“This is a key concern,” he said, and emphasised the importance of financial autonomy and adherence to constitutional requirements. “I stayed away from that (allocation out of GST collections to the third tier) since it is not a function of the Finance Commission but of the GST Council. (However) more thought needs to be given beyond what property tax can do to substantially enhance the resources of the third tier,” Singh said. Singh emphasised the surging pace of urbanisation, projecting that by 2050, half of the population of India will reside in urban areas. He also addressed the challenge of efficiently harnessing private capital for developmental banks.

Source: Indian Express December 12, 2023 11:56 UTC