:: Press Releases ::

1. The K.C. Neogy room, the Finance Commission Conference Room, named after the Chairman of the first Finance Commission, was inaugurated today by Shri V.B. Eswaran, Member Secretary of the Seventh Finance Commission in the office of Finance Commission at Hindustan Times Building, Kasturba Gandhi Marg, New Delhi – 110001. Dr. Vijay Kelkar, Chairman, Dr. Indira Rajaraman, Member, Prof. Atul Sarma, Member and Dr. Sanjiv Misra, Member were present. Prof. Partha Sen of Delhi School of Economics, grandson of Shri Neogy was also present.

2. Shri K.C. Neogy was appointed Chairman of the First Finance Commission on 22nd November, 1951. The Commission submitted its report in December, 1952.

3. Shri K.C. Neogy was a member of the Union Cabinet under Pandit Jawaharlal Nehru till 1950. He had earlier held a number of important posts in Government of India including Chairman of the Planning Advisory Board and Indian Railway Enquiry Committee.

4. The first Commission had to chart its own path as no historic guidance was available for its work. The Commission under the leadership of Shri Neogy undertook this path-breaking exercise. It laid down for the first time, the operating procedures for the Commission and the broad approach to horizontal and vertical devolution. The basic format of their report has continued to be followed in successive Commissions. Their approach of consultation with State Governments, and other stake holders laid the foundation for future Finance Commissions. The First Finance Commission ensured a fair and judicious report which resulted in a healthy tradition where the recommendations of all Commissions are broadly accepted by the Government and implemented.

5. The Thirteenth Finance Commission pays its tribute to the pioneering work done by the First Finance Commission including its Chairman by naming its conference room as the K.C. Neogy Room. This room was inaugurated today at 11.00 AM.