Incomes - inflation - exchange rate  Compared to the matching period last year, in the course of the first nine months of 2004, net incomes registered an increase of 23.7% in nominal, and 12% in real terms.
While at one level, there has to be a framework for fresh and innovative thinking by every Finance Commission; at another level, there is a need to ensure broad consistency between Finance Commissions so that there is some degree of certainty in the flow of funds, especially to the states. This has become even more critical in the post GST scenario.