(Shutterstock)A high-level government meeting on Wednesday explored ways to rationalise the expenditure on the centrally-sponsored welfare schemes as the Centre targets to rein in the fiscal deficit to 3.4 per cent of GDP in the current fiscal. The meeting between the officials of the Finance Commission and the finance ministry sought to fit the duration of the schemes to the tenure of the Finance Commission. Besides the centrally sponsored schemes, the meeting discussed issues relating to prudential fiscal and economic management. Centrally sponsored schemes are implemented by the state governments but funded by the Centre with some portion borne by the states. The 15th Finance Commission will give its recommendations by October 2019 for five years commencing April 1, 2020.

Source: The Telegraph May 16, 2019 19:26 UTC