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With reference to the 15th Finance Commission Report, consider the following statements:
1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.
2. States should increase spending on health to more than 8% of their budget by 2022.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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With reference to the 15th Finance Commission Report, consider the fol...
The Supreme Court directed the National Disaster Management Authority (NDMA) to frame guidelines for payment of ex-gratia compensation to family members of persons who succumbed to COVID-19, while considering the recommendations in the 15th Finance Commission Report.
- The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.
- The criteria for distribution of central taxes among states for 2021-26 period is same as that for 2020-21. However, the reference period for computing income distance and tax efforts are different (2015-18 for 2020-21 and 2016-19 for 2021-26), hence, the individual share of states may still change.
- Fiscal deficit and debt levels: The Commission suggested that the centre bring down fiscal deficit to 4% of GDP by 2025-26. For states, it recommended the fiscal deficit limit (as % of GSDP) of: (i) 4% in 2021-22, (ii) 3.5% in 2022-23, and (iii) 3% during 2023-26.
- Health: States should increase spending on health to more than 8% of their budget by 2022.
- A dedicated non-lapsable fund called the Modernisation Fund for Defence and Internal Security (MFDIS) will be constituted to primarily bridge the gap between budgetary requirements and allocation for capital outlay in defence and internal security.
- Hence both statements are correct.
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With reference to the 15th Finance Commission Report, consider the fol...
Introduction:
The 15th Finance Commission Report is a significant document that provides recommendations for the distribution of finances between the central government and the state governments in India. It covers a specific period and suggests various measures to enhance fiscal stability and development across the country.
Statement 1: The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.
Explanation:
- The 15th Finance Commission Report recommends setting the share of states in the central taxes at 41% for the period 2021-26, which is the same as the previous period of 2020-21.
- This means that the state governments will continue to receive 41% of the total central taxes collected by the central government during the specified period.
- This recommendation ensures a steady flow of funds to the states, allowing them to meet their developmental and administrative expenses effectively.
Statement 2: States should increase spending on health to more than 8% of their budget by 2022.
Explanation:
- The 15th Finance Commission Report does recommend that states should increase their spending on health.
- However, it does not provide a specific target of 8% of their budget by 2022.
- The report emphasizes the importance of prioritizing healthcare expenditure and suggests that states should allocate adequate funds to strengthen their healthcare systems and infrastructure.
- While the report acknowledges the significance of healthcare spending, it does not set a specific percentage or deadline for states to achieve.
Conclusion:
Based on the above explanations, it can be concluded that statement 1 is correct, as the share of states in central taxes for the 2021-26 period is indeed recommended to be 41%, same as that for 2020-21. However, statement 2 is incorrect, as the 15th Finance Commission Report does not mention a specific target of 8% of the budget for healthcare spending by 2022. Hence, the correct answer is option 'C' - Both 1 and 2.
The 15th Finance Commission Report is a significant document that provides recommendations for the distribution of finances between the central government and the state governments in India. It covers a specific period and suggests various measures to enhance fiscal stability and development across the country.
Statement 1: The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.
Explanation:
- The 15th Finance Commission Report recommends setting the share of states in the central taxes at 41% for the period 2021-26, which is the same as the previous period of 2020-21.
- This means that the state governments will continue to receive 41% of the total central taxes collected by the central government during the specified period.
- This recommendation ensures a steady flow of funds to the states, allowing them to meet their developmental and administrative expenses effectively.
Statement 2: States should increase spending on health to more than 8% of their budget by 2022.
Explanation:
- The 15th Finance Commission Report does recommend that states should increase their spending on health.
- However, it does not provide a specific target of 8% of their budget by 2022.
- The report emphasizes the importance of prioritizing healthcare expenditure and suggests that states should allocate adequate funds to strengthen their healthcare systems and infrastructure.
- While the report acknowledges the significance of healthcare spending, it does not set a specific percentage or deadline for states to achieve.
Conclusion:
Based on the above explanations, it can be concluded that statement 1 is correct, as the share of states in central taxes for the 2021-26 period is indeed recommended to be 41%, same as that for 2020-21. However, statement 2 is incorrect, as the 15th Finance Commission Report does not mention a specific target of 8% of the budget for healthcare spending by 2022. Hence, the correct answer is option 'C' - Both 1 and 2.
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Community Answer
With reference to the 15th Finance Commission Report, consider the fol...
The Supreme Court directed the National Disaster Management Authority (NDMA) to frame guidelines for payment of ex-gratia compensation to family members of persons who succumbed to COVID-19, while considering the recommendations in the 15th Finance Commission Report.
- The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.
- The criteria for distribution of central taxes among states for 2021-26 period is same as that for 2020-21. However, the reference period for computing income distance and tax efforts are different (2015-18 for 2020-21 and 2016-19 for 2021-26), hence, the individual share of states may still change.
- Fiscal deficit and debt levels: The Commission suggested that the centre bring down fiscal deficit to 4% of GDP by 2025-26. For states, it recommended the fiscal deficit limit (as % of GSDP) of: (i) 4% in 2021-22, (ii) 3.5% in 2022-23, and (iii) 3% during 2023-26.
- Health: States should increase spending on health to more than 8% of their budget by 2022.
- A dedicated non-lapsable fund called the Modernisation Fund for Defence and Internal Security (MFDIS) will be constituted to primarily bridge the gap between budgetary requirements and allocation for capital outlay in defence and internal security.
- Hence both statements are correct.
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With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the 15th Finance Commission Report, consider the following statements:1. The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21.2. States should increase spending on health to more than 8% of their budget by 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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