Chandigarh, June 27- Haryana Chief Secretary Anurag Rastogi today chaired a high-level meeting with the Joint Finance Commission (JFC) of the Republic of Tanzania here. During the meeting, Mr. Rastogi outlined India’s fiscal structure and provided information on tax collection responsibilities, revenue sources, debt financing mechanism, debt and distribution of wealth between the Central and State Governments.
He reiterated Haryana’s commitment to fiscal discipline and said that States can borrow outside the budget.
Explaining the principles of State Treasury Federalism in India, Mr. Rastogi said that the States get a share of the Central tax revenue based on the recommendations of the Finance Commission. He said that the 16th Finance Commission is expected to submit its report by October 31, 2025.
He also discussed the roles of key institutions like NABARD and NCR Planning Board. It is known that NABARD is responsible for giving impetus to agriculture and rural development projects. Similarly, NCR Planning Board provides financial assistance to the states in the National Capital Region.
The Chief Secretary informed that the Reserve Bank of India provides the facility of State Development Loan or State Government Securities. The management of foreign institutions and international banks is done by the Union Finance Ministry. Mr. Rastogi also answered the questions of the delegation on financial management, debt servicing and interest rates.
Chairman of the Joint Finance Commission Secretariat Ahmed Saadat thanked the Haryana Government for the practical session.
The meeting was attended by Principal Secretary, Agriculture and Farmers Welfare Department Mr. Pankaj Agarwal, Commissioner and Secretary, External Assistance Department Mrs. Amneet P. Kumar, Managing Director, Haryana State Warehousing Corporation Dr. Shaleen, External Affairs Advisor to the Chief Minister Mr. Pawan Kumar Chaudhary and senior officials of various departments were present.