16th Finance Commission Convenes First Meeting to Discuss Terms of Reference

GG News Bureau
New Delhi, 15th Feb. The 16th Finance Commission (XVI-FC) convened its inaugural meeting under the Chairmanship of Dr. Arvind Panagariya at Jawahar Vyapar Bhawan, Janpath, New Delhi on Wednesday.

The Chairman and Members were warmly welcomed by Secretary, XVI-FC, Ritvik Ranjanam Pandey, and other officials of the Finance Commission.
During the meeting, the XVI-FC deliberated on its Terms of Reference, as outlined in the order issued by the President of India and notified by the Ministry of Finance via Notification S.O. 5533(E), dated 31st December, 2023.

Acknowledging the importance of extensive consultations, the XVI-FC emphasized the necessity of engaging with a wide array of stakeholders, including State Governments, Local Bodies, Ministries of the Government of India, and experts.

Recognizing the intricate nature of its task, the XVI-FC affirmed its commitment to conducting comprehensive analytical work and expressed the intention to leverage expertise from leading research organizations, think tanks, and other entities specializing in fiscal federal relations.

In a significant development, the XVI-FC approved the establishment of its office at Jawahar Vyapar Bhawan on Janpath in New Delhi, signifying the commencement of its operational activities.

The XVI-FC announced its timeline for delivering recommendations, aiming to make them available by 31st October 2025. These recommendations will cover an award period of 5 years commencing from 1st April 2026, outlining crucial fiscal policies and allocations for the ensuing period.