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Finance commission - Indian Public Finance, Public finance Video Lecture | Public Finance - B Com
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| 1. What is the role of the Finance Commission in Indian Public Finance? |  |
Ans. The Finance Commission in Indian Public Finance plays a crucial role in the distribution of financial resources between the central government and the state governments. It recommends the sharing of taxes and grants-in-aid between the two levels of government and helps maintain fiscal federalism in the country.
| 2. How is the Finance Commission formed in India? | |
Ans. The Finance Commission in India is formed every five years by the President of India under Article 280 of the Constitution. It consists of a chairman and four other members who are appointed by the President. The members are typically experts in economics, finance, or public administration.
| 3. What factors does the Finance Commission consider while making recommendations? | |
Ans. The Finance Commission takes into account several factors while making recommendations, including the distribution of tax revenues, the financial needs and resources of the central and state governments, the level of indebtedness, the socio-economic challenges faced by different states, and the principles of equity and efficiency.
| 4. What are the key functions of the Finance Commission? | |
Ans. The key functions of the Finance Commission include recommending the distribution of tax revenues between the central and state governments, suggesting measures to augment the consolidated fund of a state to supplement its resources, reviewing the state of finances of the Union and state governments, and making recommendations on grant-in-aid to states.
| 5. How does the Finance Commission contribute to fiscal federalism in India? | |
Ans. The Finance Commission contributes to fiscal federalism in India by ensuring a fair and equitable distribution of financial resources between the central and state governments. It helps address the fiscal imbalances and disparities among states, promotes cooperative federalism, and strengthens the financial autonomy and stability of the states.
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Nov 16, 2024 Last updated |
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