Finance Commission:
Bihar Reiterates Demand for Special Category Status Before the 16th Finance Commission.
- The Finance Commission (FC) is a constitutional body established under Article 280 of the Constitution of India.
- It is constituted in every five years by the President of India.
- It consists of:
- One Chairperson (Expert in public affairs)
- Four Members (Experts in finance, economics, and administration)
- It ensures fiscal federalism and advises on public expenditure and economic policies.
- 16th Finance Commission: Established in 2023, the 16th Finance Commission is responsible for recommending the distribution of finances between the Centre and States for the period April 1, 2026 – March 31, 2031.
