15th Finance Commission Completes Report, To Be Submitted To President Ram Nath Kovind On 9 November

The 15th Finance Commission will present its final report for the fiscal years from 2021-22 to 2025-26 to President Ram Nath Kovind on 9 November, reports The Economic Times.

It was revealed in September that the current fiscal will be treated as a zero year and hence the recommendations will be made up to the financial year 2025-26.

Prime Minister Narendra Modi will receive the report next month whereas Finance Minister Nirmala Sitharaman will table it during the next session of the Parliament. She will also put forth an action taken report in front of the lawmakers. The commission is led by NK Singh, who is an economist, politician and a former bureaucrat.

The committee has held consultations with different tiers of the local, state, and central government and also with the previous members of the FCs along with different domain experts. In a unique move, the 15th FC was tasked with coming up with a roadmap of fiscal consolidation for the government. It is reported that the commission had to completely alter their plans as the Covid-19 pandemic broke out.

Earlier, it had emerged that the spending of the defence in the report will be examined from the perspective of the ongoing clash with China at the LAC. Singh had formerly revealed that an entire chapter in the set of recommendations will be concerned around the health sector considering the ongoing pandemic.