Finance Ministry sets up five-member committee to review FRBM Act

18 May 2016 Evaluate

Moving a step further on its Budget announcement, the Finance Ministry has set up a five-member committee for a comprehensive review of the 12 year old Fiscal Responsibility and Budget Management (FRBM) Act and to suggest a future road map. The panel will be headed by former Member of Parliament and former Revenue and Expenditure Secretary NK Singh. The other members of the committee include, Chief Economic Advisor to the Finance Ministry Arvind Subramanian, former Finance Secretary Sumit Bose, Deputy Governor of the Reserve Bank of India Urjit Patel and National Institute of Public Finance and Policy (NIPFP) Director Rathin Roy will be its members.

The committee will suggest the future roadmap, 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. Besides, the committee is expected to look into various aspects, factors and considerations for determining the FRBM target. Finance Ministry in its release has said that the committee will determine the need and possibility of having a ‘fiscal deficit range’ as the target in place of the existing fiscal deficit number and aligning the ‘fiscal expansion or contraction’ with ‘credit contraction of expansion’ respectively in the economy.

The committee will also make its assessment and provide its views on the expected impact of its recommendations on the general government deficit and other parameters. It will also look into various aspects, factors, considerations which go into determining the FRBM targets. The committee will be delegated with additional terms of reference and further it may consult department/agencies of the government, experts and institutions if considered necessary. The panel will submit its recommendations by October 31, 2016.

In the Budget 2016-17, Finance Minister Arun Jaitley had announced that the government would set up a committee to review and give recommendations on the FRBM roadmap for the future and whether it should move from a fixed target to a range and aligned with credit contraction or expansion.

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