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.
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.
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.
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.
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.
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.
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.
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 Telangana government's salary structure reveals surprising figures, with senior sweepers earning up to 2 lakh and chief engineers drawing 7 lakh monthly.
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.
India's state-level fiscal rules have improved headline deficits, but the gains are fragile and uneven with major states still grappling with high debt levels, a World Bank report submitted to the 16th Finance Commission (FC) said. According to the report, despite nearly two decades of adoption of fiscal responsibility laws (FRLs), debt levels have not converged.
Finance Minister Nirmala Sitharaman launched a strong attack on Rahul Gandhi and the Congress party, accusing them of compromising India's interests on the world stage and selling out farmers and the poor during their time in power.
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.
Kerala Chief Minister Pinarayi Vijayan accused Governor Rajendra Vishwanath Arlekar of omitting portions of the state cabinet-approved policy address, specifically criticizing the Union Government's fiscal policies and the pending status of state bills.
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.
Nationalist Congress Party leader Sunetra Pawar on Tuesday took charge as Maharshtra's deputy chief minister, a fortnight after her husband Ajit Pawar died in an air crash.
The total expenditure on the MGNREGA programme, as per the revised estimates from 2025-26, was Rs 88,000 crore, while initially, a sum of Rs 86,000 crore was allocated.
The Lokpal, India's anti-corruption ombudsman, has been allocated Rs 30 crore in the Union Budget 2026-27. The Central Vigilance Commission (CVC) has been allocated Rs 54.56 crore.
With the Union Budget 2026, India's 74th, fast approaching, all eyes are once again on New Delhi's North Block as Finance Minister Nirmala Sitharaman is preparing to table it on February 1, 2026, marking her ninth Budget presentation in a row.
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.
Karnataka Governor Thaawarchand Gehlot has refused to address the joint sitting of the state legislature, prompting government intervention. The reasons are unclear, but follow similar incidents in other states.
Delhi Police inform court that a BMW driver involved in a fatal accident last September is charged with culpable homicide for allegedly delaying medical assistance to the victim.
Sebi is working with other regulators to expand the CAS framework.
This is the first Budget in my memory of Budgets over the last half a century which has embraced upfront, enthusiastically and emphatically, technology, modernity and fiscal sobriety, notes Shreekant Sambrani.
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 put out the draft of a new policy that projects the country's power sector will need Rs 50 trillion in investments by 2032 and Rs 200 trillion by 2047, proposing ambitious reforms in generation, transmission and distribution.
Over the years, India-EU ties have grown, and covered trade, investment, climate change, science and technology, space, digital, mobility, and connectivity.
The automobile and auto-ancillary sector is expected to show strong Q3FY26 results, aided by festival-led demand, rationalisation in goods and services tax (GST) rates for select categories of vehicles, easing interest rates, and improving rural sentiment.
"What's the point of all that I achieved?" wondered M C Mary Kom as she opened up to PTI about the "darkest phase" of her life, that included a painful divorce, near bankruptcy and a quiet emotional collapse.
The Enforcement Directorate (ED) has filed a chargesheet against the chairman of Al Falah University, alleging money laundering and the appointment of individuals with terror links without proper verification.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
FinCom prescribes scrapping of effective revenue deficit.
The Election Commission released the names of deleted voters in West Bengal ahead of the publication of the draft electoral rolls for the upcoming assembly elections.
Actor-politician Vijay held his first public meeting in Puducherry, criticising the central government for neglecting the union territory's demand for statehood and praising the local government's impartiality. He also targeted the DMK government in Tamil Nadu, suggesting they could learn from Puducherry.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
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