Arvind Panagariya (Former Vice-Chairman of NITI Aayog)

Appointed as the Chairman of the 16th Finance Commission.

15th Finance Commission (FC)

Chaired by NK Singh in 2017.

Recommendations of the 15th Finance Commission:

• The share of states in central taxes is to be 41%.
• Suggested reducing fiscal deficit to 4% of GDP by 2025-26.

Finance Commission Overview:

• Article 280: The Finance Commission is a Constitutional Body.
• Constituted by the President.
• The commission will recommend on:
  • Tax proceeds division.
  • Grants principles.
  • Funding for Panchayats/Municipalities based on state recommendations.
  • Review of Disaster Management funding arrangements.