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.
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.