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Last Updated : May 16, 2019 01:41 PM IST | Source: Moneycontrol.com

Finance Commission holds dialogue with FinMin on state of economy

The economic development in the last five years were analysed in detail with specific focus on growth, investments, industrial production, banking and payments, inflation and monetary policy, external sector and medium- term outlook.

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Ministry of Finance and the Finance Commission held discussions on the economic situation and observed that the GDP numbers have somewhat fluctuated within the overall global trend, suggesting 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.

"The discussions on key economic variables are also expected to help the Commission's work to reach a conclusion on horizontal and vertical devolutions," the government said in a press release.

The meeting was attended by the Chairman Ajay Narayan Jha and member Anoop Singh and had representatives from the finance ministry like Finance Secretary Subhash Chandra Garg, Revenue Secretary Ajay Bhushan Pandey, Expenditure Secretary Girish Chandra Murmu, Chief Economic Adviser Krishnamurthy Subramanian, Chairman CBDT PC Mody and Chairman CBIC PK Das, among other officials.

On the expenditure trend, there were discussions in regard to the rationalisation of the centrally sponsored schemes in sync with the new life cycle.

Both the commission and the finance ministry have held discussions in the last few months on the issues of importance relating to the UDAY scheme and 7th Pay Commission, particularly in the context of the finances of the states.

The economic development in the last five years were analysed in detail with specific focus on growth, investments, industrial production, banking and payments, inflation and monetary policy, external sector and medium- term outlook.

The Ministry made its projections for 2018-19 and 2019-20 to the Commission.

The ministry and the commission had a detailed discussion on fiscal management in which the ministry put up a number of suggestions for consideration of the commission. Discussions were also held on GST issues, local body grants and population data.

The Commission is now awaiting the full Memorandum of the Government of India through the Finance Ministry.

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First Published on May 16, 2019 01:24 pm
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