<Tr> <Td> Fourteenth </Td> <Td> 2013 </Td> <Td> Dr. Y. V Reddy </Td> <Td> 2015--2020 </Td> </Tr> <Tr> <Td> Fifteenth </Td> <Td> 2017 </Td> <Td> N.K. Singh </Td> <Td> 2020--2025 </Td> </Tr> <P> Major Recommendations of 14th Finance Commission headed by Prof. YV Reddy </P> <Ol> <Li> The share of states in the net proceeds of the shareable Central taxes should be 42% . This is 10 percentage points higher than the recommendation of 13th Finance Commission . </Li> <Li> Revenue deficit to be progressively reduced and eliminated . </Li> <Li> Fiscal deficit to be reduced to 3% of the GDP by 2017--18 . </Li> <Li> A target of 62% of GDP for the combined debt of centre and states . </Li> <Li> The Medium Term Fiscal Plan (MTFP) should be reformed and made the statement of commitment rather than a statement of intent . </Li> <Li> FRBM Act need to be amended to mention the nature of shocks which shall require targets relaxation . </Li> <Li> Both centre and states should conclude' Grand Bargain' to implement the model Goods and Services Act (GST). </Li> <Li> Initiatives to reduce the number of Central Sponsored Schemes (CSS) and to restore the predominance of formula based plan grants . </Li> <Li> States need to address the problem of losses in the power sector in time bound manner . </Li> </Ol>

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