Government constitutes a five Member Committee to comprehensively review and give recommendations on the FRBM roadmap for the future
Government
constitutes a five Member Committee to comprehensively review and give
recommendations on the FRBM roadmap for the future
In pursuance of the Budget
Announcement 2016-17, the Government has constituted a five Member Committee to
comprehensively review and give recommendations on the FRBM roadmap for the
future.
The composition of the FRBM Review
Committee is as follows:
(i)Shri N.K. Singh, Former Revenue
Secretary & Expenditure Secretary &Former Member of Parliament(Rajya
Sabha) : Chairman
(ii)Shri Sumit Bose, Former Finance
& Revenue Secretary: Member
(iii)Dr. Arvind Subramanian, Chief
Economic Advised (CEA) : Member
(iv) Shri Urijit Patel,Deputy Governor,RBI: Member
(v) Shri Rathin Roy, Director,
NIPFP: Member
The Terms of Reference (ToR) of the
Committee are as under:
(i)
To review the working of the FRBM Act over last 12
years and to suggest the way forward, keeping in view the broad objective of
fiscal consolidation and prudence and the changes required in the context of
the uncertainty and volatility in the global economy;
(ii)
To look into various aspects, factors,
considerations going into determining the FRBM targets
(iii)
To examine the need and feasibility of having a
‘fiscal deficit range’ as the target in place of the existing fixed
numbers(percentage of GDP) as fiscal deficit target; if so, the specific
recommendations of the Committee thereon; and
(iv)
To examine the need and feasibility of aligning the
fiscal expansion or contraction with credit contraction or expansion
respectively in the economy.
The Committee will make its assessment and provide its views on the expected
impact of its recommendations on the General Government deficit and other FRBM
parameters. The Committee will also examine and give recommendations on any
other aspect considered relevant in relation to the determination and
implementation of the FRBM roadmap. The Committee may be entrusted with
additional ToR, if considered necessary. In this context, the Committee may
consult Departments/Agencies of Government, experts and institutions, as
considered necessary, and determine its own procedures.
The
Budget Division of Department of Economic Affairs, Ministry of Finance will
provide necessary secretarial and logistics support to the Committee.
The
Committee shall submit its Report to Government by the 31st October,
2016.
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The Empowered Institution (EI) approves VGF Support for two PPP Projects of Government of Rajasthan
The
Empowered Institution (EI), under the Government of India’s Scheme for
Financial Support to Public Private Partnerships (PPPs) in
Infrastructure, met here today for its Seventy-First meeting. The
Meeting was chaired by the Additional Secretary (Investment), Department
of Economic Affairs, Ministry of Finance and approved Viability Gap
Funding (VGF) support to two projects of the Government of Rajasthan.
One project, in the Road Sector for Development and Operation of Chomu
Chandwaji - Highways Project, was granted in-Principle approval while
the other project, in the Power Sector, granted final approval of the
VGF support, was for the development of the 400 kV Bikaner-Sikar
Transmission Line Project .
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