This study aims to support the Sixteenth Finance Commission (SFC) by conducting a comprehensive review of the Fifteenth Finance Commission¡¯s (FFC) disaster management grants. It will take stock of their implementation across states; focusing on allocation; utilization; and impact on disaster risk mitigation; preparedness; response; and recovery. It will also assess the allocation principles between the Union and States. Based on these findings; the study will recommend policy improvements and innovative disaster risk financing mechanisms that align with global best practices and India¡¯s unique disaster context.