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The Ministry of Finance on Monday announced that a new member will be appointed to the 16th Finance Commission, replacing the previously announced member Niranjan Rajadhyaksha. This came less than a week after the first meeting of the 16th Finance Committee on February 14, which Mr. Rajadhyaksha did not attend.
Rajadhyaksha is currently the Executive Director of Artha Global. Appointed as a member of the 16th Finance Committee Through a notification dated January 31, 2024. Mr. Rajadhyaksha has indicated that he is unable to take on this responsibility due to unforeseen personal circumstances,” the Ministry of Finance said in a statement.
The ministry said it would take steps to appoint a member of the 16th committee in Mr. Rajadhyaksha’s place.
In January, the government announced the appointment of three full-time members and one part-time member to the commission. In December last year, it had announced the appointment of former NITI Aayog vice-chairman Dr Arvind Panagariya as the 16th finance committee chairman. It also announced the appointment of Ritvik Ranjanam Pandey, a 1998 IAS officer, as the commission’s secretary.
Former Finance and Expenditure Secretary Ajay Narayan Jha, who is also a member of the 15th Finance Commission, has been appointed as a full-time member along with former Special Secretary, Ministry of Expenditure and Rajadhyaksha Annie George Mathew. Sowmya Kanti Ghosh, Group Chief Economic Advisor of State Bank of India (SBI), a public sector financial institution, has been appointed as a non-executive member of the committee.
The Finance Commission primarily decides on the tax sharing formula between the Center and the states. The 16th Finance Committee is scheduled to submit its recommendations by October 31, 2025, and the recommendation period will be five years from April 1, 2026.
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