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Finance Commission team arrives

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OST Bureau

Bhubaneswar, Dec 9:

A five-member team of the 14th Finance Commission led by its chairman and former RBI Governor Dr YV Reddy arrived here on Sunday on a two-day visit to the state.

Y V Reddy, Chairman, 14th Finance Commission
Y V Reddy, Chairman, 14th Finance Commission

The team later held a preliminary round of discussion with senior state government officials, sources said.

The panel, comprising Member, Planning Commission Prof Abhijit Sen, former Union Finance secretary Sushama Nath,  director, National Institute for Public Finance and Policy Dr M Govinda Rao and former acting chairman, National Statistical Commission Dr Sudipto Mundle, is scheduled to have a meeting with chief minister Naveen Patnaik, senior ministers, chief secretary, development commissioner, additional chief secretary (Finance) , leaders of various political parties and urban local bodies (ULBs) as well as trade and commerce bodies on Monday.

Sources said, the state government will submit a memorandum to the finance panel seeking higher devolution of funds to the tune of around Rs 2.27 lakh crore as the state’s share from the Central tax and non-tax pool for the period  April 1, 2015 to March 31, 2020.

The Commission is expected to submit its report by October 2014 in which it would recommend the share of the state from  the Central tax and non-tax pool.

The state government had submitted a memorandum seeking Rs 2, 20,782 from the 13th Finance Commission for the period 2010-15, but was granted only Rs 78,974 crore.

The grant recommended by the 12th Finance Commission for 2005 to 2010 was much lower at Rs 36,942 crore.

While the state had got 4.89 per cent of the total devolution fund during 2005-2010, its share was further reduced to 4.6 per cent by the 13th Finance Commission.

The percentage of Odisha’s share  in Central taxes further decreased by 0.38 per cent- from 5.16 per cent to 4.78 per cent – during 2010-15.