Former Expenditure Secretary Ajay Narayan Jha and SBI Group Chief Economic Advisor Soumya Kanti Ghosh are among the newly appointed members of the 16th Finance Commission, chaired by Arvind Panagariya. Alongside, retired bureaucrat Annie George Mathew and Artha Global Executive Director Niranjan Rajadhyaksha are named as full-time members. Ghosh will serve as a part-time member. The commission, tasked with suggesting tax devolution, revenue measures, and reviewing disaster management financing, will submit its report covering the 2026-2031 period by October 31, 2025. The 15th Finance Commission had recommended a 41% share for states in the divisible tax pool.