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The share of cess and surcharge in gross tax revenue has nearly doubled to 19.9 per cent in FY21, from 10.4 per cent in FY12. This has resulted in the decline in the central transfer to states, including non-finance commission transfers. Such ...
Indian economic documents exude a growth anxiety Photo: MintPremium Share Via Read Full Story The past fortnight witnessed the confluence of three important economic events: the Budget, release of the 15th Finance Commission’s report, and Reserve Bank of India’s (RBI) final bi-monthly monetary policy for 2020-21. These three documents are sending rather dismal messages; the Budget document, in particular, seems imbued with signals of lower growth, with the Finance Commission and RBI further muddying the waters. The Budget for 2021-22 has projected nominal gross domestic product (GDP) grow...
Credit: Shutterstock/> The 15th Finance Commission submitted its final report in November 2020 and the government tabled it in the parliament February 1, 2021, along with Budget 2021. It also submitted an explanatory memorandum containing its responses to the recommendations of the 15th Finance Commission (FC). The Government of India accepted the FC’s recommendations with respect to local governments, including municipalities (also known in government parlance as urban local bodies). The 15th FC allocated grants of Rs 1.55 lakh crore to municipalities, with the following distribution. [see...
15th Finance Commission recommends maintaining vertical devolution at 41 pc ANI | Updated: Feb 01, 2021 21:08 IST New Delhi [India], February 1 (ANI): In order to maintain predictability and stability of resources, especially during the pandemic, the report of 15th Finance Commission (FC) on Monday recommended maintaining the vertical devolution at 41 per cent, the same as in its report for 2020-21. The 15th FC's report, with 117 core recommendations, was tabled in Parliament on Monday. According to an official release of Finance Ministry, the vertical de...
Building a robust healthcare system Updated: Updated: February 01, 2021 02:10 IST With better governance, northern States can bring their health systems on a par with southern States Share Article AAA With better governance, northern States can bring their health systems on a par with southern States In the wake of the COVID-19 pandemic, there have been vociferous demands to strengthen the country’s public health system. Many erudite articles have stressed the need to revamp the system quickly so that we are better prepared to handle such emergencies in the future. Once the present crisi...