Chief Economic Advisor Krishnamurthy Subramanian appointed as the Advisory Council Member in the 15th Finance Commission

The Chief Economic Advisor (CEA) to Central government, Dr. Krishnamurthy Subramanian is appointed as the twelfth (12) member of Advisory Council of Fifteenth (15th) Finance Commission (FCc).

Advisory Council

It now has the 12 members, which include noted economists Surjit Bhalla, Arvind Virmani, Indira Rajaraman and M Govinda Rao among others.

Role and Function:

To is to advise FC on any relevant matter or subject related to Terms of Reference (ToR) of the Commission.
To assists FC in preparing any research paper or study which would enhance the commission’s understanding on issue contained in its ToR.
To help expand FC understanding in adopting best national and international practices on matters of fiscal devolution and
To help improve quality, reach and enforcement of the FC recommendations.

Finance Commission:-

It is the constituted under article 280 of Constitution by the President of India. It mainly gives its recommendations on the tax devolution i.e. distribution of tax revenues between Union and States and amongst the states themselves.
It is appointed for a period of five years and comprise of five member including one chairman and four other members.

First FC was constituted under the chairmanship of Shri K.C. Neogy on the 6th April, 1952.
Fifteenth Finance Commission
It was constituted in November 2017, to give recommendations for tax devolution and other fiscal matter for five fiscal years, 1 April 2020- 31 March 2025.

It is chaired by the N. K. Singh, and members Ajay Narayan Jha, Ashok Lahiri and Anoop Singh. TRamesh Chand is a part-time member in the FC.