The 16th Finance Commission (XVI-FC) convened its inaugural meeting chaired by Dr. Arvind Panagariya at Jawahar Vyapar Bhawan, New Delhi.
Welcoming Remarks
- Secretary, XVI-FC, Shri Ritvik Ranjanam Pandey and other officials greeted the Chairman and Members at the meeting.
Discussion on Terms of Reference
- The XVI-FC deliberated on its Terms of Reference outlined in the presidential order and Ministry of Finance notification (S.O. 5533(E), dated 31st December, 2023).
Importance of Consultations
- Recognized the necessity for extensive consultations with various stakeholders such as State Governments, Local Bodies, Government Ministries, and experts.
Engagement of Expertise
- Acknowledged the need for comprehensive analytical work, emphasizing the involvement of expertise from leading research organizations, think tanks, and relevant institutions in the domain of fiscal federal relations.
Establishment of Office
- Approved the establishment of the XVI-FC office at Jawahar Vyapar Bhawan on Janpath in New Delhi.
Timeline for Recommendations
- The XVI-FC committed to presenting its recommendations by 31st October, 2025, spanning a 5-year award period from 1st April, 2026.
Multiple Choice Questions (MCQs):
1. Who chaired the first meeting of the 16th Finance Commission?
- A) Dr. Arvind Panagariya
- B) Shri Ritvik Ranjanam Pandey
- C) Secretary, XVI-FC
- D) President of India
- Answer: A) Dr. Arvind Panagariya
2. Where was the inaugural meeting of the XVI-FC held?
- A) Rashtrapati Bhavan, New Delhi
- B) Jawahar Vyapar Bhawan, Janpath, New Delhi
- C) Parliament House, New Delhi
- D) Prime Minister’s Office, New Delhi
- Answer: B) Jawahar Vyapar Bhawan, Janpath, New Delhi
3. What is the deadline set by the XVI-FC for presenting its recommendations?
- A) 31st December, 2024
- B) 1st April, 2026
- C) 31st October, 2025
- D) 1st January, 2026
- Answer: C) 31st October, 2025