The Chairman of the Fifteenth Finance Commission has constituted a Committee to review the fiscal consolidation roadmap of the general government. The Committee shall make recommendations on the definition of deficit and debt for the Central government, overall states, the General Government and public sector enterprises by considering all explicit and measurable liabilities of the sovereign and by bringing in consistency between the definition of debt (stock) and deficit (flow).
The Committee shall also lay down the principles for arriving at the debt of the general government debt and consolidated public sector with appropriate netting to avoid double-counting. The Committee shall define contingent liabilities, provide quantifiable measures of such liabilities, wherever possible, and specify conditions under which "contingent" liabilities become "explicit" liabilities of the public sector.
The Committee shall review the current status of deficit and debt at different levels. The Committee will be chaired by Chairman N K Singh. Analytical and data support to the Committee will be provided by a team from National Institute of Public Finance & Policy, New Delhi. The Economic Division of the Finance Commission Secretariat shall facilitate and support the working of the Committee.
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