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Former Niti Aayog Vice Chairman, Arvind Panagariya, has been appointed as the Chairman of the 16th Finance Commission by the government. The announcement was made on December 31, with Ritvik Ranjanam Pandey, Joint Secretary in the finance ministry, designated as the secretary to the commission.
In a notification, the government stated, “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.”
The commission is tasked with submitting its report for the five-year period spanning 2026-27 to 2030-31 to the President by October 31, 2025. The Terms of Reference (ToR) for the 16th Finance Commission were approved by the Union Cabinet last month.
Dr Arvind Panagariya, former Vice Chairman, NITI Aayog appointed as Chairman, Finance Commission pic.twitter.com/CuI5MtaMPk
— ANI (@ANI) December 31, 2023
Among its key responsibilities, the commission will make recommendations on tax devolution between the Centre and states, propose measures for revenue augmentation, and review the existing arrangements for financing disaster management initiatives in relation to funds constituted under the Disaster Management Act, 2005.
Arvind Panagariya Chairman of the 16th Finance Commission. The Finance Commission, a constitutional body, plays a crucial role in providing suggestions on financial relations between the central and state governments. The previous 15th Finance Commission, led by NK Singh, had recommended a 41% share of the divisible tax pool of the Centre for states during the five-year period from 2021-22 to 2025-26, maintaining the same level as recommended by the 14th Finance Commission.
