Union Cabinet Approves Key Appointments For 16th Finance Commission

New Delhi: In a recent development, the Union Cabinet, led by Prime Minister Narendra Modi, gave the green light for the establishment of three crucial positions at the joint secretary level. Among them, two posts are designated as joint secretaries, while one holds the title of Economic Adviser for the 16th Finance Commission, as per an official statement released on Thursday.

Purpose Behind New Appointments

The formation of the 16th Finance Commission was initiated in accordance with Article 280 of the Constitution, outlined in the notification dated December 31, 2023. (Also Read: How You Can Invest Rs 3K For 35 Years And Earn Rs 1.5 Lakh Per Month? Check Return Calculator Here)

The newly introduced positions are deemed essential to support the Commission in effectively executing its functions. It's worth noting that all other necessary roles within the Commission have already been established based on the delegated powers, as highlighted in the official statement. (Also Read: 8 Game-Changing Govt Women Empowerment Schemes In India)

Arvind Panagariya, the appointed chairman of the 16th Finance Commission, brings with him a wealth of experience, having previously served as the Vice-Chairman of Niti Aayog from January 2015 to August 2017.

Currently a professor at Columbia University, Panagariya will play a pivotal role in guiding the Commission. The term of the Commission will span five years, covering the period between 2026 and 2031, with the anticipated report set to be available by October 31, 2025.

Key Appointment

Adding to the significant appointments, Ritvik Ranjanam Pandey has been named the secretary to the Commission. His role will be instrumental in supporting the Commission's initiatives and ensuring the smooth flow of operations.