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The Finance Commission of India is a constitutional body established under Article 280 of the Constitution of India. It is designed to maintain fiscal federalism by ensuring a fair and equitable distribution of financial resources between the Union and the States. As an impartial and expert institution, it recommends principles governing the allocation of tax revenues and grants-in-aid, thereby strengthening cooperative federalism and promoting balanced regional development. The President of India constitutes the Finance Commission every five years or earlier if necessary. The Commission consists of a Chairman and four other members appointed by the President. The qualifications of the members are prescribed by Parliament through the Finance Commission Act, 1951. The Chairman is generally a person with experience in public affairs, while the other members are selected from among individuals having expertise in finance, economics, administration, law, or public accounts. The Commission functions independently and is expected to make objective _________ _______ __________ ___ ___ _________ ____ __________ _______ ________.
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