Home » FINANCE » Budget Panel Submits Report on Expenditure Management
budget expenditure report 2017
The former Revenue Secretary, Mr N.K. Singh presenting the Report on Fiscal Responsibility and Budget Management (Representation of Report) to the Union Minister for Finance and Corporate Affairs, Mr Arun Jaitley, in New Delhi on January 23, 2017.(PIB Photo)

Budget Panel Submits Report on Expenditure Management

The Fiscal Responsibility and Budget Management (FRBM) Committee headed by Mr. N.K. Singh presented its Report on Monday to Union Finance Minister Arun Jaitley.

Mr. N.K. Singh, former Revenue and Expenditure Secretary and former Member of Parliament presented the Report to Mr Jaitley in his office in North Block in New Delhi.

The panel was constituted in May 2016 to review the Fiscal Responsibility and Budget Management (FRBM) Act under Mr. N.K. Singh and it consisted of Dr. Urjit R. Patel, Governor, Reserve Bank of India (RBI), Mr Sumit Bose, former Finance Secretary, Dr. Arvind Subramanian, Chief Economic Adviser and Dr. Rathin Roy, Director, National Institute of Public Finance & Policy (NIPFP) as members.

The Committee had wide ranging Terms of Reference (ToR) to comprehensively review the existing FRBM Act in the light of contemporary changes, past outcomes, global economic developments, best international practices and to recommend the future fiscal framework and roadmap for the country.

Subsequently, the Terms of Reference were enlarged to seek the Committee’s views on certain recommendations of the 14th Finance Commission and the Expenditure Management Commission, related to strengthening the institutional framework on fiscal matters as well as certain issues connected with new capital expenditures in the budget.

The Committee held extensive consultations with a wide range of stakeholders. It also received inputs from eminent national and international organisations and domain experts. The Committee also held interactions with various Ministries of Government of India as well as with the State Governments.

The Government will examine the Report and take appropriate action, which may form part of the budget this year or the next.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

x

Check Also

India moves blueprint for Vision of $5 Trillion Economy

The Working Group tasked to develop a roadmap towards achieving a 5 trilliondollar economy by ...

GST collection in Sept 2018 cross Rs.94k Cr

The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which ...

LLP incorporation goes online in India

Without making round to government offices, one can start business by incorporating a company through ...

error: Content is protected !!