14th Finance Commission

14th Finance Commission  headed by  Dr. Y.V. Reddy, former Governor Reserve Bank of India, other members are-

1.      Prof Abhijit Sen

2.      Dr. M.Govinda Rao

3.      Dr. Sudipto Mundle.

4.      Ms. Sushma Nath

Primary function of finance commission is to suggest -

1-how union govt should share the taxes levied by it with the states and

2- the rules by which the centre should provide grants in aid out of the consolidated fund of india  to the states

3-suggesting measures to augment the resources of states and ways to supplement the resources of Panchayati Raj institutes and municipalities.

14th Finance Commission  headed by  Dr. Y.V. Reddy will also be giving its recommendations on some other aspects apart from its primary role –

       Pricing of public utilities like electricity and water in an independent manner and also look into issues like disinvestment, GST compensation, sale of non-priority PSUs and subsidies.

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       measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth including suggestions to amend the Fiscal Responsibility Budget Management Acts.

       With regard to debt-stressed states, the Commission has been asked to suggest steps for augmenting revenues of states which are lagging.

       Review the present arrangements as regards financing of Disaster Management with reference to the funds constituted under the Disaster Management Act, 2005(53 of 2005), and make appropriate recommendations thereon.