The Advisory Council of the Fifteenth Finance Commission will meet tomorrow in New Delhi. This will be the first meeting of the Council after the submission of the Commission’s Report for the year 2020-2021. The meeting will be chaired by the Chairman of the Commission, Shri N. K. Singh and will be attended by its Members – Shri A. N. Jha, Dr. Ashok Lahiri, Dr. Ramesh Chand, Shri Anoop Singh and Secretary, Shri Arvind Mehta. The Members of the Advisory Council who have confirmed their participation include – Dr.Govinda Rao, Dr. Indira Rajaraman, Dr. Surjit S Bhalla, Dr. Arvind Virmani, Dr.Prachi Mishra, Shri SudiptoMundle and Shri Krishnamurthy Subramaniam.
Special invitees to tomorrow’s meeting include – Dr. P. K. Mishra, Dr. Shankar Acharya, Dr.Ajit Mishra, Shri AnanthNageswaran, Shri Ajay Bhushan Pandey, Shri Amitabh Kant, Shri Atanu Chakraborty, Dr.BibekDebroy, Shri T. N. Ninan, Shri SwaminathanAiyar, Dr. Manoj Panda and Dr.Abhijit Sen.
Subsequent to the presentation of the Report of the fifteenth Finance Commission for the year 2020-21 to the President of India, the Union Government has substantively implemented the recommendations contained therin and placed an Action Taken Report in the Parliament. As per the Commission’s mandate, it is going ahead with the work relating to drafting the recommendations for the five years spanning 2021-22 to 2025-26.
In this context, the task ahead for the Commission needs careful consideration of the outlook for the ensuing five years, particularly in the light of the emerging economic situation. To deliberate on this issues, the next meeting of the Commission’s Advisory Council has been convened.
The three issues which are specifically likely to be considered in the discussions relate to:
- The Report of the Fifteen Finance Commission for the year 2020-21 including feedback on the formula for horizontal devolution.
- Outlook for nominal GDP growth for the period 2021-22 to 2025-26.
- Tax buoyancy and other macro-economic parameters relevant for the Commission for the aforesaid period.
