The 16th Finance Commission held its first assembly below the chairmanship of Arvind Panagariya in New Delhi, in keeping with an official assertion.
“The 16th Finance Commission (XVI-FC) held its first meeting under the Chairmanship of Dr. Arvind Panagariya in Jawahar Vyapar Bhawan, Janpath, New Delhi. The Chairman and Members were welcomed by Secretary, XVI-FC, Shri Ritvik Ranjanam Pandey and other officials of the Finance Commission,” the finance ministry mentioned in an announcement.
The 16th Finance Commission authorised the establishing of its workplace at Jawahar Vyapar Bhawan on Janpath in New Delhi.
The Commission mentioned its phrases of reference, and acknowledged the necessity for broad-ranging consultations with varied stakeholders, together with State Governments, Local Bodies, Ministries of Government of India, and consultants.
It additionally recognised that it will likely be finishing up detailed analytical work and would require to rope in all of the experience that it will probably garner, together with that from main analysis organisations, main suppose tanks and different organisations working within the space of fiscal federal relations.
The Commission will make its suggestions accessible by October 31, 2025, overlaying an award interval of 5 years commencing April 1, 2026, in keeping with the assertion.
The authorities constituted the fee below the chairmanship of Panagariya on December 31, 2023.
Besides suggesting tax devolution between the Centre and states and income augmentation measures, the fee would overview the current preparations for financing catastrophe administration initiatives as regards to the funds constituted below the Disaster Management Act, 2005.
The fee, chaired by former vice chairman of Niti Aayog Arvind Panagariya, could have 4 members, who will likely be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries and one financial advisor.
Former expenditure secretary Ajay Narayan Jha, who was additionally a member within the earlier fifteenth Finance Commission, retired bureaucrat Annie George Mathew and Artha Global Executive Director Niranjan Rajadhyaksha have been appointed as full-time members of the 16th Finance Commission.
SBI Group Chief Economic Advisor Soumya Kanti Ghosh will likely be an element-time member.