GK
FAMOUS PERSONALITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Dr. Vijay L. Kelkar
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Rangarajan
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Y.V. Reddy
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M. Khusro
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Detailed explanation-1: -Governor Y. V. Reddy was the chairman of the 14th Finance Commission. The 14th Finance Commission was constituted on 2nd January 2013 and the recommendations of the 14th Finance Commission came into force in April 2015.
Detailed explanation-2: -The 14th Finance Commission enabled the States to improve their fiscal position in the following ways: Share in Centre’s Divisible Pool: The commission recommended an increase in the share of States in the Center’s divisible tax pool to 42% from 32% at present.
Detailed explanation-3: -1) The 14th Finance Commission is of the view that tax devolution should be the primary route for transfer of resources to the States. 4) In recommending an horizontal distribution, it has used broad parameters – population (1971), changes in population since then, income distance, forest cover and area, among others.