Chief economic advisor included in finance commission’s advisory council

  1. The Chief Economic Advisor of India,Dr. Krishnamurthy Subramanian has been included as a Member of the Advisory Council of the Fifteenth Finance Commission.In April,2018 the Fifteenth Finance Commission had constituted an Advisory Council.
  2. The role of the council is to (a)advise the Commission on any relevant issue related to the Terms of Reference(ToR) of the Commission (b)To assist in the preparation of any research study which would enhance the Commission’s understanding on the issue contained in its ToR and (c)To help in broadening the Commission’s understanding to seek best national and international practices on matters pertaining to fiscal devolution.
  3. The Finance Commission is constituted by the President under Article 280 of the Constitution mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
  4. The Commission is appointed every five years.It consists of a Chairman and four other members.The Chairman of the 15th finance commission is chaired by N. K.Singh.Its recommendations will cover the five year period commencing from 1st April,2020.
  5. The Chief Economic Adviser(CEA) is a post in Government of India and is equivalent to the rank of Secretary to the Government of India.The CEA is the ex-officio cadre controlling authority of the Indian Economic Service. The office of Economic Adviser is attached to the Minister of Commerce and Industry (India).

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