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 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.
This is due to the newly formed Union Territories of Jammu and Kashmir, and Ladakh, which will get funds from the Centre's share, which means devolution will be for 28 states compared to 29 earlier.
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.
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.
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.
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.
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.
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.
Kanpur Police have dismantled a sophisticated cyber fraud syndicate, arresting eight individuals, including five bank officials, for facilitating mule accounts and hawala transactions worth Rs 125 crore.
India Ratings & Research (Ind-Ra) has projected the aggregate fiscal deficit of states to rise to 3 per cent of gross domestic product (GDP) in 2026-27 (FY27), from an estimated 2.8 per cent in 2025-26 (FY26), citing higher revenue expenditure amid election-related pressures and scheme cost-sharing requirements.
'The Atomic Energy Commission has approved the FDI policy and it is going in for ministerial consultations.'
Former chief secretary Indu Kumar Pande, the chairman of the commission, has been left with only seven months to complete the recommendations.
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.
Seven individuals, including senior executives from manpower firms, have been arrested in connection with alleged irregularities in overtime payments within the Chhattisgarh State Marketing Corp Ltd (CSMCL) during the previous Congress administration. The arrests follow an investigation into fraudulent billing practices and misappropriation of funds.
The National Consumer Disputes Redressal Commission dismissed a flat buyer's plea for a refund from a builder facing liquidation, highlighting the challenges faced by consumers in stalled real estate projects.
The Anti-Corruption Bureau/Economic Offences Wing arrested seven individuals, including executives from manpower firms, in connection with alleged irregularities in overtime payments within Chhattisgarh State Marketing Corp Ltd during the previous Congress administration.
Foreign universities are unlikely to gain major ground in India's higher education market in the near term, as students and families continue to prioritise return on investment over brand value in a highly price-sensitive sector.
On Agri Stack, Expenditure Secy V Vualnam says it's progressing well; using IT, farmers will be able to choose exact fertiliser quantities needed, reducing crowding at fertiliser outlets.
Punjab's Finance Minister Harpal Singh Cheema has announced that the newly enacted anti-sacrilege law in Punjab leaves no loopholes for offenders to escape justice. The law proposes stricter punishment, including life imprisonment and a fine of up to Rs 25 lakh, for any act of sacrilege against the Guru Granth Sahib.
'I cannot imagine that any NSA before Ajit Doval would have given us this kind of time and this kind of engagement. They would have offered slogans, or nothing at all. That, too, tells you something.'
The government has proposed to lower debt-to-GDP ratio to 55.6 per cent in FY27, from 56.1 per cent in the current fiscal year, Finance Minister Nirmala Sitharaman said on Sunday.
The government has proposed to lower debt-to-GDP ratio to 55.6 per cent in FY27, from 56.1 per cent in the current fiscal year, Finance Minister Nirmala Sitharaman said on Sunday.
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.
Governments should move away from universal subsidies towards tightly targeted transfers, backed by stricter eligibility norms, sunset clauses and periodic audits to curb leakages and improve spending efficiency, a joint study by Asian Development Bank and PwC has recommended.
West Bengal Chief Minister Mamata Banerjee has accused central forces of attempting to search her car while en route to Kolkata airport, alleging misuse of central machinery by the BJP ahead of state elections.
West Bengal Chief Minister Mamata Banerjee has accused central forces of searching her car and criticised the BJP for alleged election misconduct during a rally in Islampur, Uttar Dinajpur district.
Supreme Court Justice B V Nagarathna has emphasised the critical importance of an independent Election Commission to ensure the neutrality and integrity of the electoral process in India.
The Telangana government's salary structure reveals surprising figures, with senior sweepers earning up to 2 lakh and chief engineers drawing 7 lakh monthly.
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
Buyers should understand the distinction between the losses the policy covers, those that need add-ons, and those it excludes.
India's privatisation push, once projected as a cornerstone of economic reform, has suffered another setback, with the Centre set to call off the IDBI Bank stake sale, highlighting the political and structural constraints shaping the country's disinvestment policy, experts say.
Congress leader K Muraleedharan has dismissed the BJP's influence in Kerala ahead of the Assembly elections, citing unfulfilled promises and a lack of tangible benefits for the state.
Congress leader K Muraleedharan has dismissed the BJP's influence in Kerala ahead of the Assembly elections, accusing the party of failing to fulfil its promises to the state.
A former Metropolitan Police officer of Indian origin has pleaded guilty to his involvement in a 'crash for cash' scam in the UK, involving fraudulent personal injury claims after staged vehicle collisions.
Around 24 paise will come from borrowings and other liabilities, 10 paise from non-tax revenue like disinvestment, and 2 paise from non-debt capital receipts, the Budget documents showed.
Jammu and Kashmir Chief Minister Omar Abdullah has affirmed his government's commitment to a transparent recruitment process, aiming to fill 25,000 vacancies this year while avoiding legal complications.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
The Jharkhand High Court has taken suo motu cognisance of the alleged rape and murder of a 12-year-old girl in Hazaribag district, demanding responses from state officials and police regarding the ongoing investigation and lack of arrests.
AICC General Secretary K C Venugopal has released an open letter to Kerala Chief Minister Pinarayi Vijayan, alleging secret deals with BJP leaders and the central government, raising questions about the LDF government's functioning ahead of the Assembly elections.
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