New Delhi: The Sixteenth Finance Commission, established on December 31, 2023, has taken shape with Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog, assuming the role of Chairman. The commission, tasked with crucial financial assessments, has further solidified its composition with the appointment of distinguished members, approved by the President of India.
The appointed members include Shri. Ajay Narayan Jha, former member of the 15th Finance Commission and ex-Secretary, Expenditure; Smt. Annie George Mathew, former Special Secretary, Expenditure; Dr. Niranjan Rajadhyaksha, Executive Director at Artha Global; and Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor at the State Bank of India.
The terms of reference for the Commission were officially notified on December 31, 2023. The Sixteenth Finance Commission has been entrusted with the responsibility of presenting its recommendations by October 31, 2025. These recommendations will span a 5-year award period starting from April 1, 2026.
The diverse expertise and experience of the Commission’s members reflect a comprehensive approach towards addressing the economic and financial intricacies essential for sound policy recommendations. Under the leadership of Chairman Arvind Panagariya, the commission is poised to contribute significantly to India’s fiscal strategies and economic development over the coming years.