The authorities immediately (December 31) appointed former Niti Aayog vice chairman Arvind Panagariya as the Chairman of the 16th Finance Commission.
Joint Secretary within the finance ministry Ritvik Ranjanam Pandey would be the secretary to the fee, the federal government mentioned in a notification.
“The President is pleased to constitute a Finance Commission with Dr Arvind Panagariya, former Vice-Chairman, NITI Aayog and Professor, Columbia University, as the Chairman. Members of the Commission will be notified separately,” it mentioned.
The fee will submit its report for the five-year interval (2026-27 to 2030-31) to the President by October 31, 2025. The Union Cabinet, chaired by Prime Minister Narendra Modi, final month accepted the Terms of Reference (ToR) of the 16th Finance Commission.
Besides suggesting tax devolution between the Centre and states and income augmentation measures, the fee would assessment the current preparations for financing catastrophe administration initiatives with regards to the funds constituted beneath the Disaster Management Act, 2005.
The Finance Commission is a constitutional physique that offers ideas on centre-state monetary relations.
The erstwhile fifteenth Finance Commission beneath NK Singh had beneficial that states be given 41 per cent of the divisible tax pool of the Centre through the five-year interval 2021 22 to 2025 26, which is on the identical degree as was beneficial by the 14th Finance Commission.
(With companies inputs)Â
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