New Delhi [India], January 31 : Four members have been appointed to the Sixteenth Finance Commission with the approval of President Droupadi Murmu, according to a press release from the Ministry of Finance.
The members appointed are Ajay Narayan Jha, Annie George Mathew, Niranjan Rajadhyaksha, and Soumya Kanti Ghosh.
The commission makes recommendations about the distribution of the net proceeds of taxes between the Union and the States.
On December 31, Arvind Panagariya, former Vice Chairman of NITI Aayog and Professor at Columbia University, was appointed as the Chairman of the 16th Finance Commission. From January 2015 to August 2017, Panagariya served as the first Vice Chairman of the NITI Aayog, in the rank of Cabinet Minister.
During these years, he also served as India's G20 Sherpa and led the Indian teams that negotiated the G20 communique during the presidencies of Turkey (2015), China (2016) and Germany (2017).
Ritvik Ranjanam Pandey, who is attached to the finance ministry, shall be the Secretary to the Finance Commission.
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 Commission may review the present arrangements on financing disaster management initiatives concerning the funds constituted under the Disaster Management Act, 2005 (53 of 2005) and make appropriate recommendations thereafter.
The Commission shall make its report available by October 31, 2025, covering five years commencing on April 1, 2026.
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