Former Vice Chairman of NITI Aayog, Arvind Panagariya, was designated as the head of the 16th Finance Commission on Sunday. Meanwhile, Ritvik Ranjanam Pandey will hold the post of secretary to the commission.
The government stated that other members of the commission will be notified separately.
The chairman and other members of the 16th Finance Commission shall hold office from the date on which they respectively assume office up to the date of submission of report or October 31, 2025, whichever is earlier.
The report of the commission shall be made available by October 31, 2025, covering a period of five years commencing on April 1, 2026.
Earlier this month, the Finance Secretary TV Somanathan elaborated on the states' feedback, indicating that the consensus was that the Commission itself would provide the necessary discipline rather than an exhaustive set of Terms of Reference (ToR).
Somanathan stressed that delving excessively into defining the Commission's functions in detail was unnecessary.
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