Arvind Panagariya has been recently appointed as the Chairman of the Sixteenth Finance Commission.

The Finance Commission is a constitutional body established under Article 280 of the Indian Constitution. Its main function is to recommend the distribution of financial resources between the Union government and the state governments. The Commission also makes recommendations on various fiscal matters, including grants-in-aid to states, principles governing the allocation of resources, and measures needed to improve the financial position of states.

Arvind Panagariya is an Indian-American economist and professor at Columbia University. He has extensive experience in the field of economics and has held several important positions in the past. He served as the first Vice-Chairman of the NITI Aayog, the premier think tank of the Indian government, from 2015 to 2017. He has also worked as an economist at the World Bank and has published numerous papers and books on economic policy and development.

The appointment of Arvind Panagariya as the Chairman of the Sixteenth Finance Commission is significant because of his expertise and knowledge in the field of economics. As the Chairman, he will play a crucial role in determining the allocation of financial resources between the Union government and the state governments. His recommendations will have a direct impact on the fiscal position of the states and will shape the overall economic policy of the country.

Arvind Panagariya's appointment is also important in the context of the current economic challenges faced by the country. The COVID-19 pandemic has severely impacted the economy, and there is a need for a comprehensive fiscal strategy to revive growth and ensure the financial stability of the states. With his vast experience and expertise, Panagariya is well-equipped to provide valuable insights and recommendations to address these challenges.

In conclusion, Arvind Panagariya has been recently appointed as the Chairman of the Sixteenth Finance Commission. His appointment is significant due to his expertise in economics and his ability to provide valuable recommendations on fiscal matters. His role as the Chairman will be crucial in shaping the allocation of financial resources between the Union government and the state governments and addressing the economic challenges faced by the country.