NK Singh Committee to Evaluate FRBM Act [ Current Affairs ]
The Union Government has created a five member committee to expansively review and give recommendations on the Fiscal Responsibility and Budget Management (FRBM) roadmap for the future.
- Former Revenue Secretary and Rajya Sabha MP, NK Singh will head the committee. And other members are finance and Revenue Secretary Sumit Bose, Chief Economic Adviser (CEC) Dr. Arvind Subramanian, Deputy Governor of RBI Urijit Patel and Director of National Institute Public Finance and Policy (NIPFP) Rathin Roy.
- On the bases of announcement made by the Union Finance Minister Arun Jaitley in his 2016 - 17 Budget speech this committee was constituted.
- By the 31st October, 2016 the committee will submit its Report to the Union Government.
Terms of Reference of the Committee:
- Evaluation of the work of the FRBM Act, 2003 above last 12 years and advice the way forward.
- The recommendations should be submitted possession in view the broad objective of economic consolidation and judiciousness and the changes essential in the context of the doubt and instability in the global economy Look into various factors, aspects, considerations profitable into defining the FRBM goals Consider the opportunity of substituting entire fiscal deficit targets with a target array that may be adjusted in line with the complete credit tendencies in the economy.
- Observe the necessity and feasibility of line up the fiscal contraction and development with recognition expansion or reduction correspondingly in the economy.
About NK Singh:
- Nand Kishore Singh is a former Indian Administrative Service officer, politician and economist.
- Since March 2014 he is a senior Member of the Bharatiya Janata Party (BJP) after serving as a Member of Parliament in the Rajya Sabha from Bihar.
- He was the senior bureaucrat, Member Planning Commission and fingered assignments of Union Expenditure and Revenue Secretary and Additional Secretary Economic Affairs associated with International organizations like World Bank, IMF and UNDP.
- Currently he is on the board of Hindustan Times, ICRIER, IMI, Nalanda University and also associated with the University of Stanford and the India Advisory Committee of London School of Economics and Columbia University.
- He also has served as Chairman, Board of Governors of Management Development Institute (MDI), Gurgaon.
- Published on: May 19, 2016