New Delhi: The Advisory Council of the Fifteenth Finance Commission will meet tomorrow in New Delhi. This will be the first meeting of the Council after the submission of the Commission’s Report for the year 2020-2021. The meeting will be chaired by the Chairman of the Commission, N. K. Singh, and will be attended by its Members – A. N. Jha, Ashok Lahiri, Ramesh Chand, Anoop Singh, and Secretary Arvind Mehta.
Members of the Advisory Council who have confirmed their participation include Govinda Rao, Indira Rajaraman, Surjit S Bhalla, Arvind Virmani, Prachi Mishra, Sudipto Mundle, and Krishnamurthy Subramaniam.
Special invitees to tomorrow’s meeting include P. K. Mishra, Shankar Acharya, Ajit Mishra, Ananth Nageswaran, Ajay Bhushan Pandey, Amitabh Kant, Atanu Chakraborty, Bibek Debroy, T. N. Ninan, Swaminathan Aiyar, Manoj Panda, and Abhijit Sen.
According to a Press communication from PIB today, subsequent to the presentation of the Report of the 15th Finance Commission for the year 2020-21 to the President of India, the Union Government has substantively implemented the recommendations contained therin and placed an Action Taken Report in the Parliament. As per the Commission’s mandate, it is going ahead with the work relating to drafting the recommendations for the five years spanning 2021-22 to 2025-26.
In this context, the task ahead for the Commission needs careful consideration of the outlook for the ensuing five years, particularly in light of the emerging economic situation. To deliberate on these issues, the next meeting of the Commission’s Advisory Council has been convened.
The three issues which are specifically likely to be considered in the discussions relate to:
- The Report of the 15th Finance Commission for the year 2020-21 including feedback on the formula for horizontal devolution.
- Outlook for nominal GDP growth for the period 2021-22 to 2025-26.
- Tax buoyancy and other macro-economic parameters relevant for the Commission for the aforesaid period.