Government facing various restraints in reporting Government Finance Statistics (GFS) data, including manual compilation of data from detailed demand of grants for economic and functional classification and a time lag of more than two years to get final data, has formed a Coordination Committee under chairmanship of Chief Economic Advisor (CEA) Arvind Subramanian to address issues while reporting GFS data.
A finance ministry office memorandum has stated that in order to address the various constraints and to enable timely reporting of GFS data to IMF, it has been decided to constitute a Coordination Committee on GFS. The GFS year book is an annual publication of the International Monetary Fund (IMF) that collects data of the public sector from member countries.
The composition of the committee will have representation from RBI, the Controller General of Accounts (CGA), the Central Statistics Office (CSO), the Comptroller and Auditor General (CAG) and the Department of Economic Affairs (DEA), among others and the terms of reference of the committee include putting in place a mechanism for integration of vast electronic data so that the monthly and annual numbers can be compiled and reported at the earliest. The mandate is also to outline steps to cut down the timeline for completion of state finance statistics to one year from the current three years.
The GFS Yearbook delivers statistical data on government financial operations for 133 IMF member countries in one definitive volume. Detailed annual data are presented on revenue, expense, net acquisition of nonfinancial assets, financing transactions, other economic flows as well as, balance sheet information; budgetary operations, extra- budgetary operations, social security, and consolidated financial operations of central governments; state governments, local governments, and the consolidated general government when available.
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