The order of Panagariya's appointment came about a month after the government on November 29 announced the terms of reference (ToR) for the 16th commission, which also asked the body to suggest measures for augmenting states' resources for local bodies, besides reviewing the existing arrangements for financing disaster management initiatives.
"The Government of India, with the approval of the President of India, has constituted the Sixteenth Finance Commission, in pursuance to Article 280(1) of the Constitution," a notification issued by the department of economic affairs (DEA), an arm of the finance ministry, said on Sunday.
The new finance commission will make its report by October 31, 2025, and cover a period of five years from April 1, 2026.
This story is from the January 01, 2024 edition of Hindustan Times.
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This story is from the January 01, 2024 edition of Hindustan Times.
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