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The Twelfth Finance Commission of India was appointed on 1 November 2002 to make recommendations on the distribution of net proceeds of sharable taxes between union and states. The commission was headed by veteran economist of India, C. Rangarajan. The commission submitted its report on 30 November 2004 and covered the period from 2005-10.
The members of the Commission were: [1]
The commission was asked to make recommendations on the following matters:
In making the recommendation, the commission was asked to pay regard to
The Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. The current Finance Commission has been accused on working on the idea that the state that produces more taxes must be rewarded and support the states that produce less revenue. This was interpreted as commission's sole duty is to not help South Indian states. The Finance Commission Act, 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the Constitution, the Commission is appointed every five years and consists of a chairman and four other members.
The Indian government has, since war, subsidised many industries and products, from fuel to gas.
Three State Finance Commission reports, with recommendations for enhancing the financial health of the local governments were submitted and acted upon in Kerala with practically every recommendation being adopted, as per the provisions of the 73rd and 74th Constitutional Amendments made in 1993. Each State Finance Commission in Kerala has been a path-breaker
The 2009 Union budget of India was presented by the Finance minister, Pranab Mukherjee on 6 July 2009.
The Union budget of India for 2010–11 was presented by Finance minister Pranab Mukherjee in the Lok Sabha on Friday, February 26, 2010.
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA. N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
The Fifth Finance Commission of India was constituted by the President of India, Dr. Zakir Hussain, on 15 March 1968. The commission was chaired by Mahavir Tyagi.
The Tenth Finance Commission of India was incorporated in the year 1992 consisting of Shri Krishna Chandra Pant as the Chairman.
The Eighth Finance Commission of India was constituted by the President of India, on 28 April 1984 under the chairmanship of Shri Y.B. Chavan.
The Fourth Finance Commission of India was constituted on 18 May 1964, under the chairmanship of Dr. P. V. Rajamannar.
The Eleventh Finance Commission of India was appointed by the President on 3 July 1998 for the period 2000-2005.
The Third Finance Commission of India was appointed in 1960, for the period 1960-64, by the President of India and was chaired by Shri A.K. Chanda.
The First Finance Commission of India was appointed in 1951, for the period 1952-57 by the President of India and was chaired by K. C. Neogy.
2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.
2017 Union Budget of India is the
A number of measures have been suggested to improvise and strengthen the existing electoral practices in India.
The Second Finance Commission of India was constituted by president Rajendra Prasad on 1 June 1956.
The Ninth Finance Commission of India was set up in June 1987 under the chairmanship of Mr. N.K.P Salve.
The Thirteenth Finance Commission of India was constituted by the President of India under the chairmanship of Vijay L. Kelkar on 13 November 2007.
The Fourteenth Finance Commission of India was a finance commission constituted on 2 January 2013. The commission's chairman was former Reserve Bank of India governor Y. V. Reddy and its members were Sushma Nath, M. Govinda Rao, Abhijit Sen, Sudipto Mundle, and AN Jha. The recommendations of the commission entered force on April 2015; they take effect for a five-year period from that date.