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The 16th Finance Commission was constituted in December 2023 under the chairmanship of ______, with recommendations covering the fiscal period 2026-31.
- N.K. Singh
- Arvind Panagariya
- Raghuram Rajan
- Urjit Patel
Answer: Arvind Panagariya
16th Finance Commission (2026-31): (a) Constituted: December 2023 by President, (b) Chairman: Arvind Panagariya (former NITI Aayog Vice-Chairman), (c) Terms of reference: (i) Vertical devolution (Union-State tax share), (ii) Horizontal distribution (among States using criteria like population, area, income distance, forest cover, demographic performance), (iii) Grants-in-aid to States, (iv) Augmenting local body funds, (d) Key challenges: Post-pandemic fiscal stress, climate finance needs, digital governance costs, balancing equity (needier States) with efficiency (rewarding reforms). Illustrates fiscal federalism evolution: technical mediation of political claims through independent Commission.