The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026.
The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman.
The other members are: Ajay Narayan Jha, Smt. Annie George Mathew and Manoj Panda as full time members and Dr. Soumya Kanti Ghosh as a part time Member.
The Finance Commission is a constitutional body set up by the President of India under Article 280 of the Constitution, every five years or earlier.
The Commission may review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005, and make appropriate recommendations thereon.