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View: 15th FC support for urban local governments must deliver better, by giving them more autonomy

View: 15th FC support for urban local governments must deliver better, by giving them more autonomy
Synopsis
Of Rs 4,36,361 crore grants recommended for local governments (LBs), Rs 8,000 crore are performance based incubation grants for 8 new cities and Rs 450 crore are for the establishment of municipal shared services centres. In view of the current pandemic, FC has provided Rs 70,051 crore to LBs to strengthen their primary healthcare system.
Agencies
The 15th FC has taken several progressive first steps to support the nature of urbanisation taking place in the country.
The 15th Finance Commission (FC) Report for 2021-26 recognises urbanisation as an important engine of national economic growth and poverty reduction and emphasises the need for meeting the future challenges of spatial urban expansion into the metropolitan peripheries and in planned new cities. But it is also riddled with serious shortcomings that need to be highlighted.

Delhi , India , Finance-commission , Metropolitan-challenge-fund , Mcf , 15th-finance-commission , Drinking-water-supply , Urbanisation , Maharashtra , Local-governments , டெல்ஹி

The utter economic necessity of reforming India's power sector

The utter economic necessity of reforming India’s power sector
Photo: Ramesh Pathania/MintPremium
4 min read
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A new window has opened up for power sector reform with the final report of the 15th Finance Commission (XVFC) for the five years 2021-22 to 2025-26. This recommendation is among those accepted in the Action Taken Report (ATR), tabled by the government in Parliament along with the report. State government borrowing is to be capped at 4% of state domestic product (SDP) for the new fiscal year 2021-22, to be brought down to 3% in two years. In each of the first four years, a borrowing additionality of 0.5% of SDP is on offer, conditional on power-sector reform.

Power-sector , India-power-sector , Economic-necessity , Power-sector-reforms , Banking-regulator , Health-of-banks , 15th-finance-commission , Parliament , Discoms , Uday , Economic-survey

States may face Rs 3 lakh crore GST compensation shortfall in FY22: Report

States may face Rs 3 lakh crore GST compensation shortfall in FY22: Report
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Last Updated: Mar 15, 2021, 07:42 PM IST
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Synopsis
In FY21, the states were facing a shortfall of Rs 1.1 lakh crore in GST compensation from the Centre but over 90 per cent of that amount has been cleared now.
Agencies
Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday.
States may face a GST compensation shortfall of Rs 3 lakh crore in the next financial year, a situation that will force them to borrow more from the markets, says a report. The states may face a shortfall of Rs 2.7-3 lakh crore as Goods and Services Tax (GST) compensation from the Centre next fiscal. Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday.

Jayanta-roy , Union-territories , Services-tax , Gross-state-domestic-product , Finance-commission , State-development-loans , 15th-finance-commission , Fy22 , Goods-and-services-tax , Lakh-crore , Gsdp , ஜெயந்தா-ராய்

Centre planning to give states flexibility to compete for Centrally Sponsored Schemes: Anoop Singh

Centre planning to give states flexibility to compete for Centrally Sponsored Schemes: Anoop Singh
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The Centre is planning to give states the flexibility to compete for better Centrally Sponsored Schemes (CSS) within an overall entitlement through its ongoing process of review of various CSS, according to Anoop Singh, member of the 15th Finance Commission.
Agencies
The Centre is planning to give states the flexibility to compete for better Centrally Sponsored Schemes (CSS) within an overall entitlement through its ongoing process of review of various CSS, according to Anoop Singh, member of the 15th Finance Commission. Singh was responding to a suggestion from Montek Singh Alhuwalia, former deputy chairman of the Planning Commission, that the NITI Aayog should determine the states’ overall entitlement of funds under the CSS and allow the states to choose which schemes they want to utilise based on their needs.

