Four members of the 16th Finance Commission were appointed by the Central Government with the approval of the President. Former Secretary Ajay Narayan Jha, Former Special Secretary, Expenditure Annie George Mathew, Artha Global Executive Director Dr. Niranjan Rajadhyaksha were appointed as whole time members. State Bank of India Group Chief Economic Adviser Dr. Soumyakanti Ghosh was appointed as a part-time member. The 16th Finance Commission was constituted on December 31 with Arvind Panagariya, former vice-chairman of NITI Aayog, as its chairman. The Sixteenth Finance Commission has been requested to make recommendations available by October 31, 2025 covering the award period of 5 years from April 1, 2026.