Consider the following statements regarding the Finance Commission of India:

i. The Article 380(1) of the Constitution lays down that the modalities for setting up of a Finance Commission to make recommendations on the distribution of net proceeds of taxes between the Union and the States during the award period.

ii. The 15th Finance Commission made its recommendations for a six-year period from 2020-21 to 2025-26.

iii. Dr. Arvind Panagariya is the Chairman of the 16th Finance Commission.

iv. The 16th Finance Commission shall make its report available by 31st March, 2025.

v. The 16th Finance Commission’s recommendations would cover the period of five years commencing 01 April 2026.

Which of the above statements is/are correct:

iii. Correct: Dr. Arvind Panagariya, the former Vice-Chairman of NITI Aayog, was appointed as the Chairman of the 16th Finance Commission in December 2023.iv. Incorrect: The 16th Finance Commission has been requested to make its report available by October 31, 2025, not March 31.v. Correct: The recommendations of the 16th Finance Commission will cover a five-year period starting from April 1, 2026.Comparison of the 15th and 16th Finance CommissionsFeature15th Finance Commission16th Finance Commission Chairman Shri N.K. Singh Dr. Arvind Panagariya Award Period2020-21 to 2025-26 (6 years)2026-27 to 2030-31 (5 years)Vertical Devolution41% (to States)To be determined Key Focus Fiscal consolidation post-COVID Reviewing disaster mgmt funding and tax sharing