Question : The first Finance Commission of India was set up in the year:
Option 1: 1956
Option 2: 1965
Option 3: 1951
Option 4: 1948
Correct Answer: 1951
Solution : The correct option is 1951 .
The first Finance Commission of India was set up in 1951. It was constituted under the chairmanship of K. C. Neogy. The Finance Commission is a constitutional body in India that plays a crucial role in the distribution of financial resources between the central government and the state governments.
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