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The Sixteenth Finance Commission, headed by Arvind Panagariya, on Tuesday set up a five-member advisory council to advise the Commission on the Terms of Reference (ToR), assist in the preparation of research papers and help broaden the Commission’s ambit, a statement by the Finance Ministry said.
The convenor of the five-member panel would be Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER) and part-time member of Economic Advisory Council to the Prime Minister (EAC-PM).
Other members of the panel are EY’s Chief Policy Advisor DK Srivastava, Axis Bank’s Chief Economist Neelkanth Mishra, who is also part-time Chairperson of Unique Identification Authority of India (UIDAI) and part-time member of EAC-PM. HSBC’s Chief India Economist Pranjul Bhandari and Rahul Bajoria, Bank of America head of India and ASEAN economic research, are the other members of the council, the statement said.
The role and functions of the advisory council include helping the Commission to broaden its ambit and understanding by seeking the best national and international practices on matters pertaining to fiscal devolution and improving the quality, reach, and enforcement of its recommendations, the statement said.
Also, the council will advise the Commission on any of the Terms of Reference or related subjects that may be of relevance. It will also assist in the preparation of papers or research studies and monitor or assess studies commissioned by the Finance Commission, thereby enhancing the commission’s understanding of the issues in its Terms of Reference.
