Goverment analyzed economic condition

The Finance Commission held consultations with senior officials of the Ministry of Finance on yesterday on the overall economic situation and key economic variables. These discussions are credible to the ongoing work of the Commission to reach an appropriate conclusion on both the vertical and the horizontal devolution. Apart from the Commission’s Chairman & Members Shri Ajay Narayan Jha, Dr. Anoop Singh, the Finance Ministry were represented by Shri Subhash Chandra Garg Finance Secretary, Shri Ajay Bhushan Pandey Revenue Secretary, Shri Girish Chandra Murmu, Expenditure Secretary, Dr. Krishnamurthy Subramanian Chief Economic Adviser, Shri P C Mody Chairman CBDT, Shri P.K. Das, Chairman CBIC and other senior officials of the Finance Ministry and the Finance Commission.

The Commission observed that the GDP numbers have somewhat fluctuated within the overall global trend which suggests continued high growth trend over the medium term. The Commission also noted that the revenue projections on the Direct Taxes are healthy though on Indirect Taxes, there have been periodic fluctuations. On the expenditure trend, there were discussions in regard to the rationalisation of the Centrally Sponsored Schemes in sync with the new life cycle, they being co-terminus with the Finance Commissions.