Thirteenth Finance Commission
A finance commission of India
The Thirteenth Finance Commission of India was constituted by the President of India under the chairmanship of Vijay L. Kelkar on 13 November 2007.[1]
Members
Members of the Commission were:[2]
- Dr. Vijay L. Kelkar, Chairman
- Shri B. K. Chaturvedi, Part-time
- Dr. Indira Rajaraman
- Prof. Atul Sarma
- Dr. Sanjiv Misra
- Shri Sumit Bose, Secretary
Recommendations
The major recommendations of the Commission were:
- The share of states in the net proceeds of the shareable Central taxes should be 32%. This is 1.5 percentage-points higher than the recommendation of the 12th Commission.
- Revenue deficit to be progressively reduced and eliminated, followed by revenue surplus by 2013–2014.
- Fiscal deficit to be reduced to 3% of the gross domestic product (GDP) by 2014–2015.
- A target of 68% of GDP for the combined debt of centre and states.
- The Medium Term Fiscal Plan (MTFP) should be reformed and made the statement of commitment rather than a statement of intent.
- Fiscal Responsibility and Budget Management Act, 2003 need to be amended to mention the nature of shocks which shall require targets relaxation.
- Both centre and states should conclude 'Grand Bargain' to implement the model Goods and Services Act (GST).(Task force recommended single positive GST rate of 12% comprising 5% CGST and 7% SGST ) To incentivise the states, the commission recommended a sanction of the grant of Rs500 billion.
- Initiatives to reduce the number of Central Sponsored Schemes (CSS) and to restore the predominance of formula-based plan grants.
- States need to address the problem of losses in the power sector in time bound manner.
References
Further References
- Sansar Singh Janjua (1999). Centre State Financial Relations in India and Finance Commission. New Delhi, India: Anmol Publications. ISBN 8126102233.
- "Finance Commission India". New Delhi, India: Fourteenth Finance Commission. Retrieved 22 July 2017.
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Ministry of Finance (India)
Economic Affairs |
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Expenditure |
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Revenue |
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Financial Services | |||||
DIPAM |
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DPE |
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Economic Affairs |
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Revenue |
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Finance |
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- R. K. Shanmukham Chetty
- John Mathai
- C. D. Deshmukh
- T. T. Krishnamachari
- Jawaharlal Nehru
- Morarji Desai
- Sachindra Chaudhuri
- Indira Gandhi
- Yashwantrao Chavan
- Chidambaram Subramaniam
- Hirubhai M. Patel
- Charan Singh
- Hemwati Nandan Bahuguna
- R. Venkataraman
- Pranab Mukherjee
- Vishwanath Pratap Singh
- Rajiv Gandhi
- N. D. Tiwari
- Shankarrao Chavan
- Madhu Dandavate
- Yashwant Sinha
- Manmohan Singh
- Jaswant Singh
- P. Chidambaram
- I. K. Gujral
- Arun Jaitley
- Piyush Goyal
- Nirmala Sitharaman (incumbent)
for Finance
- Nirmala Sitharaman
- Jayant Sinha
- Arjun Ram Meghwal
- Pon Radhakrishnan
- Anurag Thakur
- Bhagwat Karad (incumbent)
- Pankaj Chaudhary (incumbent)
Advisor
- JJ Anjaria
- IG Patel
- IG Patel
- VK Ramaswamy
- Ashok Mitra
- Manmohan Singh
- RM Honavar
- Bimal Jalan
- Nitin Desai
- Deepak Nayyar
- Shankar Acharya
- Rakesh Mohan
- Ashok K Lahiri
- Arvind Virmani
- Kaushik Basu
- Raghuram Rajan
- Arvind Subramanian
- Krishnamurthy Subramanian
- V. Anantha Nageswaran (incumbent)