Commission:
- Vertical Devolution: The commission recommended maintaining the share of states in the divisible pool of central taxes at 41%. This is a 1% reduction from the 42% recommended by the 14th Finance Commission, adjusted to account for the newly formed Union Territories of Jammu & Kashmir and Ladakh.
- Horizontal Devolution Criteria: The commission used the 2011 Census population data as the sole basis for population-related criteria, assigning weights of 45% to income distance, 15% to population, 15% to area, 10% to forest and ecology, 12.5% to demographic performance, and 2.5% to tax and fiscal efforts.
- Historical Background of Finance Commissions:
- The First Finance Commission was established in 1951 under the chairmanship of K.C. Neogy.
- The 14th Finance Commission was chaired by former RBI Governor Y.V. Reddy.
- The 16th Finance Commission has been constituted under the chairmanship of Arvind Panagariya to make recommendations for the period starting April 1, 2026.