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 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 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 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 Atomic Energy Commission has approved the FDI policy and it is going in for ministerial consultations.'
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 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.
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.
Former chief secretary Indu Kumar Pande, the chairman of the commission, has been left with only seven months to complete the recommendations.
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.
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.
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.
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.
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.
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 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.
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.
Whether he comes to power or not, both his admirers and opponents agree on one thing -- Vijay may well turn out to be the 'X factor'.
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.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
The Telangana government's salary structure reveals surprising figures, with senior sweepers earning up to 2 lakh and chief engineers drawing 7 lakh monthly.
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.
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.
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.
Buyers should understand the distinction between the losses the policy covers, those that need add-ons, and those it excludes.
After the last Budget's announcement of a major tax relief for those earning an annual salary of less than Rs 12 lakh, there is not much that individuals can look forward to in the forthcoming Budget, points out A K Bhattacharya.
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.
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.
The Congress party has accused the Modi government of abusing its power and distorting the Model Code of Conduct (MCC) during the upcoming assembly elections in Assam, Tamil Nadu, Kerala, West Bengal and Puducherry. The party alleges that the MCC has become 'Modi's Code of Campaigning' filled with defamation and lies.
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.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
In modern investing, transparency is more valuable than zero fees and not all investing app score big on this front, says Ramalingam Kalirajan.
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 Jammu and Kashmir government is working to fill over 40,000 vacant posts across various departments, with a focus on health, education, and general administration.
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.
The Union Budget for 2026-27, presented by Finance Minister (FM) Nirmala Sitharaman on Sunday, which was a first, had an excellent domestic macro backdrop. According to the first advance estimates, gross domestic product (GDP) in constant prices is projected to grow 7.4 per cent in the current financial year, against 6.5 per cent in 2024-25.
Political observers said the announcement assumes significance as the state prepares for the assembly elections, with political parties stepping up outreach to various community groups.
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.
'This Budget has a one-year agenda, which you can call the sprint, and the marathon is towards Viksit Bharat.'
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