Centre appoints Arvind Panagariya as Chairman of the 16th Finance Commission:
Govt. of India with the recommendation of the Indian President has appointed former Vice-Chairman of NITI Aayog, Arvind Panagariya as the chairman of 16th finance commission for a period 5-years with effect from 2026-31 after the tenure of ongoing finance commission will expire on 2025.
The appointment was made in pursuance to Article 280(1) of the Indian Constitution. Indian Administrative Services (IAF) officer Ritvik Ranjanam Pandey has been appointed as the “Secretary of the Commission”.
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About Finance Commission
The Commission will recommend the tax revenue sharing formula between the centre and the states for the 5-year period beginning from 1st of April 2026. The duration for the next Chairman and other members will be specified for which the commission has to submit its report till the last date of 31 October 2025. The Finance Commission usually take 2 years to submit its report.
Other Responsibilities
The 16th Finance 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.
Additional Information for Exams
- The Finance Commissions are constituted on the recommendation by the President of India under the Article 280 of the Indian Constitution.
- The first Finance Commission was appointed in 1951 for the period of 1952-57. under the chairmanship of K.C Neogy. From then, fifteen Finance commission has been constituted so far.
- While the fifteenth Finance Commission was constituted in November 2017, under the chairmanship of N.K Singh, its tenure was expanded to six years.
- Centre appoints Arvind Panagariya as Chairman of the 16th Finance Commission.