15th Finance Commission constitutes an Advisory Council
The 15th Finance Commission has constituted an Advisory Council to advise the commission on any issue or subject related to its Terms of Reference (ToR) and to assist it in the preparation of any paper or research study that would enhance the commission’s understanding on certain issues.
The 15th Finance Commission has constituted an Advisory Council to advise and assist the commission on the matters related to its terms of reference.
Functions of the Advisory Council
• To advise the finance commission on any issue or subject related to the Terms of Reference (ToR) of the Commission, which may be of relevance.
• To assist in the preparation of any paper or research study that would enhance the commission’s understanding on the issues containing in its ToR.
• To help in broadening the commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.
Composition of the council
The advisory council will comprise following members:
1. Arvind Virmani: President, Forum for Strategic Initiatives
2. Surjit S Bhalla: Part-time Member of PMEAC and Senior Indian Analyst for the Observatory Group and Chairman of Oxus Research and Investments
3. Sanjeev Gupta: Ex-Deputy Director (Fiscal Affairs Department), IMF
4. Pinaki Chakraborty: Professor (NIPFP)
5. Sajjid Chinoy: Chief India Economist, JP Morgan
6. Neelkanth Mishra: Managing Director and the Credit Suisse India Economist and Strategist
About 15th Finance Commission
• The 15th Finance Commission was constituted by the Union Government in November 2017 after approval from the President of India.
• While NK Singh was appointed as the Chairman of the commission, Arvind Mehta was appointed as the secretary.
• The two full-time members of the commission include Shaktikanta Das and Anoop Singh and two part-time members include Ramesh Chand and Ashok Lahiri.
• The commission held its first meeting on December 4, 2017.
• The commission was mainly set up to give recommendations for five fiscal years commencing on April 1, 2020.
• The main tasks of the commission include:
- To strengthen cooperative federalism
- To improve the quality of public spending
- To help protect fiscal stability