Meet the New Chairman of 14th Finance Commission - Y. V. Reddy

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The government of India on Wednesday has announced that the former Reserve Bank of India (RBI) Governer Y. V. Reddy will be the chairman of 14th Finance Commission.Prior to joining the Reserve Bank as its governor in September 2003, Reddy was India's executive director on the board of the International Monetary Fund.

The other members of the Commission, which will submit its report by October 31, 2014, include Former Finance Secretary Sushma Nath, NIPFP Director M Govinda Rao, Planning Commission Member Abhijit Sen and Former Acting Chairman of National Statistical Commission Sudipto Mundle. Finance Commission, a constitutional body, is set up every five years. 

Among other things, the Commission would look into the "need for insulating the pricing of public utility services like drinking water, irrigation, power and public transport from policy fluctuations through statutory provisions".

Important Note : The 13th Finance Commission was headed by former finance secretary Vijay Kelkar.

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