NDA 2024 · PYQ · Indian Polity / Finance Commission · medium
Which of the following statements with regard to the constitution of Finance Commission is/are correct?
1. The Government of India has recently constituted the Sixteenth Finance Commission under the Chairmanship of Dr. Arvind Panagariya.
2. Finance Commission is constituted in pursuance to Article 263 of the Constitution of India.
Select the answer using the code given below:
A.1 only✓ Correct
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
Explanation
The Sixteenth Finance Commission was constituted by the Government of India on 31 December 2023 under the chairmanship of Dr. Arvind Panagariya, the former Vice-Chairman of NITI Aayog — so statement 1 is correct. However, the Finance Commission is constituted under Article 280 of the Constitution of India, not Article 263 (which deals with the Inter-State Council). Hence statement 2 is incorrect. Only statement 1 is correct.
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