: Former Reserve Bank of India Governor Y V Reddy Monday said that there is an institutional 'vacuum' with respect to the allocation of funds to states.
He said a formula based body like the Finance Commission, appointed once in five years and dealing with only accounts, certainly is not an adequate institution to take care of the 'inequalities' among the state.
"More recently there is no Planning Commission. There is some sort of replacement by NITI Aayog...it is not dealing with allocations to states. It is through individual ministries."
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