The central authorities has appointed Arvind Panagariya because the chairman of 16th Finance Commission. (Photo: News18)
The fee, chaired by former vice chairman of Niti Aayog Arvind Panagariya, can have 4 members
The authorities has appointed former expenditure secretary Ajay Narayan Jha and SBI Group Chief Economic Advisor Soumya Kanti Ghosh, and two different members of the newly-constituted 16th Finance Commission.
16th Finance Commission Chairman
The fee, chaired by former vice chairman of Niti Aayog Arvind Panagariya, can have 4 members, who can be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries and one financial advisor.
16th Finance Commission Members
Besides 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.
Soumya Kanti Ghosh can be a component-time member, the finance ministry mentioned in a notification.
“The chairman and other members of the commission shall hold office from the date on which they respectively assume office up to the date of submission of report or October 31, 2025, whichever is earlier,” the notification added.
The authorities constituted the fee beneath the chairmanship of Panagariya on December 31, 2023. The panel would submit its report back to the President by October 31, 2025. The report could be masking 5-yr interval starting April 1, 2026.
Besides suggesting tax devolution between the Centre and states and income augmentation measures, the fee would evaluate the current preparations for financing catastrophe administration initiatives with regards to the funds constituted beneath the Disaster Management Act, 2005.
Finance Commission is a constitutional physique that offers strategies on centre-state monetary relations.
The erstwhile fifteenth Finance Commission beneath NK Singh had advisable that states be given 41 per cent of the divisible tax pool of the Centre throughout 5-yr interval 2021-22 to 2025-26, which is on the similar degree as was advisable by 14th Finance Commission beneath Y V Reddy.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
