Finance Commission and Budgetary Process from "summary" of Objective Indian Polity General Studies Paper - 1 by M. Laxmikanth
The Finance Commission plays a crucial role in the budgetary process of India. It is a constitutional body that is responsible for recommending the distribution of financial resources between the Union government and the state governments. The recommendations made by the Finance Commission are crucial in determining the financial relations between the Centre and the states. The Finance Commission is constituted by the President of India every five years or at such intervals as he may deem necessary. The Commission consists of a chairman and four other members who are experts in finance and economics. The recommendations made by the Finance Commission are laid before the Parliament by the President, and it is up to the government to implement them. The recommendations of the Finance Commission are taken into account by the government when preparing the Union...
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