New Delhi, Dec. 31 -- Arvind Panagariya, former Vice Chairman of NITI Aayog and Professor at Columbia University, has been appointed as the Chairman of the 16th Finance Commission, according to the official notification by the Union Ministry of Finance.

The commission makes recommendations about the distribution of the net proceeds of taxes between the Union and the States.

From January 2015 to August 2017, Panagariya served as the first Vice Chairman of the NITI Aayog, in the rank of Cabinet Minister.

During these years, he also served as India's G20 Sherpa and led the Indian teams that negotiated the G20 communiques during the presidencies of Turkey (2015), China (2016) and Germany (2017).

Professor Panagariya is a former Chief Econ...