The Fifteenth Finance Committee of India has submitted a five-year final report. The submission of the report aims to change the financial management of Indian municipalities.
Highlights:
♦ The final report for the 2021-22 fiscal year to the 2025-26 fiscal year is submitted with the 2021-22 budget.
♦ The 15th FC has significantly improved its standards for municipal financial governance in India in its interim report.
♦ The final report also retained these four specific agendas. The four agendas include:
♦ The 15th FC tried to increase the overall expenditure of the municipality. It has set 29 billion rupees for the 2020-21 fiscal year. It also stated that it intends to increase the municipality’s share of total local agency grants from 30% to 40%.
♦ Two conditions have been set for any city in India, namely that it can accept funding from the Indian Finance Commission, that is, to publish audited annual accounts to help increase financial responsibility, and to notify the minimum property tax rate to help increase income.
♦ The fifteenth session of the Financial Commission adopted a method of distinguishing more than one million city clusters from other cities.
♦ It also recommends the use of a common digital account platform that, in addition to viewing the digital footprint of a single transaction from the source, should also consider municipal finance and state-level departmental expenditures.
♦ These four aspects of the interim report highlight that the goal of the 15th Financial Committee is to achieve the highest level of logical municipal financial reform. However, the Thirteenth and Fourteenth Finance Committees also laid the foundation for these reforms.
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