Traditional system of resource allocation altered post Planning Commission: Singh

New Delhi : Finance Commission Chairman N.K. Singh has said that the changed economic scenario following the abolition of the Planning Commission has altered the traditional system of resource allocation and the distinction between "Plan and Non-Plan funds".

Singh was speaking at the Finance Commission's second consultation meeting with economists in Pune on August 21.

According to a Finance Ministry statement issued on Wednesday, the meeting was attended by 16 eminent economists and domain experts including Vijay Kelkar.

Singh said that Finance Commission will hold further consultations with economists and domain experts over the coming months.

"The Chairman summing the discussion felt that continued engagement with domain experts over the coming months will help commission in firming up the approach before reaching tentative conclusions both on the vertical and horizontal devolution of revenue...," the statement said.

This was second such meet with economists. The first meet was held in New Delhi in May which deliberated upon various issues related to its TOR (Terms of Reference).