The Fiscal Responsibility and Budget Management Committee headed by Shri NK Singh presented its report to the FM on 23rd Jan 2017.
Singh is the former Revenue and Expenditure Secretary and former Member of Parliament
Other Members of the Committee included:- 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)
Government had constituted a Committee in May, 2016 to review the Fiscal Responsibility and Budget Management (FRBM) Act.
The Committee had wide ranging Terms of Reference (ToR) to comprehensively review the existing FRBM Act.
This is 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.
Committee’s views on certain recommendations of the Fourteenth Finance Commission and the Expenditure Management Commission were also sought.
These primarily related to strengthening the institutional framework on fiscal matters as well as certain issues connected with new capital expenditures in the budget.
Various stakeholders were also consulted for the report.
