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Finance Commission holds 3rd consultation with economists in Chennai

Interacting with media, Chairman of the XV Finance Commission Dr. N.K.Singh said, Commission was greatly enriched by the interaction and the discussions with domain experts and economists in understanding some necessary assumptions which are necessary for the Commission to come up with appropriate recommendation.

Some suggestions which came out of the meeting include the variables which need to be kept into account for estimating the nominal GDP, inflation on real GDP growth, risks and challenges which lie ahead in making projections for the period from 2020-2025, the award period for the Finance Commission, he added.

Commission also received suggestions on how to strengthen the framework to tackle global warming and climate change and its consequences on environment and treating that issue in broader sense like in adaptation and coastal erosion.

Economists pointed out that for better disaster management owing to climate change and otherwise also, more investment in adaptation strategies will be helpful rather than focusing on mitigation only which is the trend at present. They highlighted the need of a broader perspective of ecological preservation rather than simply forest cover.

Earlier during the day, Commission met the representatives of various political parties, trade and industry and local bodies.

All major national and regional parties attended. They urged the commission not to penalize the performing states like Tamil Nadu on which Chairman reaffirmed commission’s even handed approach vis a vis states and the centre.

Industry representatives raised issues related to land acquisition, water availability for industry and agriculture and grid development for Green energy. 

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