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<h1>Dr. Raghuram Rajan Committee Proposes Composite Development Index for State Fund Allocation; PM Approves Public Release.</h1> The Dr. Raghuram Rajan Committee submitted a report to the Union Finance Minister proposing a Composite Development Index for states to guide fund allocation from the central government. The report suggests a method considering both development needs and performance, recommending each state receive a basic 0.3% fund allocation, with additional shares based on need and performance. A Multi-dimensional Index classifies states into Least Developed, Less Developed, and Relatively Developed categories. States scoring 0.6 and above are Least Developed, including Arunachal Pradesh and Bihar. The Prime Minister has approved public release and further examination of the report's recommendations.