Fifteenth Finance Commission
- The Fifteenth Finance Commission led by Chairman N K Singh submitted its Report to the President of India.
- The submitted report is for the five-yearly period between 2021-22 and 2025-26.
Terms of reference (ToR):
- The Commission was asked to examine and recommend performance incentives for States in many areas like the power sector, adoption of DBT, solid waste management, etc.
- The Commission was asked to examine whether a separate mechanism for funding of defence and internal security ought to be set up and if so how such a mechanism could be operationalized.
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Oil prices have jumped
- Oil jumped by almost 10%, for its biggest daily gain in almost six months.
- News of a highly effective Pfizer vaccine against COVID-19.
- Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market.