Union Cabinet approves creation of posts for 16th Finance Commission

NEW DELHI: The Union Cabinet has approved the creation of three posts at the level of Joint Secretary for the 16th Finance Commission. The three posts approved include two posts of Joint Secretary and one post of Economic Adviser, the government said in a statement on January 18.

The newly created posts are required to assist the commission in carrying out its functions. All other posts in the commission have already been created as per the delegated powers, it said.

Earlier, the Cabinet had on November 29 approved the terms of reference for the 16th Finance Commission, which will recommend how taxes are shared between the Centre and states and also among states. The recommendations of the commission, which will be notified in due course, will cover a period of five years starting April 1, 2026.

The terms of reference will include the distribution of the net proceeds of taxes between the Centre and the states and the allocation between the states of the respective shares of such proceeds, the principles, grants-in-aid and the revenues of the states and measures needed to supplement the resources of the panchayats, the statement said.

The 15th Finance Commission, chaired by N K Singh, was set up on November 27, 2017, and made recommendations for a period of six years from April 1, 2020. Its recommendations remain valid till the financial year 2025-26.

The Union Cabinet also approved the Memorandum of Understanding (MoU) in the medical product regulation with the Dominican Republic in order to tackle issues of substandard, falsified medicines moving in the international markets.

The MoUs were signed on October 4 during a meeting between Raquel Pena Rodriguez, the Vice President of the Dominican Republic, and India’s Vice-President Jagdeep Dhankhar here in the national capital.

“The Union Cabinet, chaired by Prime Minister Narendra Modi, was apprised of a Memorandum of Understanding signed between the Central Drugs Standard Control Organization (CDSCO), Ministry of Health and Family Welfare, The Republic of India and Directorate General for Medicine, Foods and Sanitary Products Organizations of Ministry of Public Health and Social Assistant of Dominican Republic on cooperation in the field of Medical Products Regulation”, the government said on Thursday.

According to the government, the MoU will promote the exchange of information and cooperation in areas pertinent to medical products and relevant administrative and regulatory matters within the jurisdiction of the parties. In order to tackle issues of substandard, falsified medicines moving in the international markets, interaction amongst regulatory agencies is facilitated through the signing of the MoU.

“Convergence in the regulatory practices could helping increasing export of medicines from India and consequentially help in better employment opportunities for educated professionals in the Pharmaceutical sector”, it said. The MoU will facilitate the export of medical products leading to foreign exchange earnings. “This would be a step towards an Atmanirbhar Bharat”, it added. (ANI)