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

The 16th Finance Commission held its first meeting under the chairmanship of Arvind Panagariya in New Delhi, according to an official statement.

“The 16th Finance Commission (XVI-FC) held its first meeting under the Chairmanship of Dr. Arvind Panagariya in Jawahar Vyapar Bhawan, Janpath, New Delhi. The Chairman and Members were welcomed by Secretary, XVI-FC, Shri Ritvik Ranjanam Pandey and other officials of the Finance Commission,” the finance ministry said in a statement.

The 16th Finance Commission approved the setting up of its office at Jawahar Vyapar Bhawan on Janpath in New Delhi.

The Commission discussed its terms of reference, and acknowledged the need for wide-ranging consultations with various stakeholders, including State Governments, Local Bodies, Ministries of Government of India, and experts.

It also recognised that it will be carrying out detailed analytical work and would require to rope in all the expertise that it can garner, including that from leading research organisations, leading think tanks and other organisations working in the area of fiscal federal relations.

The Commission will make its recommendations available by October 31, 2025, covering an award period of 5 years commencing April 1, 2026, according to the statement.

The government constituted the commission under the chairmanship of Panagariya on December 31, 2023.

Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.

The commission, chaired by former vice chairman of Niti Aayog Arvind Panagariya, will have 4 members, who will be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries and one economic advisor.

Former expenditure secretary Ajay Narayan Jha, who was also a member in the previous 15th Finance Commission, retired bureaucrat Annie George Mathew and Artha Global Executive Director Niranjan Rajadhyaksha have been appointed as full-time members of the 16th Finance Commission.

SBI Group Chief Economic Advisor Soumya Kanti Ghosh will be a part-time member.