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Thursday, 19 May 2016

N.K. Singh to head panel to review FRBM Act

The government has constituted  a panel under Former Revenue Secretary and Rajya Sabha MP N.K. Singh to review the Fiscal Responsibility and Budget Management (FRBM) Act of 2003 and prepare  roadmap for the future. 
Ambit of the committee : 
The committee will review the working of the FRBM Act over last 12 years and suggest the way
forward, keeping in view the broad objective of fiscal consolidation and prudence and the changes required in the context of the uncertainty and volatility in the global economy
Examine the need and feasibility of aligning the fiscal expansion or contraction with credit contraction or expansion respectively in the economy.
The committee  will also examine the feasibility of having a ‘fiscal deficit range’ as the target instead of the existing fixed numbers.

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