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The 15th Finance Commission, whose composition and terms of reference (TOR) are expected to be announced by the end of this year, may be tasked with recommending a road map for states to meet their debt targets by end-FY25. The Commission, like the 14th before it, will have to recommend on financial devolution, through the divisible pool, from the Centre to the states and among the states. These will be its main TOR as mandated by Article 280 of the Constitution.
The Commission may also be tasked with recommending the debt-gross state domestic product levels of each state and combined
