Chandigarh, June 27 — Haryana Chief Secretary Anurag Rastogi today chaired a high-level meeting with the Joint Finance Commission (JFC) of the United Republic of Tanzania, held here to discuss fiscal structures and financial governance.
During the session, Mr. Rastogi outlined India’s fiscal framework, elaborating on the division of tax collection responsibilities, sources of revenue, debt financing mechanisms, and the distribution of loans and grants between the central and state governments. Reiterating Haryana’s commitment to fiscal discipline, he noted that the state refrains from off-budget borrowings.
Explaining the principles of fiscal federalism in India, Mr. Rastogi said that states receive a share of central tax revenues based on recommendations from the Finance Commission. He informed the delegation that the 16th Finance Commission is expected to submit its report by October 31, 2025.
The Chief Secretary also highlighted the roles of key institutions such as NABARD and the NCR Planning Board. He explained that NABARD works to accelerate agricultural and rural development projects, while the NCR Planning Board provides financial assistance to states within the National Capital Region.
Mr. Rastogi informed the delegation that the Reserve Bank of India facilitates State Development Loans (SDLs) or state government securities. Loans from foreign entities and international banks, typically project-specific, are managed by the Ministry of Finance, Government of India. He also responded to the delegation’s queries related to financial management, debt servicing, and interest rates.
Mr. Ahmed Saadat, Chairperson of the Joint Finance Commission Secretariat, expressed gratitude to the Government of Haryana for organizing the practical session.
The meeting was attended by Pankaj Agarwal, Principal Secretary, Department of Agriculture and Farmers’ Welfare; Amneet P. Kumar, Commissioner and Secretary, Department of Foreign Cooperation; Dr. Shaleen, Managing Director, Haryana State Warehousing Corporation; Pawan Kumar Chaudhary, Foreign Cooperation Advisor to the Chief Minister; along with senior officials from various departments.
