16th Finance Commission Holds First Meeting Under Chairmanship of Arvind Panagariya

• The 16th Finance Commission (FC) convened its inaugural session with Arvind Panagariya at the helm to deliberate upon its Terms of Reference (ToR). The commission aims to engage in comprehensive analytical endeavors and leverage expertise from prominent research institutions and think tanks specializing in fiscal federal relations.
• The commission commits to delivering its recommendations by October 31, 2025, covering a five-year award period starting from April 1, 2026.
• The FC is constitutionally mandated to formulate a framework for distributing net tax proceeds between the Centre and states, as well as among states and local bodies. Presently, India allocates 41% of federal taxes to states based on the recommendations of the 15th panel.

Composition of the Commission

• Full-time members: Arvind Panagariya (Chairman), Ajay Narayan Jha, Annie George Mathew, and Niranjan Rajadhyaksha.
• Part-time member: Soumya Kanti Ghosh, Group Chief Economic Advisor of the State Bank of India.

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Published date : 15 Feb 2024 04:06PM