The meeting of the Advisory Council of the Fifteenth Finance Commission was held in New Delhi. The meeting which was chaired by Shri N.K. Singh, Chairman of the Commission, was attended by the Commission’s Members Dr. Anoop Singh, Dr. Ashok Lahiri, Prof. Ramesh Chand and the Members of the Advisory Council, Dr. M. Govinda Rao, Dr. D. K. Srivastava, Dr. Indira Rajaraman, Dr. Arvind Virmani, Mr. Surjit S. Bhalla, Mr. Neelkanth Mishra and Dr. Pinaki Chakraborty.

The meeting reviewed the chapter plan of the Fifteenth Finance Commission Report. The Members exchanged views on the macro exemptions for the Finance Commission which included GDP growth, Taxation of the Centre and the States, Expenditure Growth of the Centre and the State. Views were also exchanged on the terminal position of debt between Centre and States.

Innovative ideas and fresh approaches to the classic issues of the obligation of the Finance Commission were reiterated. In addition of this, the meeting discussed how the changed circumstances could be adopted while bearing in mind the inescapable frame work of the Indian Constitution.

The next meeting of the Advisory Council is expected to be held in the next month.

Finance Commission advisory review of fiscal assumptions and debt positions to inform report chapter planning under constitutional constraints. The Advisory Council reviewed the Commission's chapter plan, exchanged views on macro assumptions including GDP growth, taxation of the Centre and States, expenditure growth, and considered the terminal position of debt between Centre and States; it emphasized innovative approaches consistent with the constitutional framework and scheduled a further meeting next month.