Budget 2020: 15th Finance Commission report pulls no punches on key issues

The 15th FC forecast nominal gross domestic product (GDP) growth for 2020-21 at 11%, but said the projection came with a "downward bias".

The Fifteenth Finance Commission (FC) took the Centre and states to task on a number of issues, as the deepest economic slowdown in 26 quarters and delay in stabilising key reforms led to uncertainties on revenue, growth and fiscal projections.

Because of such uncertainties as well as changes such as the division of the erstwhile state of Jammu and Kashmir, the 15th FC will now use the coming months to address a number of issues for its second report due in October.

These are issues that it did not tackle in the first report, including more parameters for performance-based incentives for state,