15th Finance Commission & Recommendations (Explained) | Indian Economy for UPSC Prelims & Mains 2022

In this online session, get ready to know about the 15th Finance Commission & Recommendations, an important topic in the Indian Economy, for your UPSC Prelims & Mains 2022-2023 Exam.

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The first Finance Commission was established in 1951, and the current one is the 15th Finance Commission. The commission comes out with its reports highlighting reforms relating to the fiscal scenarios. The 15th FC has been set up in a time when huge reforms have been taken under the fiscal federalism.

Topics Covered:
1. 15th Finance Commission (00:00)
2. What is Finance Commission (Finance commission meaning) (01:15)
3. What is Fiscal imbalance? (02:16)
4. Vertical Imbalance (03:06)
5. Horizontal Imbalance (03:42)
6. Article 280 of the Constitution (04:50)
7. What is term of reference of Finance Commission? (05:26)
8. 15th Finance Commission Recommendations (15:16)
9. Vertical Devolution (16:46)
10. Horizontal Devolution (18:56)
11. 15th Finance Commission Grant in Aid (22:08)
12. Revenue Deficit Grant (22:52)
13. Sector Specific Grant (23:42)
14. State Specific Grant (24:10)
15. Fiscal Roadmap (25:00)

During this online session, you will learn about the 15th Finance Commission report as well as the concerns highlighted in the report.

The Finance Commission (FC) is a constitutional body that determines the method and formula for distributing tax revenues between the Centre and States, as well as among states, in accordance with the Constitution and current needs.

The Finance Commission works by consulting extensively and intensively with all levels of the government, reinforcing the principle of cooperative federalism.

The recommendations of the 15th Finance Commission also aim at improving the quality of government spending while also promoting fiscal stability.

Towards the end of the session, you can get all your queries resolved with respect to the 15th finance commission report, 15th finance commission recommendations, 15th finance commission period and other relevant queries. So, get ready to clarify all your doubts and master the topic of the 15th Finance Commission.

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All the best for your IAS 2023 Exam preparation.

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