PANJIM: The Union Finance Commission team led by chairman Dr Y V Reddy – former governor of Reserve Bank of India –arrived in the state on Tuesday and met with Industry representatives and certain department officials.
The team is in the state to discuss the state’s plans for the next five years beginning April 1, 2015 and is slated to meet the chief minister, government officials, heads of department and local bodies such as the zilla panchayats and also make a plan about what to be slated in the next five year plan.
The commission has to recommend a formula to rationalize sharing of tax net proceeds, revenue from the Centre, and the principles that have to govern transfer of grant-in-aid of the revenues to states from the Consolidated Fund as well as recommend measures to augment the consolidated fund of individual states during this period.
