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President Droupadi Murmu has appointed three full-time members and a part-time member to the 16th Finance Commission. The three full-time Members are Ajay Narayan Jha, former Member of the 15th Finance Commission and former Secretary, Department of Expenditure; Annie George Mathew; former Special Secretary, Department of Expenditure; and Niranjan Rajadhyaksha, Executive Director, Artha Global. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India, will be a part-time member.
The 16th Finance Commission would have to make its report available by October 31, 2025 covering a period of five years from April 1, 2026.
The new Finance Commission Chairman and other members would 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, said a Finance Ministry order issued on Tuesday.
Ritvik Ranjanam Pandey was appointed Secretary to the 16th Finance Commission on December 31.
Panagariya, an Indian-American economist, had served as the first Vice-Chairman of the Government think-tank NITI Aayog between January 2015 and August 2017.
TERMS OF REFERENCE
The 16th Finance Commission will make recommendations on the distribution between the Union and the States of the net proceeds of taxes that are to be divided between them.
It will also suggest the principles that should govern grants-in-aid of the revenues of the states out of the Consolidated Fund of India, and the sums to be paid to the States by way of grants-in-aid of their revenues under Article 275 of the Constitution for purposes other than those specified in the provisos to clause (1) of that article.
The terms of reference include measures needed to augment the Consolidated Fund of a State to supplement the resources of its Panchayats and Municipalities, on the basis of recommendations made by the Finance Commission of the State.
The Commission may review the present arrangements on financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005, and make appropriate recommendations thereon
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