India government has formed Sixteenth Finance Commission today under the chairmanship of Dr. Arvind Panagariya.
Who is Arvind Panagariya
He is s an Indian-American economist who is the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University and is also the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City.
In accordance with Article 280(1) of the Constitution, the Government of India has established the Sixteenth Finance Commission with the President of India’s consent.
The chairman will be Dr. Arvind Panagariya, a professor at Columbia University and a former vice-chairman of NITI Aayog. There would be separate notifications for the members of the Sixteenth Finance Commission. The Commission has named Shri Ritvik Ranjanam Pandey as its secretary. The notification released today also outlines the Sixteenth Finance Commission’s specific terms of reference.
Finance Commission will look in the following matters
(i) 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;
(ii) 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
(iii) 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.
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