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Sixteenth Finance Commission

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Sixteenth Finance Commission
16वां वित्त आयोग
State Emblem of India
Commission overview
Preceding Commission
Superseding Commission
  • Seventeenth Finance Commission
JurisdictionWhole of India
Headquarters16th Finance Commission, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi
Minister responsible
Commission executives
Parent departmentDepartment of Economic Affairs, Ministry of Finance, Government of India
Key documents
Websitefincomindia.nic.in

Sixteenth Finance Commission is the Finance Commission constituted by the Government of India under Article 280 of Constitution. Arvind Panagariya has been appointed as the Chief of the Commission with the main task of determining revenue sharing between Central Government and State Government for a period of five years from April 1, 2026.[1]

History and objective

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Sixteenth Finance Commission was formed under Article 280 of the constitution[2] for determining the sharing of tax revenues between Union Government of India and States for five year period starting from 1 April 2026,[3][4] determining the principles for granting of the aid from the Consolidated Fund of India to states and implementation of various measures for augmenting the resources of Consolidated Fund to meet the requirements of Panchayats and Municipalities of states.[5][1]

Members

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The Sixteenth Finance Commission comprises a chairman and various members that are appointed by the president of India. It also consists of one secretary post. The composition is as follows:[6]

Tenure

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The tenure of each finance commission is five years.[12]

See also

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References

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  1. ^ a b "16th finance panel chairperson, members to be appointed over next few days". Business Today. 1 December 2023. Retrieved 31 December 2023.
  2. ^ "Centre approves 16th Finance Commission's Terms of Reference. Details here". India Today. 30 November 2023. Retrieved 31 December 2023.
  3. ^ "Cabinet clears terms of reference for 16th Finance Commission". The Hindu. 29 November 2023. Retrieved 31 December 2023.
  4. ^ "16th Finance Commission's terms are short, but all-encompassing: Somanathan". The Indian Express. 1 December 2023. Retrieved 31 December 2023.
  5. ^ "The upcoming 16th Finance Commission has a highly critical task at hand". mint. 5 December 2023. Retrieved 31 December 2023.
  6. ^ "Government appoints members of the Sixteenth Finance Commission". pib.gov.in. Retrieved 2 April 2024.
  7. ^ "Government appoints Arvind Panagariya as sixteenth Finance Commission chief". The Hindu. 31 December 2023. Retrieved 31 December 2023.
  8. ^ "Arvind Panagariya to chair 16th Finance Commission". The Economic Times. 31 December 2023. Retrieved 31 December 2023.
  9. ^ "Former NITI Aayog VC Arvind Panagariya to lead 16th Finance Commission". business-standard.com. 31 December 2023. Retrieved 31 December 2023.
  10. ^ a b c d "Centre appoints Ajay Narayan Jha, Annie Mathew, Soumya Kanti Ghosh as finance commission members". www.fortuneindia.com. 12 January 2024. Retrieved 19 June 2024.
  11. ^ "Government appoints Manoj Panda as 16th Finance Commission member". The Economic Times. 9 April 2024. ISSN 0013-0389. Retrieved 19 June 2024.
  12. ^ "Cabinet suggests setting up of 16th finance commission". The Times of India. 30 November 2023. Retrieved 31 December 2023.
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