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The Narendra Modi government on Sunday appointed former NITI Aayog vice-chairman Arvind Panagariya as the new finance committee chairman, Reuters reported.
The Center sets up a finance committee every five years to propose a method of tax sharing between unions and state governments and make financial recommendations.
The government order states: “The commission shall publish its report covering a period of five years from April 1, 2026, by October 31, 2025.” Also read: Renowned economist Arvind Panagariya appointed as Chancellor of Nalanda UniversityHere are five things to know about Arvind Panagariya. 1. Born on September 30, 1952, Panagariya is an alumnus of the University of Rajasthan. He holds a Doctorate of Philosophy (PhD) from Princeton University. 2. Mr. Panagariya is the former chief economist of the Asian Development Bank. He has also worked with the World Trade Organization, International Monetary Fund, and World Bank. He also taught as a professor of economics at Columbia University in New York.
3. In 2015, Panagariya was selected by the Modi government as vice-chairman of the National Institute for Transforming India (NITI) Aayog, replacing the 50-year-old Planning Commission. 4. In 2017, Arvind his Panagariya resigned from his post and returned to academics. “My leave of absence at Columbia University ends on September 5th, and I have decided to return to the university, so I asked the Prime Minister to relieve me of my responsibilities. The Prime Minister listened to me and agreed.” said. 5. Earlier this month, Panagariya said India will become the world’s third largest economy by 2026, with a GDP of $5 trillion in the same year. “At this rate, India’s GDP will reach $5 trillion in current dollars in 2026 and $5.5 trillion in 2027, which means India will become the world’s third largest economy by the end of 2026,” he said. “It means that the prospects for becoming a great power are faster.” Better than almost all current predictions. ”
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