Y.V. Reddy
Y.V. Reddy is the Chairman of the Fourteenth Finance Commission. Here is a brief explanation of his background and role:

Background:
Yaga Venugopal Reddy, commonly known as Y.V. Reddy, is an Indian economist and retired Indian Administrative Service (IAS) officer. He served as the Governor of the Reserve Bank of India (RBI) from 2003 to 2008.

Role as Chairman of the Fourteenth Finance Commission:
As the Chairman of the Fourteenth Finance Commission, Y.V. Reddy led the commission in recommending the distribution of financial resources between the Union government and the states of India. The Finance Commission plays a crucial role in determining the formula for sharing tax revenues between the central government and the state governments.

Significance of the Fourteenth Finance Commission:
The recommendations of the Fourteenth Finance Commission have a significant impact on the fiscal federalism of India. They determine the allocation of resources for various developmental activities, infrastructure projects, and welfare programs at both the central and state levels.

Key Recommendations:
Under Y.V. Reddy's leadership, the Fourteenth Finance Commission recommended an increase in the share of states in the divisible pool of central taxes from 32% to 42%. This was a historic move aimed at empowering the states financially and promoting cooperative federalism in India.
In conclusion, Y.V. Reddy's tenure as the Chairman of the Fourteenth Finance Commission was marked by his expertise in fiscal matters and his commitment to strengthening the financial framework of the country. His leadership played a crucial role in shaping the fiscal relations between the Union government and the states.