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“In a transfer aligned with Article 280(1) of the Structure and the Finance Fee (Miscellaneous Provisions) Act, 1951 (33 of 1951), the President has established a Finance Fee. Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog and Professor at Columbia College, assumes the position of Chairman, with different Fee members to be notified individually, a Finance Ministry notification mentioned.
Ritvik Ranjanam Pandey has been appointed because the Secretary to the Fee. The tenure for each the Chairman and different members extends from the idea of workplace till the submission of the Report or October 31, 2025, whichever comes earlier.
PM Narendra Modi had appointed Panagariya as the primary Vice Chairman of the NITI Aayog again in 2015. NITI Aayog, which was introduced in the course of the first time period of the BJP, changed the Planning Fee. Panagariya, who was born on September 30, 1952, has been an economics professor at Columbia College in New York. He was beforehand the highest economist on the Asian Improvement Financial institution and has additionally held positions with the World Financial institution, the Worldwide Financial Fund, and the World Commerce Organisation.
Panagariya was coached by commerce economist Jagdish Bhagwati and had been the front-runner for the highest place at Niti Aayog resulting from his unwavering assist for free-market economics and his alignment with the objectives and insurance policies of the Modi administration.
The central authorities just lately permitted the phrases of reference (ToR) of the sixteenth Finance Fee, enabling it to make suggestions for 5 years beginning April 1, 2026. The fee would submit its report for the five-year interval (2026-27 to 2030-31) to the President by October 31, 2025.Other than suggesting the tax devolution between the central & state governments and income augmentation measures, the constitutional physique would evaluation the current preparations for financing catastrophe administration initiatives close to the funds constituted underneath the Catastrophe Administration Act, 2005.It takes round two years to make its suggestions.
