About the report: The main report is titled “ Finance Commission in Covid Times ” which depicts a set of scales on its cover to denote balance between the Union and the States. Along with it, two more volumes as part of its submissions have been presented. The first one focuses on the State of the Union government’s finances, with an in-depth scrutiny of key departments, the medium-term challenges facing the Centre and a roadmap for the future. The second volume is entirely dedicated to States, with the finances of each analysed in great depth. The panel has come up with State-specific considerations to address the key challenges that individual States face. All terms of reference (ToR) such as considering a new non-lapsable fund for financing national security and defence spending and offering performance incentives for States that deliver on reforms are considered. Apart from the vertical and horizontal tax devolution, local government grants...
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