N K Singh panel today submitted its report on changes in Fiscal Responsibility and Budget Management, FRBM, Act to Finance Minister Arun Jaitley. The Committee was assigned to review the working of the FRBM Act over last 12 years to suggest the way forward.
The panel has kept 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. It was also tasked to examine the need and feasibility of having a ‘fiscal deficit range’ as the target in place of the existing fixed numbers as fiscal deficit target.
The five member committee was set up in May last year following the announcement in Budget for comprehensive review and give recommendations on the FRBM roadmap for the future. The Government will now examine the Committee Report and take appropriate action.
The panel has kept 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. It was also tasked to examine the need and feasibility of having a ‘fiscal deficit range’ as the target in place of the existing fixed numbers as fiscal deficit target.
The five member committee was set up in May last year following the announcement in Budget for comprehensive review and give recommendations on the FRBM roadmap for the future. The Government will now examine the Committee Report and take appropriate action.
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