New Delhi: The Central Government has officially formed the Sixteenth Finance Commission, with Dr. Arvind Panagariya, former Vice Chairman of NITI Aayog and current Professor at Columbia University, appointed as its Chairman. The Commission’s secretary will be IAS officer Ritvik Ranjanam Pandey.
The primary focus of the Commission is to provide recommendations on the distribution of net proceeds of taxes between the Union and the States. Additionally, it will suggest measures to enhance the Consolidated Fund of a State, aiming to supplement the resources of Panchayats and Municipalities within the State.
The Commission’s mandate includes the potential review of current financing arrangements for Disaster Management initiatives. This review will specifically consider funds established under the Disaster Management Act, 2005, and the Commission is expected to make relevant recommendations on this matter.
The Commission has been tasked with presenting its comprehensive report by October 31, 2025, covering a five-year period starting from April 1, 2026.
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