The Chief Economic Advisor (CEA) to Union Government, Dr. Krishnamurthy Subramanian is appointed as the 12th member of the Advisory Council of the 15th Finance Commission (FC).
About the Advisory Council:
It now has 12 members, which include noted economists Surjit Bhalla, Arvind Virmani, Indira Rajaraman and M Govinda Rao among others.
Role and Function of the Advisory Council:
- To advise FC on any relevant matter or subject related to Terms of Reference (ToR) of Commission.
- To assist FC in preparing any research paper or study which would enhance the commission's understanding on issues contained in its ToR.
- To help expand FC's understanding in adopting the best national and international practices on matters of fiscal devolution.
- To help improve quality, reach and enforcement of FC recommendations.
About the Finance Commission:
- It is constituted under Article 280 of the Constitution by the President of India.
- It mainly gives its recommendations on tax devolution i.e. distribution of tax revenues between Union and States, and amongst 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 6th April, 1952.
About the Fifteenth (15th) 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 N. K. Singh, and members Ajay Narayan Jha, Ashok Lahiri and Anoop Singh.
- Ramesh Chand is a part-time member in FC.
Question:
Q. Name the Chief Economic Advisor (CEA) to Union Government who has been appointed as the 12th member of the Advisory Council of the 15th Finance Commission (FC)?a. Dr. Ramamurthy Subramanian
b. Dr. Sivamurthy Subramanian
c. Dr. Krishnamurthy Subramanian
d. Dr. Premamurthy Subramanian
