The 15th Finance Commission will submit its report for financial years 2021-22 to 2025-26 to President Ram Nath Kovind on November 9, an official statement has said.
The commission under chairman N.K. Singh on Friday concluded its deliberations on the report.
The report was signed by Singh and members of the commission — Ajay Narayan Jha, Anoop Singh, Ashok Lahiri and Ramesh Chand.
“The commission had sought time to present its report to the President of India. It has now been communicated by the office of the President that the report submission will be on November 9, 2020,” the statement said. The report will be tabled in Parliament along with an action taken report of the government.
“The commission has finalised the report after wide-ranging consultations with the Union and state governments, local governments at different tiers, chairmen and members of previous finance commissions, advisory council to the commission and other domain experts, academic institutions of eminence and multi-lateral institutions,” the statement added.
At present, 42 per cent of the central pool of resources must go to states. In a post-Covid environment and the shrinking of revenue resources, the Commission is expected to rework the formula with the result that the states may be allotted less money.