The government has extended the tenure of the 16th Finance Commission by one month till November 30. The 16th Finance Commission was constituted by the government on December 31, 2023, with former Niti Aayog vice-chairman Arvind Panagariya as its Chairman.
The Pakistan Cricket Board has filed a petition in the Islamabad High Court against the Pakistan Information Commission's directive to disclose its confidential financial records, player contracts, and employee salary details. The PCB argues that such disclosure would harm its commercial interests and contractual negotiations, as it operates in a competitive international environment and does not receive government funding.
The government on Sunday appointed former Niti Aayog vice chairman Arvind Panagariya as the Chairman of the 16th Finance Commission. Joint Secretary in the finance ministry Ritvik Ranjanam Pandey will be the secretary to the commission, the government said in a notification. "The President is pleased to constitute a Finance Commission with Dr Arvind Panagariya, former Vice-Chairman, NITI Aayog and Professor, Columbia University, as the Chairman. Members of the Commission will be notified separately," it said.
The Finance Commission, which makes recommendations on sharing of tax revenues by the Centre and States, has suggested a new path for fiscal prudence in its report submitted to President Pratibha Patil on Wednesday.
As of December 2025, India had 880 Fast-Track Courts with 1.39 million pending cases, despite disposing of 1.33 million cases during the year.
Eighteen of India's 28 states exceeded the fiscal deficit ceiling of 3 per cent of GSDP in FY25, a deterioration comparable to the Covid year of 2020-21, according to the Comptroller and Auditor General (CAG). The report also noted a decline in states reporting a revenue surplus, with Bihar, Mizoram, and Telangana moving into deficit.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
The Twelfth Finance Commission is ready with its report and has sought time from the President to submit the recommendations, its chairman C Rangarajan said on Saturday.
The Supreme Court has agreed to consider deferring a hearing on pleas seeking a court-monitored SIT probe into alleged embezzlement of donations at the Ram temple in Ayodhya. The request came from the Uttar Pradesh government's counsel, Solicitor General Tushar Mehta, who is currently at the United Nations. The court had previously noted the formation of a four-member SIT and directed the inclusion of a forensic auditor to ensure transparency in the investigation. Petitioners are seeking a CBI probe and an audit by the CAG into the temple trust's finances.
Former chief secretary Indu Kumar Pande, the chairman of the commission, has been left with only seven months to complete the recommendations.
Public-sector banks (PSBs) have reported a substantial increase in non-interest income for Q1FY27, primarily driven by the sale of Priority Sector Lending Certificates (PSLCs) backed by their rapidly expanding gold loan portfolios. This strategy has allowed several lenders to book significant profits by exceeding priority sector lending targets.
Ashok Lahiri, a distinguished economist with experience in government, the private sector, and electoral politics, has been appointed as the new Vice-Chairman of NITI Aayog, tasked with strengthening India's reform trajectory and policy-making.
The commission in its report, tabled in Parliament, recommended increase in share of states to 32 per cent of central tax proceeds from the current 30.5 per cent.
With the creation of the state of Telangana, additions were made to ToRs of the 14th Finance Commission to make recommendations for the newly created states after the reorganisation of Andhra Pradesh.
The Supreme Court on Monday asked the Uttar Pradesh government to apprise it about the possibility of setting up an SIT to probe the alleged embezzlement of donations at the Ram temple in Ayodhya and cautioned the litigants not to politicise the issue.
The Supreme Court on Monday took note of setting up of a four-member SIT headed by IGP Kiran S to probe alleged embezzlement of donations at the Ram temple in Ayodhya and asked the Uttar Pradesh government to also include a forensic auditor in the probe team.
Larsen & Toubro (L&T) reported a 14 per cent year-on-year increase in Q1 FY27 profit attributable to owners, reaching Rs 3,926 crore, surpassing analyst estimates, despite facing significant supply-chain disruptions in West Asia.
The Supreme Court has directed the Uttar Pradesh government's Special Investigation Team (SIT) to submit a status report on the alleged embezzlement of donation money at the Ram temple in Ayodhya. The court also issued notice to the Shri Ram Janmabhoomi Teerth Kshetra Trust following pleas for a fair and time-bound probe, including demands for a CBI investigation and a CAG audit of the temple trust's finances.
