In Centre-State financial relations in India, Gadgil Formula is used in
Options:
A . formulating the policy for fresh borrowings
B . division of tax revenue
C . writing off States’ indebtedness to the Centre
D . allocating Central Plan assistance between States
Answer: Option B Answer: (b) The Gadgil formula was evolved in 1969 for determining the allocation of central assistance for state plans in India. It was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans. It was named after the then deputy chairman of the Planning Commission Dr D R Gadgil.
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