15th Finance Commission submits its reports to President
9 nov 2020
The 15th Finance Commission said that it has taken unique requirements of each of India's 28 states on board and come up with state specific considerations in its report. It focuses on the devolution of funds between the Centre and the States for the period 2021-22 to 2025-26, the Commission has addressed all its unique terms of reference such as considering a new non-lapsable fund for financing national security and defence spending, and offering performance incentives for States that deliver on reforms.
The first one focuses on the State of the Union government’s finances, with an in-depth scrutiny of key departments, the medium-term challenges facing the Centre and a roadmap for the future. The other volume is entirely dedicated to States, with the finances of each analysed in great depth.
The chairman of the Commission is NK Singh. The committee has submitted its interim report for this year in the previous year itself.