New Delhi: The Chairman Shri N K Singh and the Members of Fifteenth Finance Commission will hold a daylong meeting with the Economic Advisory Council of the Commission on September 4.
The meeting is for a “Final discussion on GDP growth, tax buoyancy of the Centre and the States, GST compensation, revenue deficit grant, and fiscal consolidation.”
The following members of the Economic Advisory Council are likely to attend the meeting:
Pinaki Chakraborty, Dr. Prachi Mishra, Dr. Omkar Goswami, Dr. Sajjid Z Chenoy, Shri Neelkanth Mishra, Dr. Rathin Roy, Dr. D. K. Srivastava, Dr. Arvind Virmani, Dr. M. Govinda Rao, Dr. Sudipto Mundle, Dr. Shankar Acharya, Dr. Pronab Sen, Dr. Krishnamurthy Subramanian.
Meanwhile, India, the fifth-largest economy in the World, has officially entered a phase of recession according to the GDP data released for the first quarter (April-June) of the financial year 2020-21. The released data released on Monday states that India’s GDP shrank by 23.9%, the sharpest contraction since the country started releasing quarterly data in 1996.
Meanwhile, the Centre has put forward the option before states, at the 41st GST Council meeting on August 27 to take a loan to deal with the shortfall in GST compensation. If states borrow loans for the purpose, then the financial burden would fall on the states.