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Sixteenth Finance Commission will be constituted in November

Category : Business and economics
Published on: April 12 2023 Share on facebook

  • The Centre will set up the Sixteenth Finance Commission (FC) by November 2023 to assess the tax resources of the Union government and suggest a formula for their devolution to states and among them, for the five years between FY27-FY31.
  • Normally, it takes two years for a Finance Commission to give its recommendations. The 15th FC award period is valid till FY26.
  • Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations.
  • The previous Finance Commission submitted its report on November 9, 2020, for the 5 fiscals -- 2021-22 to 2025-26 -- to the President.
  • The 16th FC has to submit its report by October 30, 2025 so that it is deliberated on and factored in the Budget for FY27 to be presented on Feb.
  • For the current fiscal, the deficit is projected at 5.9 per cent of GDP, lower than 6.4 per cent in the last fiscal ended March 31, 2023.
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