Recommendations of the Twelfth Finance Commission: An Appraisal

Prasant Panda

The IUP Journal of Public Finance, 2007, vol. V, issue 1, 57-65

Abstract: The Twelfth Finance Commission (TWFC) has certainly shown improvement over its predecessors in recommending transfers to address equity, efficiency, fiscal restructuring and stability of finances. It has understood the principles and logic of equalization, and hence increases the share of grants in total transfers, along with a small increase in total statutory transfer. Rearrangement of weights, debt relief and write-off plan and fiscal restructuring plan have a stromg bearing. The debt restructuring plans are made conditional and are linked to fiscal reforms and attain better fiscal disciplines for the states. This should be further developed by analyzing the changing roles of the centre and states along with the relative change in their resource availability and resource requirement. A transfer accordingly will help to achieve equitable growth and macro economic stability.

Date: 2007
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