Former Niti Aayog vice chairman Arvind Panagariya has actually been designated as the Chairman of the 16th Finance Commission.
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The federal government on Sunday designated previous Niti Aayog vice chairman Arvind Panagariya as the Chairman of the 16th Finance Commission.
Joint Secretary in the financing ministry Ritvik Ranjanam Pandey will be the secretary to the commission, the federal government stated in a notice.
“The President is pleased to make up a Finance Commission with Dr Arvind Panagariya, previous Vice-Chairman, NITI Aayog and Professor, Columbia University, as the Chairman. Members of the Commission will be alerted independently,” it stated.
The commission will send its report for the five-year duration (2026-27 to 2030-31) to the President by October 31, 2025.
The Union Cabinet, chaired by Prime Minister Narendra Modi, last month authorized the Terms of Reference (ToR) of the 16th Finance Commission.
Recommending tax devolution in between the Centre and states and income enhancement procedures, the commission would examine the present plans for funding catastrophe management efforts with referral to the funds made up under the Disaster Management Act, 2005.
The Finance Commission is a constitutional body that offers recommendations on centre-state monetary relations.
The erstwhile 15th Finance Commission under NK Singh had actually advised that states be offered 41 percent of the divisible tax swimming pool of the Centre throughout the five-year duration 2021 22 to 2025 26, which is at the very same level as was advised by the 14th Finance Commission.
Kayleigh Rogahn
Emanuel Schmitt
