Who was named the Sixteenth Finance Commission's new chairman recently?

The Indian Finance Commission has named Dr. Arvind Panagariya as its new chairman. A constitutional body that makes recommendations on center-state financial relations is the Finance Commission. Renowned economist Dr. Panagariya held the position of NITI Aayog's first Vice Chairman. The 16th Finance Commission, which he will now lead, will recommend a tax devolution plan between the federal government and the states for a five-year period beginning in 2026–2027. The appointment follows the President's December 31, 2023, notification establishing a new Finance Commission.