New Delhi: The 16th Finance Commission (XVI-FC) convened its first meeting under the able leadership of Chairman Dr. Arvind Panagariya at Jawahar Vyapar Bhawan, Janpath, New Delhi. The Chairman and Members were warmly welcomed by Ritvik Ranjanam Pandey, Secretary, XVI-FC, along with other officials of the Finance Commission.
The meeting primarily focused on discussing the Terms of Reference outlined by the President of India and notified by the Ministry of Finance vide Notification S.O. 5533(E), dated December 31, 2023.
Recognizing the importance of broad consultations, the XVI-FC acknowledged the necessity for engaging with diverse stakeholders, including State Governments, Local Bodies, Ministries of the Government of India, and experts. The Commission stressed the need for detailed analytical work and expressed its 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.
The Commission aims to present its recommendations by October 31, 2025, covering an award period of 5 years commencing from April 1, 2026. This timeline underscores the commitment of the XVI-FC to a thorough and timely evaluation, aligning with its mandate to formulate recommendations that address the fiscal needs and responsibilities of the Union and the States. The comprehensive approach adopted by the XVI-FC signifies its dedication to ensuring effective fiscal federal relations and equitable distribution of resources.