Sign In
Learn bits
Economy
Mahesh

01/01/24 06:40 AM IST

Centre appoints Arvind Panagariya as Chairman of 16th Finance Commission

In News
  • The Central government appointed former NITI Aayog Vice Chairman Arvind Panagariya as the Chairman of the 16th Finance Commission
  • Shri Ritvik Ranjanam Pandey has been appointed as Secretary to the Commission.
The Commission shall make recommendations as to the following matters, namely: 
  • 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; and
  • 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 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 Finance Commission shall make recommendations as to the following matters, namely: 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…
  • It shall also make recommendations on 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.
  • The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during the five-year period 2021 22 to 2025 26, which is at the same level as was recommended by the 14th Finance Commission.
Arvind Panagariya
  • Panagariya, is professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University.
  • He was first vice-chairman of NITI Aayog from January 2015 to August 2017 and served as India’s G20 Sherpa in 2017.
  • In April 2023, he was appointed chancellor of Nalanda University.
Source- PIB

More Related Current Affairs View All

14 Aug

ABC of Sterilisation

'The Supreme Court has directed Delhi, Noida, Gurgaon, and Ghaziabad authorities to urgently round up and shift stray dogs to shelters, stressing the need to protect children from

Read More

14 Aug

Post and pre-matric scholarships

'The  Union government is considering revising the parental income limit for eligibility in availing post and pre-matric scholarships administered to students from marginalise

Read More

13 Aug

Working of satellite internet

'Satellite internet is revolutionizing how we connect, extending high-speed access to virtually every corner of the globe, regardless of location.' Imagine getting online from t

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps