Complete List of Finance Commissions in India
Short
Note about Finance Commission
Ø As
per the Constitution, the commission is appointed every five years and consists
of a chairman and four other members.
Ø Finance
Commission came into existence in 1951.
Ø Finance
commission is autonomous body which is governed by the government of India.
Ø It
was established under Article 280 of the Indian Constitution by the President
of India.
Ø It
was formed to define the financial relations between the centre and the state.
Ø Till
date, Fourteen Finance Commissions have submitted their reports.
14th
Finance Commission( 2015 – 2020 )
Ø The
14th Finance Commission was established in 2013 and is headed by Former
Governor of the Reserve Bank of India, Mr. Y.V. Reddy, is the Chairman.
Ø Major
Recommendations of 14th Finance Commission include
Ø A target of 62% of GDP for
the combined debt of centre and states.
Ø Both centre and states
should conclude ‘Grand Bargain’ to implement the model Goods and Services Act
(GST).
Ø Fiscal deficit to be
reduced to 3% of the GDP by 2017–18.
Ø FRBM Act need to be amended
to mention the nature of shocks which shall require targets relaxation.
Ø Initiatives to reduce the
number of Central Sponsored Schemes (CSS) and to restore the predominance of
formula based plan grants.
Ø Revenue deficit to be
progressively reduced and eliminated.
Ø States need to address the
problem of losses in the power sector in time bound manner.
Ø The Medium Term Fiscal Plan
(MTFP) should be reformed and made the statement of commitment rather than a
statement of intent.
Ø The share of states in the
net proceeds of the shareable Central taxes should be 42%.This is 10% higher
than the recommendation of 13th Finance Commission.
15th
Finance Commission
Ø The
Fifteenth Finance Commission is an Indian Finance Commission constituted in
November 2017 and is to give recommendations for devolution of taxes and other
fiscal matters for five fiscal years, commencing 1 April 2020.
Ø Founder: Ram
Nath Kovind
Ø Founded: 27
November 2017
Commission
executives:
K. Singh, IAS,
Chairman.
Ajay Narayan Jha, IAS, Member.
Anoop Singh, Member.
Ashok Lahiri, Member; Prof. Ramesh
Chand, Member (part-time).
Arvind Mehta, IAS, Secretary
Objective:
Ø The
commission was set up to give recommendations for devolution of taxes and other
fiscal matters for five fiscal years, commencing 1 April 2020.
Ø The
commission’s chairperson, N. K. Singh, said in April 2019 that there should be
mechanisms through which the Finance Commissions and the GST Council could
coordinate to “ensure there are multiplier benefits of a higher growth
trajectory”.
Ø The
main tasks of the commission were to “strengthen cooperative federalism,
improve the quality of public spending and help protect fiscal stability”
First Finance Commission:
Year : 1951
Chairman : K. C. Neogy
Period : 1952–57
Second Finance Commission:
Year : 1956
Chairman : K. Santhanam
Period : 1957–62
Third Finance Commission:
Year : 1960
Chairman : A. K. Chanda
Period : 1962–66
Fourth Finance Commission:
Year : 1964
Chairman : P. V. Rajamannar
Period : 1966–69
Fifth Finance Commission:
Year : 1968
Chairman : Mahaveer Tyagi
Period : 1969–74
Sixth Finance Commission:
Year : 1972
Chairman : J. M. Shelat
Period : 1974–79
Seventh Finance Commission:
Year : 1977
Chairman : K. Brahmananda Reddy
Period : 1979–84
Eighth Finance Commission:
Year : 1983
Chairman : J. M. Shelat
Period : 1984–89
Ninth Finance Commission:
Year : 1987
Chairman : Y. B. Chavan
Period : 1989–95
Tenth Finance Commission:
Year : 1992
Chairman : N. K. P. Salve
Period : 1995–2000
Eleventh Finance Commission:
Year : 1998
Chairman : A. M. Khusro
Period : 2000–2005
Twelfth Finance Commission:
Year : 2002
Chairman : Rangarajan
Period : 2005–2010
Thirteenth Finance Commission:
Year : 2007
Chairman : Dr. Vijay L. Kelkar
Period : 2010–2015
Fourteenth Finance Commission:
Year : 2013
Chairman : Dr. Y. V Reddy
Period : 2015–2020
Fifteenth Finance Commission:
Year : 2017
Chairman : N. K. Singh
Period : 2020-2025