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:: Press Releases ::
Friday, June 6, 2014

1. Dr. Y.V. Reddy, Chairman, Prof. Abhijit Sen, Ms. Sushama Nath, Dr. M. Govinda Rao and Dr. Sudipto Mundle, Members of the Fourteenth Finance Commission, and Shri A.N.Jha, Secretary visited the State of Jammu & Kashmir on June 5-6, 2014 to hold consultations with the State Government and key stake holders.

2. The Commission met with the Hon’ble Chief Minister, his cabinet colleagues and senior officers of the State Government, for discussions.

3. The Chief Minister in his speech welcomed the 14th Finance Commission and highlighted the following:-

(i) Increase vertical devolution of central taxes to states to around 42% and provide fund for the CSS projects over and above such a threshold limit;

(ii) Revisit the weightage of surface area and population with regard to horizontal distribution;

(iii) Adequate funds may be provided to meet the Non-Plan Revenue Deficit because of increasing NPRE on security, administrative and developmental requirements;

(iv) Rectify structural negative of Balance from Current Revenues amounting to Rs.9500 crores as a one-off measure;

(v) Transfer Central Sector HEPs of the Salal and Dulhasti to the State free of cost and making an appropriate provision for compensation to be paid by the Central Government to the NHPC; and

(vi) Raise free power quota from existing 12% to 30% in all Central Sector HEPs in the State;

4. The State Government submitted its Memorandum and made a detailed presentation on the finances of the State Government, its projection for the award period and gave its views on some of the Terms of Reference of the Commission. The Commission also interacted with representatives of Political parties, Panchayati Raj Institutions, Urban Local Bodies and Trade & Industry Associations.

5. The Commission placed on record its appreciation to the Chief Minister and State Government for the cooperation and support extended to the Commission and assured that the issues raised would receive due attention in the deliberation of the Commission. The Commission also looks forward to continuing interaction with the State Government.

6. The Commission will finalize its recommendations by October 2014 after completing its discussions with all the State Governments, the Government of India and relevant stake holders.

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