Finmin sets up panel to consider EBRs for infra, social schemes

The finance ministry has constituted a 13-member Steering Committee to consider the proposals of different ministries and departments for rasing Extra Budgetary Resources (EBR) to fund infrastructure and social sector schemes.

Headed by Economic Affairs Secretary, the committee has secretaries from different ministries as members, besides Chairman of NABARD and Managing Director of IIFCL.

Joint Secretary (Budget) in the Department of Economic Affairs (DEA) is member secretary of the committee which will consider the proposals for raising EBR to meet the "resource gap for funding infrastructure, health, education and other social sector projects," the Department of Economic Affairs (DEA) said in an office memorandum.

The committee will examine all aspects of proposals received from ministries/departments for raising EBRs, it said.

It has been asked to examined the requirement of project funds, progress of schemes and availability of budgetary resources and decide the aggregate amount of EBR to be raised.

The panel will also plan the mode of raising the EBRs, including deciding on the institution for raising resources and determine a broad calender for the EBR programme.

The DEA has asked the ministries and departments concerned to finalise the requirement of EBRs in the 2018-19 financial year for projects as announced in the Budget Speech and send the proposal to it for consideration of the Steering Committee.