Government appoints 4 members of 16th Finance Commission

The government appointed former expenditure minister Ajay Narayan Jha and SBI Group chief economic adviser Soumya Kanti Ghosh, along with two other members of the newly constituted 16th Finance Commission.

Chairman of the 16th Financial Committee

The committee, chaired by former vice-chairman Niti Aayog Arvind Panagariya, will have four members assisted by secretary Ritvik Ranjanam Pandey, two joint secretaries and an economic adviser.

Member of the 16th Financial Committee

Apart from Jha, who was a member of the previous 15th Finance Commission, retired bureaucrat Annie George Mathew and Artha Global executive director Niranjan Rajadhyaksha have also been appointed as full-time members of the 16th Finance Commission.

Soumya Kanti Ghosh will become a part-time member, the finance ministry said in a notification.

“The term of office of the chairman and other members of the committee shall be from the date of their respective assumption of office until the date of submission of the report or October 31, 2025, whichever is earlier,” the notice added.

The government established the committee on December 31, 2023, chaired by Panagariya. The panel will submit its report to the President by October 31, 2025. The report will cover a five-year period starting April 1, 2026.

The committee will also review the current arrangements for funding disaster management initiatives with reference to the funds provided under the Disaster Management Act, 2005, besides recommending tax devolution between the Center and states and measures to increase revenue.

The Finance Commission is a constitutional body responsible for advising on central state fiscal relations.

The previous 15th Finance Commission under NK Singh recommended providing 41 per cent of the Centre’s divisible tax pool to states over the five-year period from 2021-22 to 2025-26, in line with the 14th Finance Commission recommendation Same level as YV Reddy’s committee.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)