The Government on Wednesday appointed 4 members to the sixteenth Finance Commission which was constituted on December 31, 2023 with Arvind Panagariya, former Vice-Chairman of the NITI Aayog, as its Chairman.
The President of India has permitted the names of Ajay Narayan Jha, former member, fifteenth Finance Commission and former Secretary, Expenditure, Annie George Mathew, former Special Secretary, Expenditure, Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global as full time members whereas Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India has been appointed as an element time member of the 16 Finance Commission.
The fee has been requested to make its suggestions on the distribution of taxes to states obtainable by October 31, 2025, protecting an award interval of 5 years commencing April 1, 2026.
The Cabinet had on November 29, permitted the phrases of reference for the sixteenth Finance Commission.
These embrace the distribution of the online proceeds of taxes between the Centre and the states and the allocation between the states of the respective shares of such proceeds, the rules, grants-in-aid and the revenues of the states and measures wanted to complement the sources of the panchayats.
The Commission may even evaluation the current preparations on financing Disaster Management initiatives; in regards to the funds constituted beneath the Disaster Management Act and make acceptable suggestions on the problem.