Committee has submitted FRBM report to FM Jaitley, says FinMin

Ministry of Finance on Monday said that the committee which was formed to review the Fiscal Responsibility and Budget Management (FRBM) Act, has submitted its report to Finance Minister Arun Jaitley. 

The committee was formed in May 2016, is headed by N.K. Singh, former Revenue and Expenditure Secretary and former Member of Parliament. 

Other Members of the Committee includes Urjit R. Patel, Governor, Reserve Bank of India (RBI), Sumit Bose, former Finance Secretary, Dr. Arvind Subramanian, Chief Economic Adviser and Rathin Roy, Director, National Institute of Public Finance & Policy (NIPFP).  

The Government will examine the submitted report and take appropriate actions in the upcoming Annual Budget which will be presented on February 1. 

"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," Ministry said. 

As per the Ministry, the TOR 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.