Finance Commission Current Affairs - 2020

Fifteenth Finance Commission meets to discuss Health Sector and Fiscal Consolidation

On May 21, 2020, the Fifteenth Finance Commission met to discuss health sector and fiscal consolidation in the country. Highlights A high-level group was constituted by the Finance Commission on health sector. The group had submitted its report August 2019. Some of its recommendations were incorporated in the first report of the Finance Commission for Read More…

GoI releases Rs 6,195 crores of funds to 14 states

On May 11, 2020, the Government of India released Rs 6,195 crores to 14 states. This is the second equated monthly installment of Post Devolution Revenue Deficit. Highlights The grant allocated to the states will act as additional source of income to the states. The grant was recommended by the 15th Finance Commission. The Central Read More…

Finance Commission: States shall use FRBM clause to fight COVID-19

On April 24, 2020, the Finance Commission has advised the state governments to use the clauses of FRBM (Fiscal Responsibility) act in order to raise additional resources to fight against COVID-19. Centre and State FRBM The states have their own FRBM act. The main similarities between the centre and state FRBM is that the limit Read More…

Finanance Commission: N K Singh Committee for a new Fiscal Consolidation Road Map

On March 19, 2020, the Finance Commission Constituted a committee under Shri N K Singh in order to build a fiscal consolidation road map for the centre and the states. Highlights The Finance Commission had submitted its first report to the GoI in February 2020. The Commission will submit its final report covering the financial Read More…

15th Finance Commission to monitor COVID-19 before second report

On March 19, 2020, the Finance Commission announced that it will monitor situation of COVID-19 before releasing its second report. Highlights The Commission is to set up a committee to review fiscal consolidation of the government. The commission has recommended grants for health sector under its report. It has recommended setting up of State Disaster Read More…