16th Finance Commission holds first meeting, sets agenda
Upstox
1 min read • Updated: February 14, 2024, 4:48 PM
Summary
The 16th Finance Commission will make its recommendations available by October 31, 2025, covering an award period of 5 years commencing April 1, 2026
The 16th Finance Commission (XVI-FC) convened its first meeting at the Jawahar Vyapar Bhawan in New Delhi, under the chairmanship of Dr. Arvind Panagariya. The chairman and members commenced discussions on their terms of reference outlined in the President of India's order, notified by the Ministry of Finance on December 31, 2023.
Acknowledging the need for consultations with different stakeholders, including state governments, local bodies, ministries of the Government of India and experts, the XVI-FC emphasised the importance of comprehensive analytical work. The Commission expressed its commitment to leveraging expertise from leading research organisations, think tanks, and other institutions specialising in fiscal federal relations.
The XVI-FC also approved the establishment of its office at Jawahar Vyapar Bhawan on Janpath in New Delhi, signalling the commencement of its operational activities.
With a mandate to provide recommendations by October 31, 2025, covering a 5-year award period starting April 1, 2026, the 16th Finance Commission sets forth on its mission to navigate India's fiscal landscape, ensuring equitable distribution and efficient utilisation of financial resources.