The government annonced the constitution of the 14th finanace commission under the chairmanship of former RBI Governor Y.V. Reddy. The five member panel is to submit its report by October 31, 2014.
Apart from its recommendations on the sharing of tax proceeds between the Centre and the States which will apply for a 5 year period beginning April 1, 2015, the Commission has been asked to suggest steps for pricing of public utilities such aselectricity and water in an independent manner and also look into issues like disinvestment, GST Compensation, sale of non-priority PSUs and subsidies.
Among other things, the Commission would look into the need for insulating of pricing of public utility services like drinking water, irrigation, power and public transport from policy fluctuations through statutory provisions.
The Commission would also review the state of finances, deficit and debt levels of the Centre and States, keeping in view in particular the fiscal consolidation roadmap recommended by the 13th finance commission.
Courtesy: THE HINDU
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