theIASHub | 01 Apr, 2024
Context: Public debt management is getting wider attention in Centre-State financial relations, against the backdrop of recently constituted Sixteenth Union Finance Commission.
Finance Commission
oNet proceeds of taxes: The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them and the allocation between the States of the respective shares of such proceeds.
oGrants-in-aid: The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India.
oConsolidated Fund of a State: The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats in the State on the basis of the recommendations made by the Finance Commission of the State.
oSupplement to municipalities: The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
oPresident reference: Any other matter referred to the Commission by the President in the interests of sound finance.
Public Finance
oThe efficient allocation of available resources;
oThe distribution of income among citizens; and
oThe stability of the economy.
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