The Fifteenth Finance Commission has constituted an Advisory Council to advise and assist the Commission. The role and functions of the Advisory Council will be:

• To advise the Commission on any issue or subject related to the Terms of Reference (ToR) of the Commission, which may be of relevance;
• To assist in the preparation of any paper or research study which would enhance the Commission's understanding on the issues containing in its ToR; and
• To help in broadening the Commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.

 Advisory Council will have following members:

1. Arvind Virmani, President, Forum for Strategic Initiatives
2. Surjit S. Bhalla, Part-time Member of PMEAC and Sr. Indian Analyst for the Observatory Group and Chairman of Oxus Research and Investments
3. Sanjeev Gupta, Ex-Deputy Director (Fiscal Affairs Department), IMF
4. Pinaki Chakraborty, Professor (NIPFP)
5. Shri Sajjid Chinoy, Chief India Economist, JP Morgan
6. Shri Neelkanth Mishra, Managing Director and the Credit Suisse India Economist and Strategist

Advisory Council established to advise on Finance Commission terms, assist research, and broaden fiscal devolution expertise. An Advisory Council has been constituted to assist the Fifteenth Finance Commission on its Terms of Reference, to advise on relevant issues, assist in preparing research papers to enhance understanding, and to identify national and international best practices to improve the quality, reach and enforcement of the Commission's recommendations. Membership includes appointed senior economists and fiscal policy specialists to provide expert analysis and research support.