<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>

Finance commission in india are set up from time to time