Year of UPA Government
celebrates 73rd anniversary of Indian Air Force
TOURISM DECLARED MOST OUTSTANDING TOURISM ORGANISATION IN ASIA
Nicobar Command celebrates 4th Raising Day
NEW ERA OF FISCAL FEDERALISM
A sound and vibrant system of inter-governmental fiscal transfers
is a sine qua non of a flexible and enduring federal polity. Under
the Indian Constitution, Finance Commission epitomize the statutory
mechanism of effective fiscal federalism.
Since 1951, twelve finance commissions have laboured extensively
to fine-tune a rational system of center-state revenue transfers
in India. Appointed once in five years by the President, the finance
commission makes its recommendations based on a detailed assessment
of the financial status of the center and the states and after having
wide-ranging consultations with other stakeholders.