The
Fiscal Responsibility and Budget Management (FRBM) Committee headed by
Shri N.K. Singh presents its Report to the Union Finance Minister Shri
Arun Jaitley today.
The
Fiscal Responsibility and Budget Management (FRBM) Committee headed by
Shri N.K. Singh, former Revenue and Expenditure Secretary and former
Member of Parliament presented its Report to the Union Finance Minister
Shri Arun Jaitley today in his (FM) office in North Block in the
national capital. Other Members of the Committee including Dr. Urjit R.
Patel, Governor, Reserve Bank of India (RBI), Shri Sumit Bose, former
Finance Secretary, Dr. Arvind Subramanian, Chief Economic Adviser and
Dr. Rathin Roy, Director, National Institute of Public Finance &
Policy (NIPFP) were also present on the occasion. The Government will
examine the Report and take appropriate action.
Earlier,
the Government had constituted a Committee in May, 2016 to review the
Fiscal Responsibility and Budget Management (FRBM) Act under the
Chairmanship of Shri N.K. Singh, former Revenue and Expenditure
Secretary and former Member of Parliament. The Committee consisted of
Dr. Urjit R. Patel, Governor, Reserve Bank of India (RBI), Shri 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 Fourteenth Finance
Commission and the Expenditure Management Commission. These primarily
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.
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