1 February 2024 : PIB Summary for UPSC
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 |
|
| 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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