- The Gadgil formula was named after D.R. Gadgil, the then Deputy Chairman of the Planning Commission. - It was designed to ensure objective criteria for allocating central assistance to states for their development plans. - The formula considered factors like population, per capita income, tax effort, specific problems, and performance in national objectives.
Gadgil formula was introduced for devolution of tax revenue from the Centre to the States for the first time in the year _____.
Asked in GPSC Prelims CSP 2 2019 · Topic: Fiscal Policy & Revenue (Fiscal Federalism: Centre-state financial relations and Finance Commissions)
More Economic Development questions
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