Industry & Economy
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Economy
12th Finance Commission term extended
Our Bureau
New Delhi
,
June 15
THE Union Cabinet has decided to extend the term of the Twelfth Finance Commission up to December 31, 2004. It was originally required to submit its report by July 31, an official spokesperson said here.
The Commission could visit only 16 States by the end of February this year but a visit to 12 remaining States had to be postponed due to the General Elections. The extension of its term will enable the Commission to visit the remaining states and firm up the base year figures for 2004-05 which forms the basis for projections.
Yet another decision the Cabinet took this morning was approval for submission of India's Initial National Communication to the United Nations Framework Convention on Climate Change (UNFCCC), the spokesperson added.
India is a party to the United Nations Framework Convention on Climate Change. The Convention entered into force on March 21, 1994. The objective of the convention is to achieve stabilisation of concentrations of greenhouse gases of anthropogenic origin in the atmosphere at the level that would prevent dangerous interference with the climate system.
The convention, in accordance with its article 4.1 and 12.1, enjoins all parties including India to furnish information in the form of an initial national communication regarding implementation of the convention, which is required to be submitted by June 30.
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