-Livemint.com While there are several creditable achievements, it is the deeper structural reforms where expectations from a strong government have not been met Amidst expectations of a magical transformation of the Indian economy, the Narendra Modi government took over the reins in May 2014. During the election campaign, people were led to believe that the Gujarat model of agricultural development, which delivered 8% growth in agriculture during fiscal years 2003-14, would be...
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Balancing conflicting claims -C Rangarajan & DK Srivastava
-The Hindu The 15th Finance Commission has to take a call on the degree of equalisation that’s feasible In the context of the Terms of Reference (ToR) of the 15th Finance Commission (FFC), certain key aspects relate to (a) the mandate for using the 2011 population; (b) ‘whether revenue deficit grants’ be given at all; (c) the impact of the goods and services tax (GST) on the finances of the Centre and...
More »An open letter to Finance Ministers -TM Thomas Isaac
-The Hindu Political alignments should not come in the way of defending the fiscal rights of States My fellow Finance Ministers in the States, I hope you will agree that the award of the Finance Commission is vital to State finances. Some of us who met initially at Thiruvananthapuram, Kerala, and later at Amaravati, Andhra Pradesh, are worried about the implications of the terms of reference (ToR) of the Finance Commission...
More »How State budgets will fare if petrol, diesel are brought under GST -Rohan Abraham
-The Hindu While consumers will be glad to see their fuel bills slashed by the advent of a favourable rate structure under the GST, State governments will have to contend with an erosion in Tax revenue. At the time of writing, petrol was retailing at Rs.82.48/litre in Mumbai, roughly 62% more than the Rs.50.8/litre Pakistanis shell out for a tank of gas. This is despite the fact that crude oil prices are...
More »Fund fight: Why population became a sticking point for Centre and states
-The Times of India • What does the Finance Commission do? In India’s federal structure, taxation powers and obligations for various services — like law and order, health, education — are unequally shared between the Centre and the states. Hence, the Constitution mandates the setting up of a Finance Commission (FC) every five years to recommend how revenues from central taxes should be shared between the Centre and the states. A fair...
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