Centre will have to put its house in order (on finances): N K Singh

The finance ministry released the report of an experts committee that reviewed the FRBM Act

On Wednesday, the finance ministry released the report of an experts committee that reviewed the Fiscal Responsibility and Budget Management (FRBM) Act. Ishan Bakshi spoke to former revenue secretary N K Singh, who chaired the panel, to understand its finer details. Edited excerpts:

The FRBM review committee has recommended a debt to GDP ratio of 60 per cent for general government (centre and states combined) by 2023. This comprises 40 per cent for the Centre and 20 per cent for state governments. But, given the current debt levels, does adopting this path mean that the burden of reducing the debt falls