New Delhi: Chief Economic Advisor (CEA) Krishnamurthy Subramanian will now be a member in the Advisory Council of the 15th Finance Commission as well. The 15th finance commission was constituted in November 2017 and it is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 1 April 2020. Permanent members of the finance commission are accorded the status of a minister of state (MoS).
While the advisory council was set up in April 2018 in order to advise the finance commission on any issue or subject related to the terms of reference of the commission. The council also assists the commission in the preparation of any paper or research study which would enhance the latter's understanding on the issue contained in its Terms of Reference.
A total 12 member now including Subhramanian
Post inclusion of Subhramanian the advisory council now has 12 members, including NIPFP Professor Pinaki Chakraborty, noted economists Surjit Bhalla, Arvind Virmani, Indira Rajaraman and M Govinda Rao.
The council had also been mandated to help in broadening the 15th Finance Commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.
In December 2018, Modi government had appointed K. Subramanian who was working as a faculty at the Indian School of Business (ISB), Hyderabad, as the chief economic advisor in the finance ministry for three years, after Arvind Subhramanian had decided to move back to US.
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