Finance panel visits J&K, mulls funding

Finance panel visits J&K, mulls funding

A delegation of the 14th Finance Commission arrived Thursday on a two-day visit in Srinagar.

The panel will make recommendations regarding fund requirements of Jammu and Kashmir state for the period 2015-2020 effective from April 1, 2015.

Officials said the members of the commission would review state’s finances, deficit and debt levels keeping in view, the fiscal consolidation road map recommended by the 13th Finance Commission.

Sources said the state government is likely to project nearly Rs 82,000 crores worth of award from the 14th Finance Commission under various sectors.

The state government had received an award of nearly Rs 42,000 crores from 13th Finance Commission, which would end on March 31, 2015.

The Commission led by Chairman Dr Y V Reddy, along-with the members Prof Abhijit Sen, Member Planning Commission of India,  Dr  M Govind Rao, Director National Institute of Public Finance and Policy, besides Dr. Sudipto Mundle, former acting Chairman of National Statistical Commission, would hold deliberations with the state government, political parties and stakeholders for fixing the award to the State.

An official spokesman said the Commission members interacted with representatives of Rural and Urban Local Bodies.

“A powerpoint presentation was also made on the occasion highlighting the achievements made in the rural as well as urban sectors during the 13th Finance Commission,” he said.

The delegation also held interaction with the representatives of the trade and industry.

The Chairman of the Commission said that Jammu and Kashmir comprises three diverse regions with unique economies which needs to taken into account while allocating funds to the state.

He said considering the disabilities and requirements of the state, specific packages/ projects will be considered and assured that the suggestions made shall be taken into account.

The terms of reference of the 14th Finance Commission include a new fiscal consolidation road map, devising a mechanism to compensate states in case of revenue loss due to the implementation of a single goods and services tax, a blueprint for subsidy reform, etc.