Finance commission chairman 2022

Patrick Collison, cofounder and CEO of Stripe, the payments giant that remains the most valuable privately held U.S. fintech despite a steep drop in its valuation. Photo by Ethan Pines for Forbes; Yevgen Romanenko/Getty Images Its valuation has fallen by nearly half, but Stripe, at $50 billion, remains the most valuable fintech. Last year’s No. 2, Klarna, is off the list, while No. 3 FTX is not only off, but in bankruptcy, with its founder accused of fraud. With the stocks of publicly traded fintech companies off 60% from their fall 2021 peak, the largest private fintechs are wildly overvalued—unless, that is, they’ve gone out for fundraising recently. Witness the experience of fintech poster child Stripe, a thriving business that recently saw its valuation slashed to $50 billion, a 47% decline from the Bottom line: our top 10 list is, as it has been in past years, based on a fintech’s last public fundraising value and every company appearing on this year’s list, other than Stripe, was last valued more than a year ago. Most of this year’s other top 10 would likely have to take a big haircut if they went out to raise more funds today. One notable example of this is OpenSea, which was valued at $13.3 billion when it closed its last round in December 2021. Back then, nonfungible tokens were hot and OpenSea was the leading NFT marketplace. Now it’s While a valuation cut may be a hard pill to swallow, at least the companies taking the plunge are still up and running. Last year,...

NEW DELHI: Fifteenth “In a classic example of a state which has become profligate and is unable to pay its bills, they immediately rush to the Centre. There is no recourse mechanism outside the Finance Commission. There may only be options for recourse mechanisms in times of emergency such as pandemics and natural disasters like earthquakes,” Singh said at the A mechanism like this will result in rules to resolve state-level debt through restructuring or other means, as is the case in some parts of the world. While listing out the adverse impact he said that freebies create fiscal imbalance. Singh pointed to “These are illustrations because governments across the political spectrum are now being increasingly attracted to this new slogan of freebie politics,” the former expenditure secretary said. “The pension and salary revenues of Rajasthan amount to 56% of its tax and non-tax revenues. Thus, the 6% of the population which is made up of civil servants stand to benefit largely from this 56% of the state’s revenues. A small fraction of the salaried classes consumes a disproportionate part of public expenditure. This is fraught with dangers not only of intergenerational inequality but the broader principles of equity and morality.”

The NK Singh-headed 15th Finance Commission chairman NK Singh with other members after conclusion of their deliberations on the report for the year 2021-2022 to 2025-2026 on October 30.(PTI file) Smaller pie: At a time when the base of resources is shrinking due to the pandemic, which has raised government expenditure, while cutting revenues, all eyes are on how much share in taxes the 15th Finance Commission’s report would recommend for the states. All previous Finance Commissions have incrementally increased states’ share in the pool of taxes. The 14th Finance Commission had recommended a quantum leap, increasing states’ share by 10 percentage points to 42%. One of the 15th Finance Commission’s mandates is to review the 14th Finance Commission’s recommendations. In the interim report for 2020-21, states’ share was cut to 41% because of the creation of new Union Territories of Jammu and Kashmir and Ladakh. Any further cut will trigger protest from states. The 15th Finance Commission report may make historic recommendations in the area of public health care. For the first time, it will contain a chapter on public health care in the country, health infrastructure and spending. In an interview on July 8 to HT, 15th Finance Commission’s chairman NK Singh had suggested that the commission was working towards a financing model to raise federal public-health spending to about 2.1% of the country’s gross domestic product (GDP) over the next five years. The total expenditure on he...