Sunday, July 14, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Arvind Panagariya appointed as 16th Finance Commission Chairman

Arvind Panagariya appointed as 16th Finance Commission Chairman

Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.

Edited By: Sheenu Sharma @20sheenu New Delhi Published on: December 31, 2023 15:54 IST
Arvind Panagariya, Arvind Panagariya appointed 16th Finance Commission Chairman, Arvind Panagariya n
Image Source : PTI (FILE) Former Niti Aayog vice chairman Arvind Panagariya

The government today (December 31) appointed former Niti Aayog vice chairman Arvind Panagariya as the Chairman of the 16th Finance Commission.

Joint Secretary in the finance ministry Ritvik Ranjanam Pandey will be the secretary to the commission, the government said in a notification.

"The President is pleased to constitute a Finance Commission with Dr Arvind Panagariya, former Vice-Chairman, NITI Aayog and Professor, Columbia University, as the Chairman. Members of the Commission will be notified separately," it said.

The commission will submit its report for the five-year period (2026-27 to 2030-31) to the President by October 31, 2025. The Union Cabinet, chaired by Prime Minister Narendra Modi, last month approved the Terms of Reference (ToR) of the 16th Finance Commission.

Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.

The Finance Commission is a constitutional body that gives suggestions on centre-state financial relations.

The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during the five-year period 2021 22 to 2025 26, which is at the same level as was recommended by the 14th Finance Commission.

(With agencies inputs) 

ALSO READ:​ COP28: India supports global goal of adaptation, calls for clear definition of climate finance

ALSO READ: Unemployment rate declined to 10 pc from 17.8 pc in 2017-18: Finance Minister Nirmala Sitharaman

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement