Who among the following was the Chairman of the Fourteenth Finance Commission of India?

Introduction / Context:
The Finance Commission is a constitutional body in India that recommends the distribution of tax revenues between the Union and the States. Each Finance Commission is numbered and chaired by a distinguished economist or former policymaker. This question tests whether the learner can recall who headed the Fourteenth Finance Commission, which made important recommendations on tax devolution and grants to the States.

Given Data / Assumptions:

• Four well known Indian economists and policymakers are listed as options.
• The question asks specifically for the Chairman of the Fourteenth Finance Commission.
• We assume the candidate is roughly aware of recent Finance Commissions and their leadership.

Concept / Approach:
The approach is pure factual recall. C. Rangarajan, Vijay Kelkar, Y. V. Reddy and Rakesh Mohan have each held important positions in monetary or fiscal policy. However, only one of them served as Chairman of the Fourteenth Finance Commission. By matching the correct name to the correct Commission, we arrive at the answer.

Step-by-Step Solution:
Step 1: Recall that the Thirteenth Finance Commission was chaired by Vijay Kelkar, an economist who also worked on tax reforms and fiscal rules. Step 2: Remember that earlier Finance Commissions, such as the Twelfth, were associated with C. Rangarajan, who also served as Governor of the Reserve Bank of India and as Chairman of the Prime Minister Economic Advisory Council. Step 3: The Fourteenth Finance Commission, constituted for the period beginning 2015, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India. Step 4: Rakesh Mohan has served as Deputy Governor of the Reserve Bank of India and has held other policy roles, but he did not chair the Fourteenth Finance Commission. Step 5: Therefore the correct answer is Y. V. Reddy.

Verification / Alternative check:
A learner may recall that the Fourteenth Finance Commission is well known for recommending a significant increase in the share of States in the divisible pool of central taxes, raising it to forty two percent. News reports of that time repeatedly mentioned that the Commission was headed by Y. V. Reddy, former central bank Governor. Cross checking this memory with standard textbooks on Indian economy further confirms that Y. V. Reddy chaired the Fourteenth Finance Commission.

Why Other Options Are Wrong:

• C. Rangarajan chaired a different Finance Commission and was associated primarily with the Twelfth Finance Commission, not the Fourteenth.
• Vijay Kelkar chaired the Thirteenth Finance Commission and is therefore not correct for this question.
• Rakesh Mohan has contributed to policy as Deputy Governor of the Reserve Bank of India and in other roles but did not chair the Fourteenth Finance Commission.

Common Pitfalls:
A common pitfall is to confuse the numbers of Finance Commissions and to mix up who chaired which Commission, especially between Vijay Kelkar and Y. V. Reddy, since both are associated with important fiscal reforms. Another mistake is to answer based only on familiarity with a name rather than on a clear recollection of the specific Commission. To avoid such confusion, aspirants should make a small table linking each recent Finance Commission number with its chairperson and key recommendations.

Final Answer:
Y. V. Reddy