Former vice chairperson of NITI Aayog Arvind Panagariya will lead the Sixteenth Finance Commission (SFC), which will set the formula for sharing a big chunk of the Centre's tax revenue with states for five years from FY27, an official order issued by the finance ministry on Sunday showed.
Besides deciding on what share of the Centre's tax receipts should be shared with states and how it is to be apportioned among them, a key task for the Commission is to ensure that states have efficient systems and measures in place for financing local bodies as advised by the state finance commissions.
Panagariya, also a former chief economist of the Asian Development Bank and a Padma Bhushan recipient, is now professor of economics and the Jagdish Bhagwati Professor of Indian political economy at Columbia University.
He had also served as India's G20 Sherpa and led the Indian teams that negotiated the G20 Communiqués in the three years from 2015.
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