The government has taken a significant step in shaping the Sixteenth Finance Commission (SFC) by appointing 4-key members, three of whom are designated as full-time members. The Commission, headed by Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog, was constituted on December 31, 2023.
1. | Shri. Ajay Narayan Jha, former member, 15th Finance Commission and former Secretary, Expenditure | Full time Member |
2. | Smt. Annie George Mathew, former Special Secretary, Expenditure | Full time Member |
3. | Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global | Full time Member |
4. | Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India | Part time Member |
Context
In adherence to Article 280(1) of the Constitution, the Government of India, with the President’s approval, has established the Sixteenth Finance Commission. Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog and Professor at Columbia University, assumes the role of Chairman. Shri Ritvik Ranjanam Pandey has been appointed as the Commission’s Secretary, and detailed terms of reference have been outlined in the official notification.
The Sixteenth Finance Commission is tasked with making recommendations on three crucial matters:
1. Distribution of Net Proceeds:
2. Grants-in-Aid:
3. Resource Augmentation:
The Commission will also review financing arrangements for Disaster Management initiatives, aligning with the Disaster Management Act, 2005, and provide relevant recommendations.
The Sixteenth Finance Commission is expected to submit its comprehensive report by October 31, 2025, covering a five-year period starting from April 1, 2026.
The Daily Current Affairs Quiz which keeps you updated with the current events happening all…
The Tata Group is one of India's biggest and oldest business groups, known for its…
Nikita Porwal from Madhya Pradesh has emerged as the winner of the Femina Miss India…
NITI Aayog is gearing up to host the Second International Methanol Seminar and Expo 2024…
India’s Akhil Sheoran clinched the bronze medal in the 50m Rifle 3 Positions event at…
India is a land of diverse cities, each with its unique charm and identity. Many…