The recommendations of the Fifteenth Finance Commission (15th FC) of India were released by the Union government, along with the Budget last week. The constitutional body, generally reconstituted every five years, lays down the formula to distribute tax revenues between (a) the Centre and states, and (b) among states.
The 15th FC has given leeway to the government with an expanded fiscal space — not just in the pandemic year, but also for the medium term. It has suggested a liberal glide path for fiscal consolidation, allowing a fiscal deficit of 4.5 per cent of gross domestic ...
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