16th Finance Commission Formed with Arvind Panagariya as Chairman

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The 16th Finance Commission, constituted on December 31, 2023, has taken its first steps towards formulating key fiscal policies for the nation. Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog, has been appointed as the Chairman of the Commission.

The President of India has approved the appointment of four distinguished members to the Commission, each bringing a wealth of experience and expertise to the table. The members include:

1. Shri. Ajay Narayan Jha: Former member of the 15th Finance Commission and ex-Secretary, Expenditure, appointed as a Full-time Member.
2. Smt. Annie George Mathew: Former Special Secretary, Expenditure, appointed as a Full-time Member.
3. Dr. Niranjan Rajadhyaksha: Executive Director of Artha Global, appointed as a Full-time Member.
4. Dr. Soumya Kanti Ghosh: Group Chief Economic Advisor at the State Bank of India, appointed as a Part-time Member.

The terms of reference for the Commission were officially notified on the same day as its constitution. The Commission has been entrusted with the crucial task of providing recommendations by October 31, 2025, covering a comprehensive award period of 5 years beginning April 1, 2026.