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Banking on slower recovery

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15th FC chairman Singh raises issue of 15th FC chairman Singh raises issue of lack of fiscal institutions in Indialack of fiscal institutions in India

N K Singh, chairman of the 15th Finance Commission, on Monday flagged the absence of independent fiscal institutions and lack of flexibility for states to deviate from the fiscal consolidation roadmap in times of emergency.
“There is a lack of fiscal institutions in India, it be by your fiscal Council, or by any other institution. While the country has some kind of a fiscal architecture, it does not have independent fiscal institutions,” said Singh during a webinar on India’s Overall Fiscal Architecture, organised by the Centre for Social & Economic Progress.
Then, there is this asymmetry of power between the Centre and the states over fiscal flexibility.

India , Centre-for-social-economic-progress , Overall-fiscal , Economic-progress , 15th-finance-commission , Nk-singh , Fiscal-economics , Fiscal-prudence , Fiscal-policy , Budget-2021 , State-borrowing

15th Fin Comm opted for continuity, predictability in deciding tax devolution to states: NK Singh

Updated Mar 06, 2021 | 17:45 IST
Rajya Sabha MP Sushil Kumar Modi highlighted that the share of divisible pool is slowly shrinking as the 'cess and surcharge' component in Gross Tax revenue is increasing
15th Fin Comm opted for continuity, predictability in deciding tax devolution to states: NK Singh | Photo Credit: BCCL
New Delhi: The 15th Finance Commission opted for continuity and predictability and hence retained the share of tax devolution to states at 41 per cent of the total pool, its chairman NK Singh said on Saturday.
Speaking at a webinar organised by the Centre for Policy Research (CPR), Singh said each Finance Commission in the past has somewhat increased the total amount of devolution to states, but the 15th Finance Commission weighed all the options considering that the fiscal space of both states and the Centre has shrunk on account of the COVID-19 pandemic.

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15th Finance Commission opted for continuity, predictability in deciding tax devolution to states, says NK Singh

15th Finance Commission opted for continuity, predictability in deciding tax devolution to states, says NK Singh
Speaking at a webinar organised by the Centre for Policy Research (CPR), Singh said each Finance Commission in the past has somewhat increased the total amount of devolution to states
PTI | March 6, 2021 | Updated 17:42 IST
The 15th Finance Commission Chairman NK Singh
The 15th Finance Commission opted for continuity and predictability and hence retained the share of tax devolution to states at 41 per cent of the total pool, its chairman N K Singh said on Saturday. Speaking at a webinar organised by the Centre for Policy Research (CPR), Singh said each Finance Commission in the past has somewhat increased the total amount of devolution to states, but the 15th Finance Commission weighed all the options considering that the fiscal space of both states and the Centre has shrunk on account of the COVID-19 pandemic.

Bihar , India , Sushil-kumar , Parliament-on , Centre-for-policy-research , Finance-commission , Policy-research , Kumar-modi , Gross-tax , 15th-finance-commission , 15th-fin-comm , Nk-singh

Anti-competition law must be strengthened: 15th FC chairman N K Singh

With the privatisation of public sector undertakings underway, the sale and disinvestment should not distort the principles of competition, 15th Finance Commission Chairman N K Singh said on Friday, while calling for strengthening the Competition Act to evolve the role of the Competition Commission of India (CCI) as an overarching regulator.
Stressing that competition policy is critical for economic framework as the markets are imperfect, Singh said, “It may not be appropriate to have an overarching regulator or override sector regulator, but what about on issues of competition? Who should be the final arbitrator?”
Singh was addressing the sixth edition of the national conference on economics of competition law. The disinvestment and privatisation programme, Singh said, would free valuable financial resources, creating fiscal space for the government for its priority capital expenditure — both physical and social infrastructure — while also generating enhanced competition. On the issue of a handful of companies acquiring most of the stressed assets, Singh said addressing this requires a coherent coordinated approach and the CCI alone cannot do it.

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india news: View: India needs to raise government revenue to ensure equalisation and growth

A coordinated effort across taxes and levels of government is necessary to eliminate the tax gap, make the tax system more effective, equitable and efficient, and build fiscal federalism.

India , Reserve-bank , Tax-gap , Oecd , India-news , Income-countries , Gst , Fifteenth-finance-commission , Brics , Anoop-singh , 15th-finance-commission