"There are many important recommendations (of N K Singh panel). Some of them would be part of the budget...Very soon government will take a decision on that," the official said.
The government will follow calibrated measures to bring down fiscal deficit which will also impact the debt level that is still high.
In Union Budget 2017-18, the fiscal deficit has been pegged at 3.2 per cent, lower than 3.5 per cent in the last financial year.
The Fiscal Responsibility and Budget Management (FRBM) committee, headed by Singh, a former revenue secretary, recommended keeping budgetary deficit at 3 per cent of the GDP in three years to March 2020.
It also suggested progressively reducing it to 2.5 per cent by 2022-23.
Besides, the panel suggested setting up of a new fiscal council as an autonomous body under finance ministry.
The official further said India is the fastest growing economy in the world despite some blips last year.
"Those things have played out...And institutions expect India to resume plus seven per cent growth, the highest in the world," the official, who did not wish to be identified, said.
There is some stress in the financial sector, especially the banking system, and that is an area where a lot of action is required, he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)