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15 February 2024 : PIB Summary for UPSC

By99notes

PIB Summary for UPSC

15-February -2024

1. 16th Finance Commission holds first meeting under Chairmanship of Dr. Arvind Panagariya in New Delhi.

Topic: GS2 – Indian Polity – Constitutional Bodies
Crucial for UPSC as it involves fiscal federal relations, governance, and economic policies impacting India’s future.

Context
  • 16th Finance Commission chaired by Dr. Arvind Panagariya began operations in New Delhi, focusing on consultations and recommendations by October 2025.

 Additional information on this news:

  • 16th Finance Commission (XVI-FC) held its inaugural meeting chaired by Dr. Arvind Panagariya in New Delhi.
  • Discussed Terms of Reference outlined by the President and Ministry of Finance’s notification.
  • Emphasized the importance of consultations with stakeholders, including State Governments, Local Bodies, and Ministries.
  • Recognized the need for expertise from research organizations and think tanks in fiscal federal relations.
  • Approved the establishment of the XVI-FC office at Jawahar Vyapar Bhawan in New Delhi.
  • Targeted recommendations release by October 31, 2025, covering a 5-year award period from April 1, 2026.

Finance Commission of India
 

  • The Finance Commission of India is a constitutional body established under Article 280 of the Constitution.
  • It is tasked with recommending the distribution of the net proceeds of taxes between the Center and the States.
  • The Commission also suggests principles for the allocation of funds to states and other local bodies for a specified period.
  • Its main focus is on enhancing fiscal federalism by ensuring an equitable distribution of resources.
  • The Commission is appointed every five years by the President of India and consists of a chairman and four other members with relevant expertise.
  • The current Finance Commission (as of my last knowledge update in January 2022) is the 15th Finance Commission, chaired by N.K. Singh.
  • The Commission takes into account various factors like population, income distance, and special needs of states while making its recommendations.
  • Its recommendations play a crucial role in shaping the fiscal policies and resource allocation in the country.
PYQ: How have the recommendations of the 14th Finance Commission of India enabled the States to improve their fiscal position?
(150 words/10m) (UPSC CSE (M) GS-2 2021)
Practice Question:  What is the role of the Finance Commission in India’s fiscal federalism, and how does it ensure an equitable distribution of resources among the Centre and States? (150 words/10 m)

 

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