Calibrating finances
The Report of the 16th Finance Commission (FC) containing recommendations on the devolution of Central taxes and grants to states was tabled in Parliament on Budget day.
The Report of the 16th Finance Commission (FC) containing recommendations on the devolution of Central taxes and grants to states was tabled in Parliament on Budget day.
In Madhya Pradesh, an amount of Rs 652.55 crore has been released as the second installment of Untied Grants for FY 2024-25.
Ramesh raised two major concerns that could undermine the Budget’s credibility
For Tamil Nadu, grants for rural local bodies for FY 2025–26 have been released, with the first installment of untied grants amounting to ₹127.586 crore.
The President has appointed Mr T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time member of the 16th Finance Commission (XVIFC).
Madhya Pradesh has requested the Finance Commission to allocate a separate grant for the use of technology in urbanisation efforts and also to consider, while allocating funds, the fact that the state has the largest tribal population in the country.
The Union Government has released 15th Finance Commission Grants during Financial Year 2024–25, for the Rural Local Bodies of Bihar, Haryana and Sikkim.
The first generation of fiscal reforms in the states started with the enactment of Fiscal Responsibility and Budget Management Acts (FRBMA) between 2006 and 2010 at the prodding of the 12th Finance Commission.
The Untied Grants will be utilised by RLBs for location-specific felt needs, under the 29 subjects enshrined in the Eleventh Schedule of the Constitution, except for salaries and other establishment costs.
The Centre has released the 15th Finance Commission grants during the financial year 2024–25, for the Rural Local Bodies (RLBs) of Haryana, Tripura and Mizoram.
