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1 February 2024 : PIB Summary for UPSC

By99notes

PIB Summary for UPSC

1-February -2024

1. Government appoints Members of the Sixteenth Finance Commission.

Topic: GS2 – Indian Polity – Constitutional Bodies – Appointment

UPSC candidates need to understand the Sixteenth Finance Commission’s role in fiscal policy and its impact on India’s economic governance.
Context
●     The Sixteenth Finance Commission, led by Chairman Arvind Panagariya, with appointed members, is tasked to provide recommendations by October 31, 2025, for a 5-year period starting April 1, 2026.

Additional information on this news:

  • The Sixteenth Finance Commission was constituted on December 31, 2023.
  • Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog, is appointed as the Chairman.
  • Other appointed members include:
    • Ajay Narayan Jha, former member of the 15th Finance Commission and former Secretary, Expenditure – Full time Member.
    • Annie George Mathew, former Special Secretary, Expenditure – Full time Member
    • Niranjan Rajadhyaksha, Executive Director, Artha Global – Full time Member
    • Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India – Part time Member
  • The terms of reference for the Commission were notified on December 31, 2023.
  • The Commission has been requested to provide its recommendations by October 31, 2025.
  • The recommendations will cover an award period of 5 years, commencing from April 1, 2026.
Additional Information about Finance Commission
  • The Finance Commission is a constitutional body in India.
  • Established by the President every five years to address fiscal imbalances among states.
  • Its primary role is to recommend the distribution of tax proceeds between the central and state governments.
  • Factors considered include population, income levels, and special needs of states.
  • The Commission also suggests grants-in-aid to states and grants for specific purposes.
  • Ensures a fair and equitable distribution of financial resources.
  • Promotes fiscal federalism and strengthens cooperative federalism.
  • Recommendations impact the devolution of finances to local governments.
  • Enhances economic stability and promotes balanced regional development.
  • The Finance Commission plays a crucial role in shaping India’s fiscal policies.
PYQ: How is the Finance Commission of India constituted? What do you know about the terms of reference of the recently constituted Finance Commission? Discuss. (UPSC CSE (M) GS-2 2018) (250 words/15m)

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