The panel has been formed in the wake of Prime Minister Narendra Modi's visit to Guwahati in August this year to review the flood situation and relief work in the affected region.
It will be led by NITI Aayog Vice Chairman Rajiv Kumar.
"The committee will facilitate optimising benefits of appropriate water management in the form of hydro-electric power, agriculture, bio-diversity conservation, reduced flood damage erosion, inland water transport, forestry, fishery and eco tourism," the statement read.
The Ministry of Development of North Eastern Region (DoNER) will serve as the co-ordinating point.
The Committee will submit its report by June next year, the statement said.
While reviewing the flood situation with the chief ministers of Assam, Manipur, Nagaland and Arunachal Pradesh,, the prime minister had announced constitution of the committee for holistic management of water resources in the states.
The Brahmaputra and Barak river systems which account for one-third of India's run off, are highly prone to floods. Brahmaputra is one of the largest river systems in the world and causes considerable distress and costs on the region through frequent flooding and erosion.
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