Finance Commission: Former Vice Chairman of NITI Aayog Arvind Panagariya gets new responsibility, will now hold this important post
Former Vice Chairman of NITI Aayog, Dr. Arvind Panagariya has been appointed Chairman of the Finance Commission. The Finance Ministry has issued a notification regarding the appointment. The notification said that Ritwik Ranjanam Pandey, associated with the Finance Ministry, will be the Secretary of the Finance Commission. The Chairman and other members of the Commission shall hold office from the date of assumption of charge till the date of submission of the report or till October 31, 2025, whichever is earlier. It is noteworthy that the Finance Commission makes recommendations regarding the distribution of net income of taxes between the Union and the States. According to the notification, the Commission may review the existing arrangements on funding of disaster management initiatives in terms of funds constituted under the Disaster Management Act, 2005 (53 of 2005) and thereafter make appropriate recommendations.
Appointments have been made to many posts
Dr. Panagariya has been honored with Padma Bhushan by the Government of India in March 2012. This is the third highest civilian honour. He has a PhD in Economics from Princeton University. He has held many positions in world class institutions like World Bank, IMF. Professor Panagariya is recognized as a leading expert on the Indian economy. He has been the Chief Economist of the Asian Development Bank (ADB). In the first term of the Modi government, Arvind Panagariya was appointed to the post of Vice Chairman of NITI Aayog, but after two years he resigned from this post also. After which he went back to teach at Columbia University. From January 2015 to August 2017, Arvind Panagariya served as the First Vice Chairman of NITI Aayog. Over the years he has also served as India’s G20 Sherpa. From 1978 to 2003 he was on the faculty of the Economics Department at the University of Maryland at College Park.
