The Twelfth Finance Commission is ready with its report and has sought time from the President to submit the recommendations, its chairman C Rangarajan said on Saturday.
"We have completed the report and have sought time from President A P J Abdul Kalam to submit it," he told PTI on the sidelines of a seminar on e-commerce organised by the Foundation of Public Economics and Policy Returns.
The tenure of the 5-member commission, constituted on November 1, 2002, comes to an end on December 31, 2004.
Rangarajan said he earlier expected that the report would be submitted on December 13, but the President has other engagements on that day.
He refused to divulge details, saying they would be known once the report is out.
Besides, suggestions on distribution of net proceeds of taxes between the Centre and states, the terms of reference of the Commission include review of financial situation of the Union and state governments and recommending a plan to restructure public finances and restore budgetary balance.
Earlier addressing the seminar, Rangarajan said despite having a pride of place in India, information technology companies exported bulk of their products. "The leading IT companies are 100 per cent export-oriented," he added.
He said it was high time that Indian industry and service sectors accorded greater importance to IT in their operations.
© 2025 Rediff.com -