Setback to 16th Finance Commission; one out of four newly appointed member quits
Kanwar Inder singh/ royalpatiala.in News/ February 19,2024
Dr. Niranjan Rajadhyaksha has expressed his inability to take up this responsibility due to unforeseen personal circumstances.
Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global was appointed as Full Time Member in the 16th Finance Commission vide notification dated January 31,2024.
The Sixteenth Finance Commission was constituted on 31.12.2023 with Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman.
Ajay Narayan Jha, former member, 15th Finance Commission and former Secretary, Expenditure, Annie George Mathew, former Special Secretary, Expenditure and Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India were the other three members who were appointed by President of India along with Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global.
As per finance ministry release “action will be taken to appoint a Member of the 16th Commission in lieu of Dr. Rajadhyaksha”.
Setback to 16th Finance Commission; one out of four newly appointed member quits. The Sixteenth Finance Commission has been requested to make its recommendations available by October, 31, 2025, covering an award period of 5 years commencing 1st April, 2026.
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;
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.
