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Today: Jun 13, 2024

Finance Ministry announces plans to appoint new member post-first FC meeting.

1 min read

TLDR:

  • A new member will be appointed to the 16th Finance Commission in place of Niranjan Rajadhyaksha who expressed inability to take up the responsibility.
  • The Finance Ministry took action to appoint a new member after Rajadhyaksha’s absence in the first meeting of the Commission.

The Finance Ministry announced that a new member will be appointed to the 16th Finance Commission in place of Niranjan Rajadhyaksha, who was previously appointed but expressed inability to take up the responsibility due to unforeseen personal circumstances. The decision to appoint a new member came after Rajadhyaksha was absent in the first meeting of the Commission held on February 14.

Rajadhyaksha, who is presently the Executive Director of Artha Global, was appointed as a Member of the 16th Finance Commission through a notification dated January 31, 2024. The Ministry stated that action will be taken to appoint a member in lieu of Rajadhyaksha to the Commission.

The 16th Finance Commission is set to submit its recommendations by October 31, 2025, covering an award period of five years starting from April 1, 2026. The Commission plays a crucial role in determining the tax sharing formula between the Central government and the States.

Various appointments were previously made for the 16th Finance Commission, including the Chairman and other full-time and part-time members. Dr. Arvind Panagariya was appointed as the Chairman, and other members included Ajay Narayan Jha, Annie George Mathew, and Soumya Kanti Ghosh, among others.