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Even as Finance Minister, Nirmala Sitharaman, unveiled India’s Union Budget for the financial year (FY) 2021-2022 in Parliament on Feb 1, there was no statement on the allocation of the defence budget, the absence of which was prominently noticeable. A thorough review of it is thus merited. At INR 4,78,195.62 crores, the Ministry of Defence’s budget estimate for FY 2021-2022 rose by a nominal 1.4%; though in light of the pandemic-induced economic downturn and healthcare expenditure, emergency defence procurement amounting to INR 20,776 crores that India has had to make in the face of an increasingly belligerent and assertive China, and the absence of any increase in taxes or the imposition of a COVID cess, even such a bare increase should not be judged too harshly. On the contrary, defence spending stands at 13.7% of the total budget and incorporates many noteworthy changes that indicate a much-needed course correction towards a more efficient use of finances. While the bu ....
The 15th finance commission has kept the transfer to states from the divisible tax pool to 41 per cent for 2021-22 to 2025-26. This is the same level as was recommended in its interim report for the current financial year and the previous finance commission report, if reorganisation of Jammu and Kashmir is taken into account. It is at the same level of 42 per cent of the divisible pool as recommended by the 14th Finance Commission, the Commission said, adding that however, a required adjustment has been made of about 1 per cent due to the changed status of the erstwhile state of Jammu and Kashmir into the new Union Territories of Ladakh and Jammu and Kashmir . ....
Tax revenue to States to be kept at 41% for 5 years February 01, 2021 Greater focus on grants-in-aid; ₹2.38-lakh crore for Defence modernisation To maintain the predictability and stability of resources, especially during the current pandemic times, the Fifteenth Finance Commission (FFC), headed by NK Singh has recommended that the vertical devolution be retained at 41 per cent for the next five years (2021-26) the same level as in its report for 2020-21. It has placed greater emphasis on augmenting resources of States through grants-in-aid, particularly Revenue Deficit grants (recommended ₹2.95 lakh crore to 17 states over 2021-26). This latest recommendation on vertical devolution which forms part of the report (submitted to President in November last year) tabled in Parliament on Monday is at the same level of 42 per cent of the divisible pool as recommended by the fourteenth finance commission. However, the latest report has made the required adjus ....
It will bridge gap between projected budgetary requirements and allocation, says Finance Commission The 15th Finance Commission has recommended constitution of a dedicated non-lapsable Modernisation Fund for Defence and Internal Security (MFDIS) to bridge the gap between projected budgetary requirements and allocation for defence and internal security. The indicative size of the MFDIS for 2021-26 is ₹2,38,354 crore and the maximum recommended is ₹51,000 crore per annum, the Commission said in its report. However, the unutilised amount from the normal budgetary allocations to the Ministry of Defence (MoD) and the Ministry of Home Affairs (MHA) for capital expenditure shall not be part of the Fund. The Defence Ministry has for long been demanding a non-lapsable fund keeping in view the long trajectory of military modernisation. ....
15th Finance Commission recommends maintaining vertical devolution at 41 pc ANI | Updated: Feb 01, 2021 21:08 IST New Delhi [India], February 1 (ANI): In order to maintain predictability and stability of resources, especially during the pandemic, the report of 15th Finance Commission (FC) on Monday recommended maintaining the vertical devolution at 41 per cent, the same as in its report for 2020-21. The 15th FC s report, with 117 core recommendations, was tabled in Parliament on Monday. According to an official release of Finance Ministry, the vertical devolution is at the same level of 42 per cent of the divisible pool as recommended by 14th FC. However, it has made the required adjustment of about 1 per cent due to the changed status of the erstwhile State of Jammu and Kashmir into the new Union Territories of Ladakh and Jammu and Kashmir. ....