Government appointed Arvind Panagariya as Chairman of the 16th Finance Commission
New Delhi: The government on Sunday appointed former NITI Aayog vice-chairman Arvind Panagariya as the chairman of the 16th Finance Commission.
Ritwik Ranjanam Pandey, joint secretary in the finance ministry, will be the secretary of the commission, the government said in a notification.
Dr Arvind Panagariya, former Vice Chairman, NITI Aayog appointed as Chairman, Finance Commission pic.twitter.com/CuI5MtaMPk
— ANI (@ANI) December 31, 2023
“The President is pleased to constitute the Finance Commission with Dr. Arvind Panagariya, former Vice Chairman of NITI Aayog and Professor of Columbia University, as its Chairman. Commission members will be informed separately,” it said.
The Commission will submit its report for the five-year period (2026-27 to 2030-31) to the President by October 31, 2025.
The Union Cabinet chaired by Prime Minister Narendra Modi had last month approved the terms of reference (ToR) of the 16th Finance Commission.
Apart from suggesting tax devolution and revenue enhancement measures between the Center and the States, the Commission will review the present arrangement of financing disaster management initiatives in terms of the funds constituted under the Disaster Management Act, 2005.
The Finance Commission is a constitutional body that gives suggestions on Centre-State financial relations.
The previous 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the Centre’s divisible tax pool during the five-year period 2021 22 to 2025 26, which is similar to the level recommended by the 14th Finance Commission. commission.
