PM says govt has accepted proposals, 'although it puts a tremendous strain on the centre's finances'
The Union government on Tuesday said it has accepted the recommendation of the 14th Finance Commission to share 42% of its net tax revenue with states during the five-year period starting 2015-16, up from the existing 32%. The move, which comes days before the government’s first full-year budget on Saturday, allows greater fiscal policy space to states, even at the cost of leaving less revenue for its own schemes and programmes.
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