FRBM Committee submits report on fiscal consolidation roadmap

The Fiscal Responsibility and Budget Management (FRBM) Committee, headed by former Revenue and Expenditure Secretary N.K. Singh, submitted its report to Finance Minister Arun Jaitley on Monday with recommendations on the future fiscal framework and roadmap for the country.

The committee also made recommendations on strengthening the institutional framework on fiscal matters as well as certain issues connected with new capital expenditures in the budget, the Finance Ministry said in a statement here.

"The committee held extensive consultations with a wide range of stakeholders. It also received inputs from eminent national and international organisations and domain experts. The Committee also held interactions with various ministries of Centre as well as with the state governments," it said.

"The government will examine the report and take appropriate action," it added.

Earlier, the committee was supposed to submit its report by October 31.

The committee, which sought an extension of term, has been examining the forward path for debt sustainability and fiscal rectitude so that growth priority and macro-economic stability can be combined.

In the 2016-17 budget speech, Jaitley had proposed the constitution of a committee to amend the FRBM Act. Subsequently, in May, the government had constituted the five-member panel to suggest a roadmap for fiscal consolidation.

--IANS

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