Question
Download Solution PDFThe Fourteenth Finance Commission was set up under the Chairmanship of ________.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Y. V. Reddy.
Key Points
Fourteenth Finance Commission:
- The 14th Finance Commission was constituted on January 2, 2013. Y.V. Reddy, the former Governor of the Reserve Bank of India, was this commission’s chairperson.
- Its prominent members included M. Govinda Rao, Sushma Nath, Sudipto Mundle, Abhijit Sen, and AN Jha.
- Objective: To augment the consolidated state funds for supplementing the resources of the local bodies and recommend Grant-in-aid following Article 275.
- This commission’s grant was divided into two following parts.
- Basic Grant (90%)
- Performance Grant (10%)
- This commission fixed the grant size to be ₹2,87,436 crore in total.
- Panchayats: ₹2,00,292.2 Crore
- Municipalities: ₹87,143.8 Crore
- Under Article 280, the President of India is responsible for periodically constituting the Finance Commissions of India.
- Each Finance Commission is responsible for making suitable recommendations regarding central tax sharing, distribution of central grants, and measures to improve the states’ financial conditions.
Last updated on Jul 10, 2025
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