The Union Cabinet has approved the creation of three posts at the level of joint secretary, namely two posts of joint secretary and one post of economic adviser, for the 16th Finance Commission, the government announced on Thursday.
These newly created posts are required to assist the Commission, which was constituted in pursuance of Article 280 of the Constitution via a notification dated 31 December 2023, said the government in a press release.
This announcement comes after the Cabinet’s appointment of Arvind Panagariya as the chairman of the Commission on December 31.
Panagariya has previously held the position of chief economist at the Asian Development Bank (ADB), the first vice-chairman of NITI Aayog, the government of India’s top public policy think tank and successor to the Planning Commission and is a professor of economics and political economy at the University of Columbia.
Also Read:Ex-NITI Aayog vice-chairman Arvind Panagariya to lead 16th Finance Commission
Ritvik Ranjanam Pandey, joint secretary at the Department of Revenue, was appointed as secretary to the commission.
{{/usCountry}}Ritvik Ranjanam Pandey, joint secretary at the Department of Revenue, was appointed as secretary to the commission.
{{/usCountry}}The 16th Finance Commission has been tasked with providing recommendations on tax sharing between the Centre and the states, the measures needed to augment the consolidated fund of states to supplement the resources of the panchayats and municipalities, reviewing the financing of disaster management initiatives and more.
It has been asked to submit its report by October 31, 2025, covering a period of five years from April 2026 to 2031.
The 15th Finance Commission, which was chaired by NK Singh, currently a senior BJP MP in the Rajya Sabha, recommended that the states be given a 41% share of the divisible tax pool from 2021 to 2026, the same as the share recommended by the 14th Commission.