Government Appoints Members for 16th Finance Commission Review

Government Appoints Members for 16th Finance Commission Review

Asif Iqbal | January 31, 2024 | 11:20 AM IST | India | Follow on Google News

Government Appoints Members for 16th Finance Commission Review.image/agencies

Government Appoints Members for 16th Finance Commission Review

The Government has named former expenditure secretary Ajay Narayan Jha and SBI Group Chief Economic Advisor Soumya Kanti Ghosh, along with two other individuals, as members of the newly-constituted 16th Finance Commission. This commission, chaired by former vice chairman of Niti Aayog Arvind Panagariya, will comprise four members, supported by Secretary Ritvik Ranjanam Pandey, two joint secretaries, and one economic advisor.

In addition to Jha, who served as a member in the previous 15th 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 will hold a part-time position, as per the finance ministry’s notification.

According to the 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 the report or October 31, 2025, whichever is earlier.”

The government established the commission, headed by Panagariya, on December 31, 2023. The panel is set to submit its report to the President by October 31, 2025, covering the five-year period beginning April 1, 2026.

Apart from recommending tax devolution between the Centre and states and proposing measures for revenue augmentation, the commission will assess current arrangements for financing disaster management initiatives, particularly in relation to funds constituted under the Disaster Management Act, 2005.

The Finance Commission, a constitutional body, plays a crucial role in providing suggestions on center-state financial relations. The previous 15th Finance Commission, led by NK Singh, had recommended that states receive 41 per cent of the divisible tax pool of the Centre during the five-year period from 2021-22 to 2025-26, aligning with the recommendation of the 14th Finance Commission under Y V Reddy.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.