Every five years, the Centre sets up a finance panel to suggest formula for the sharing of taxes between the union and state governments, and make recommendations on public finances.

“The Commission shall make its report available by October 31, 2025 covering a period of five years commencing on the 1st day of April, 2026,” the government order stated.

ALSO READ: Noted economist Arvind Panagariya appointed as Nalanda Univ chancellor

Here are five things to know about Arvind Panagariya:

1. Born on September 30, 1952, Panagariya is an alumnus of the University of Rajasthan. He holds a Doctor of Philosophy (PhD) from Princeton University.

2. Panagariya is a former chief economist at Asian Development Bank. He has also worked with the World Trade Organisation, International Monetary Fund and World Bank. He also taught as the professor of economics at New York’s Columbia University.

3. In 2015, Panagariya was picked by the Modi government to serve as the vice chairman of the National Institution for Transforming India (NITI) Aayog, which had replaced the five decades old Planning Commission.

4. In 2017, Arvind Panagariya stepped down from his post and returned to academics. “I have requested the Prime Minister to relieve me from my responsibility as my leave in Columbia University is coming to an end on September 5 and I have decided to join back. The PM has agreed after listening to me,” he had said.

5. Earlier this month, Panagariya said that India will become the world’s third largest economy by 2026 and its GDP will touch $5 trillion that year. He had said,”At this rate, India’s GDP in current dollars will reach USD 5 trillion in 2026 and USD 5.5 trillion in 2027. This means that there are good prospects that India will become the world’s third economy by the end of 2026, sooner than nearly all current predictions”.