The correct answer is option 3, Governor of the State concerned.
The 73rd Amendment of the Indian Constitution introduced the concept of Panchayats and devolved powers to them. One of the key provisions of this amendment is the establishment of a Finance Commission to review the financial position of the Panchayats.
The Finance Commission is responsible for assessing the financial resources available to the Panchayats and making recommendations for the allocation of funds from the consolidated fund of the state. This helps in ensuring a fair and equitable distribution of resources among the Panchayats.
The Finance Commission is appointed by the Governor of the State concerned. This ensures that the commission is independent and impartial in its decision-making process. The Governor plays a crucial role in appointing the members of the commission, who are usually experts in finance and administration.
It is important to note that the Comptroller and Auditor-General of India (option 1), President of India (option 2), and Union Finance Minister (option 4) do play significant roles in financial matters, but they are not specifically responsible for appointing the Finance Commission for Panchayats.