The Fifteenth Finance Commission, led by Chairman NK Singh, submitted its report for the period 2021-22 to 2025-26 to the Finance Minister Nirmala Sitharaman, an official statement said here on Tuesday.
Members of the Commission, Ajay Narayan Jha, Prof Anoop Singh, Dr Ashok Lahiri and Dr Ramesh Chand along with Secretary to the Commission, Arvind Mehta accompanied the Chairman to submit the report, titled “Finance Commission in Covid Times”, to the Finance Minister.
“Chairman NK Singh and members of the 15th Finance Commission presented a copy of the Commission’s report for the period 2021-22 to 2025-26 to Finance Minister Nirmala Sitharam today,” the Finance Ministry tweeted.
The Commission was mandated to give its recommendation for five years, from 2021-22 to 2025-26, by October 30, 2020.
The recommendations revolved around unique and wide-ranging issues such as vertical and horizontal tax devolution, local government grants and disaster management grant. The Commission was also asked to examine and recommend performance incentives for states in many areas like power sector, adoption of direct benefit standard and solid waste management.
The report has been organised in four volumes, out of which Volume 1 and 2, contain the main report and the accompanying annexes.
Volume 3 is devoted to the Union Government and examines key departments in greater depth, with the medium-term challenges and the roadmap ahead, while the Volume 4 is entirely devoted to the states, including finances of each state in great depth and state-specific considerations to address the key challenges that individual states face.
The Commission had submitted its report to Prime Minister Narendra Modi on Monday while it was presented to the President of India, Ram Nath Kovind on November 4.