News Brief
Former NITI Aayog VC Arvind Panagariya Appointed As Chairman Of 16th Finance Commission
Finance Commission Chairman Arvind Panagariya
Former NITI Aayog Vice Chairman, Arvind Panagariya, has been appointed as the Chairman of the 16th Finance Commission by the Central government.
Alongside this, Ritvik Ranjanam Pandey, a seasoned Indian Administrative Service (IAS) officer, has been named the Secretary to the Commission.
The tenure for both the Chairman and other members extends from the date of assuming office until the submission of the report or 31 October 2025, whichever occurs earlier, according to an official notification from the Ministry of Finance’s Department of Economic Affairs,
As reported by Indian Express, Finance Commission's broad mandate includes making recommendations on the distribution of net tax proceeds between the Union and the States, principles governing grants-in-aid, and measures to enhance the Consolidated Fund of a State.
Additionally, it will review the financing arrangements for Disaster Management initiatives, offering recommendations in this domain.
Arvind Panagariya, currently a professor of Economics at Columbia University, previously served as the first Vice Chairman of NITI Aayog from January 2015 to August 2017.
Ritvik Ranjanam Pandey, a 1998-batch Karnataka Cadre IAS officer, currently holds the position of Officer on Special Duty in the Department of Economic Affairs.
The Finance Commission, constituted under Article 280 of the Constitution of India, plays a crucial role in recommending the distribution of tax proceeds between the Union and the States, among other fiscal responsibilities.
Last month, the Union Cabinet, under the leadership of Prime Minister Narendra Modi, approved the Terms of Reference for the Sixteenth Finance Commission.
These terms outline the Commission's responsibilities related to the distribution of tax proceeds, principles governing grants-in-aid, and financing arrangements for Disaster Management initiatives.
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