The government has announced the appointment of three full-time members and one part-time member of the 16th Finance Commission. They are: Ajay Narayan Jha, former member, 15th Finance Commission and former Secretary, Expenditure appointed (full time member), Annie George Mathew, former Special Secretary, Expenditure (full time member), Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global (full time member), Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India (part time member)

♦ The Sixteenth Finance Commission was constituted on 31.12.2023 with Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman.

♦ The terms of reference of the Commission were notified on 31.12.2023.

♦ The Sixteenth Finance Commission has been requested to make its recommendations available by October, 31, 2025, covering an award period of 5 years commencing 1st April, 2026.