The government panel set up to review the working of FRBM Act has sought views of the Reserve Bank on the fiscal consolidation path and will submit its report next month.
The Fiscal Responsibility and Budget Management (FRBM) panel headed by former Revenue Secretary and Rajya Sabha MP N K Singh ,which will be submitting its report tot Finance Minister by October 31 is likely to come up with a new roadmap.
Government is looking at ways to improve expenditure management for judicious utilisation of resources while continuing with the pace of public spending to keep the economy moving, Finance Secretary Ashok Lavasa said
The report has been prepared after examining nine areas of expenditure management — including issues related to fertiliser subsidy, Direct Benefit Transfer (DBT), removal of cesses, among others
The government had set up the Commission under former RBI Governor Bimal Jalan in August 2013 to suggest steps to reduce subsidies on food, fertiliser and oil and narrow the fiscal deficit.
The process is the setting up of payment banks will go a long way in setting up direct benefit transfer, says Bimal Jalan.
The government had set up the Commission under the former RBI Governor in August last year to suggest steps to reduce subsidies on food, fertiliser and oil and narrow the fiscal deficit.
Jaitley said he would prefer to lower fiscal deficit by boosting revenues rather than cutting down on expenditure.