Economics • Indian EconomyMedium
What is the core mandate of the 'Fifteenth Finance Commission' of India headed by N.K. Singh?
A. To recommend devolution of tax revenues between the Centre and States and among States for the period 2020-25.✓ Correct Answer
B. To audit the financial accounts of public sector banks.
C. To formulate the five-year economic development plans for India.
D. To regulate foreign direct investment caps in defense and retail sectors.
💡 Solution & Explanation
The Fifteenth Finance Commission, headed by N.K. Singh, was constituted under Article 280 of the Constitution to recommend the devolution of tax revenues between the Union and the States and among the States for the period spanning 2020 to 2025. Other choices incorrectly attribute responsibilities concerning bank auditing or foreign investment regulations to this constitutional body. Centre-state fiscal federalism is a foundational topic for Indian polity and economy examinations.
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