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Friday, March 1, 2024

Govt appoints 4 members of sixteenth Finance Fee

A file photograph of former Expenditure Secretary Ajay Narayan Jha.

The Authorities has appointed former Expenditure Secretary Ajay Narayan Jha and SBI Group Chief Financial Advisor Soumya Kanti Ghosh, and two different members of the newly-constituted sixteenth Finance Fee.

The Fee, chaired by former Vice Chairman of Niti Aayog Arvind Panagariya, can have 4 members, who shall be assisted by Secretary Ritvik Ranjanam Pandey, two Joint Secretaries and one Financial Advisor.

In addition to Mr. Jha, who was additionally a member within the earlier fifteenth Finance Fee, retired bureaucrat Annie George Mathew and Artha World Govt Director Niranjan Rajadhyaksha have been appointed as full-time members of the sixteenth Finance Fee. Mr. Ghosh shall be a part-time member, the Finance Ministry mentioned in a notification.

“The Chairman and different members of the Fee shall maintain workplace from the date on which they respectively assume workplace as much as the date of submission of report or October 31, 2025, whichever is earlier,” the notification added.

The Authorities constituted the Fee below the chairmanship of Panagariya on December 31, 2023. The panel would submit its report back to the President by October 31, 2025. The report can be overlaying five-year interval starting April 1, 2026.

In addition to suggesting tax devolution between the Centre and States and income augmentation measures, the Fee would overview the current preparations for financing catastrophe administration initiatives just about the funds constituted below the Catastrophe Administration Act, 2005. Finance Fee is a constitutional physique that offers solutions on centre-state monetary relations.

The erstwhile fifteenth Finance Fee below NK Singh had advisable that States be given 41 per cent of the divisible tax pool of the Centre throughout five-year interval 2021-22 to 2025-26, which is on the similar degree as was advisable by 14th Finance Fee below Y.V. Reddy.

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