New Delhi, December 31, 2023: Government of India has constituted the Sixteenth Finance Commission with Dr Arvind Panagariya, former Vice-Chairman of NITI Aayog and current Professor Columbia University will be the Chairman.
Ritvik Ranjanam Pandey has been appointed as Secretary to the Commission, Union Finance Ministry sources said.
Members of the Sixteenth Finance Commission would be notified separately, they added.
![](https://upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Arvind_Panagariya.jpg/800px-Arvind_Panagariya.jpg)
Detailed terms of reference for Sixteenth Finance Commission have also been spelt out in the notification issued today.
The Sixteenth Finance Commission shall make recommendations mainly on the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds.
The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article.
![](https://ddnews.gov.in/sites/default/files/finance-ministry.jpg)
The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
The Sixteenth Finance Commission may review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005), and make appropriate recommendations thereon.
The Sixteenth Finance Commission has been requested to make its report available by October 31, 2025 covering a period of five years commencing on April 1, 2026.
More Stories
CM Sai inaugurates Prayas School at Raigarh
Chhattisgarh Chief Minister Vishnu Dev Sai today inaugurated the first ever ‘Prayas School’ in Raigarh district of Chhattisgarh.
Even after 75 years of Independence Jashpur Village yet to see electricity
Even after 75 years of Independence a primitive tribe dominated village in Jashpur district of Chhattisgarh has not yet been electrified.
9 Maoists shot dead in fierce gun battle in Dantewada
At least nine Maoists were shot dead today in a fierce gun battle with security forces in the world famous high grade iron ore deposit area of Bailadila hills range in Dantewada district of Chhattisgarh, police officers said.
Air Force to procure 240 aero-engines for Su-30 MKI aircraft from HAL
Cabinet Committee on Security today approved the proposal for procurement of 240 aero-engines (AL-31FP) for Su-30 MKI aircraft of the Indian Air Force (IAF).
7th Installment of Mahtari Vandan make Teeja more festive
CM House of Chhattisgarh was today beautifully decorated like a bride to celebrate the traditional Teeja-Pora festival.
NHAI to track 100 toll plazas with GIS-based software
National Highway Authority of India (NHAI) has identified around 100 toll plazas and will monitor through a web-based software the waiting time at these Toll Plazas, where it had received congestion feedback.