Standing committees in India were institutionalised in 1993, primarily aiming to improve parliamentary efficiency. The standing committee on finance, in particular, holds the government accountable for its fiscal decisions and provides recommendations that ensure sound economic governance

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In the complex machinery of Indian democracy, Standing Committees of Parliament serve as the institutions, working quietly behind the scenes to ensure that legislations are scrutinised and policies are fine-tuned before implementation. Among these, the standing finance committee is particularly vital, overseeing critical aspects of fiscal policy, government spending, and economic reforms. With India's diverse and dynamic economy, the significance of these committees cannot be overstated.

Standing committees in India were institutionalised in 1993, primarily aiming to improve parliamentary efficiency. Over the years, they have become instrumental in bridging the gap between policy design and implementation. The standing committee on finance, in particular, holds the government accountable for its fiscal decisions and provides recommendations that ensure sound economic governance. The Preamble of our Constitution guarantees every citizen ‘economic democracy’.

One of the most consequential economic reforms in modern Indian history, was the introduction of the Goods and Services Tax (GST) in 2017. However, the foundation for this reform was laid much earlier, well before the landmark bill was passed in Parliament. As we reflect on its origins, we recognise the pivotal role played by the standing committee on finance, chaired by Yashwant Sinha in the early 2000s. The committee rigorously debated and examined the idea of GST, and its recommendations on the structure, implementation, and likely economic impact were crucial in shaping the final legislation. By facilitating bipartisan discussions, the committee helped ensure a comprehensive understanding of both the potential hurdles and advantages of this historic reform.

In reflecting on the 2G spectrum case, we are reminded of the critical role played by the standing committee on finance, particularly in the scandal's aftermath. Working closely with the Public Accounts Committee (PAC), the two bodies acted in unison to ensure the government was held accountable. Under the leadership of Murli Manohar Joshi, both committees meticulously examined the details of the scandal and its financial repercussions. Their thorough investigation and resulting report not only shaped the conversation around the transparent allocation of natural........

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