India International Times Latest Business News from India
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.
