The advisory council's mandate includes broadening the Commission's ambit by integrating national and international best practices on fiscal devolution and enhancing the quality, reach, and enforcement of its recommendations. The council will also provide advice on any of the ToR or related subjects of relevance, assist in the preparation of research papers, and monitor or assess studies commissioned by the Finance Commission to deepen its understanding of relevant issues.

Despite this promising domestic growth momentum, Sanyal acknowledged uncertainties in the external environment. He pointed out weak export performance and recent spikes in oil prices due to geopolitical tensions, highlighting the need for vigilance amidst such fluctuations