The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman.
Now the following members are appointed to the Commission with the approval of the President of India.
| 1. | Shri. Ajay Narayan Jha, former member, 15th Finance Commission and former Secretary, Expenditure | Full time Member |
| 2. | Smt. Annie George Mathew, former Special Secretary, Expenditure | Full time Member |
| 3. | Dr. Niranjan Rajadhyaksha, Executive Director, Artha Global | Full time Member |
| 4. | Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India | Part time Member |
