• April 24, 2024
Finance Commissions in India

On Monday, the government initiated the process to establish the 16th Finance Commission, tasked with evaluating the fiscal status of both states and the central government in order to determine the revenue-sharing formula.

While the panel that is to be set up every five years is expected to be announced soon after the assembly elections, on Monday it named Ritvik Ranjanam Pandey, an lAS officer from the Karnataka cadre, as an officer on special duty for the “advance cell” of the 16th Finance Commission. Pandey, an old finance ministry hand, is currently posted as joint secretary in the revenue department. On promotion, has been posted in the rank of additional secretary in the advance cell.

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Formation and Timeline of Finance Commissions in India

The establishment of the finance commission will have to be cleared by the Union cabinet, which will decide the terms of reference or the mandate given to the panel, whose recommendations will be implemented from April 2026.

Subsequently, the President appoints the members and the chairman, who works with a full-fledged secretariat that is disbanded after submitting the report. On November 27, 2017, the government had constituted the 15th Finance Commission and had asked it to submit its report by October 2019.

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