FRBM Review Committee’s term extended to Nov 20

New Delhi, Oct 31 (IANS) The term of the FRBM (Fiscal Responsibility and Budget Management) Review Committee has been extended up to November 20, the Union Finance Ministry said on Monday.

The committee headed by N.K. Singh, a former Secretary in the Finance Ministry and former Member of Parliament, was supposed to submit its report by Monday (October 31).

“Approval of the Ministry of Finance, Department of Economic Affairs is hereby conveyed to the extension of the term of the FRBM Review Committee up to November 20, 2016,” said a ministry statement.

The committee, which sought an extension of term, has been examining the forward path for debt sustainability and fiscal rectitude so that growth priority and macro-economic stability can be combined.

In the 2016-17 budget speech, Union Finance Minister Arun Jaitley had proposed the constitution of a committee to amend the FRBM Act. Subsequently, in May, the government had constituted the five-member panel, to suggest a roadmap for fiscal consolidation.