Manipal Health Enterprises is set to launch India's largest healthcare initial public offering (IPO) on July 29, aiming to raise Rs 9,275.22 crore to fund expansion and debt reduction, with the issue closing on July 31.
The focus is now on accelerating PSP development through faster approvals, better-quality detailed project reports (DPRs), simplified clearances, and early excavation permissions. Speaking at a recent event, Prasad said hydropower and PSPs would be central to supporting India's renewable energy expansion by providing the reliable and flexible capacity needed to balance rising solar and wind generation. "A huge amount of variability is getting introduced into the grid.
The Supreme Court is set to hear a batch of petitions on July 13 seeking a fair and time-bound probe into the alleged embezzlement of donations at the Ram temple in Ayodhya, with petitioners requesting a CBI investigation and a CAG audit of the temple trust's finances.
Understanding a product and assessing its suitability improve the chances of staying invested. Use life insurance mainly to cover risk, not to seek returns.
The 16th Finance Commission, led by Arvind Panagariya, has recommended maintaining the states' share in central taxes at 41% for the five-year period starting April 1, 2026. The government has accepted this recommendation, with Rs 1.4 lakh crore allocated to states for FY 2026-27 as Finance Commission Grants.
A Congress spokesperson, quoted in media reports, summed up the party's thinking by saying, 'Whenever BJP is in trouble on the ground, a new 'apolitical' or 'alternative' party appears with the same ideology and the same backers.'
The 12th Finance Commission on Monday held a meeting with leading economists and economic administrators in Chennai to elicit their views on current issues concerning inter-governmental resource transfers.\n\n\n\n
The government on Wednesday constituted the 13 Finance Commission, which would look into sharing of taxes between Union and the States, under the chairmanship of former finance secretary Vijay Kelkar.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
Kerala, Tamil Nadu and West Bengal have been fiscally stressed for a considerable period of time, and there are no easy ways to mobilise revenues to meet the cost of the promised freebies, particularly in the prevailing difficult economic scenario, points out M Govinda Rao.
Senior Trinamool Congress leader Chandrima Bhattacharya has resigned as the party's West Bengal president and from all other posts, citing a loss of trust after an admonishment from Mamata Banerjee. She has since been seen meeting with the Ritabrata Banerjee-led rebel faction, further deepening the organisational crisis within the TMC following its recent Assembly election defeat.
Reliance Industries Ltd reported a 22 per cent year-on-year decline in consolidated net profit for the June quarter, primarily because the previous year's earnings were inflated by a one-time gain from the sale of its stake in Asian Paints.
'But two things worked against them: People kept coming forward, and -- crucially -- these were not outsiders.'
The Supreme Court has declined an urgent hearing on a plea demanding a fair and time-bound investigation into alleged embezzlement of donations at the revered Ram temple in Ayodhya, deferring the matter until after the summer break.
Chinese Foreign Minister Wang Yi met with National Security Advisor Ajit Doval in New Delhi, stressing the importance of respecting each other's "core interests" and implementing leaders' consensus for stable bilateral relations. Wang highlighted that India and China should view each other as partners, not rivals, and properly handle sensitive issues like the border dispute to foster cooperation and accelerate the modernisation of the Global South.
Thousands of yoga enthusiasts across the world marked the International Day of Yoga on Sunday, as Indian missions abroad organised events to highlight the ancient practice's role in fostering health and well-being.
Panel to recommend sharing of divisible resources between states and the Centre from 2015 to 2020.
The Supreme Court has scheduled a hearing for June 29 on a public interest litigation (PIL) seeking the registration of an FIR and a time-bound probe into the alleged embezzlement of donations received by the Shri Ram Janmbhoomi Teerth Kshetra Trust in Ayodhya.
Amid the arithmetic of subsidies, consumption and capacity, whichever government assumes office in Tamil Nadu after May 4 is likely to inherit a growing debate over how far the state can continue to expand welfare promises without placing additional strain on public finances and the power sector.
Maharashtra BJP MLC Pravin Darekar announced the launch of 'Devabhau' and 'Chhava' cooperative taxi services in Mumbai, aiming to counter private aggregators and benefit drivers directly, but the scheme has drawn sharp criticism from social activist Anjali Damania and the Opposition Congress over the proposed use of Mumbai Bank funds and its political branding.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
