The union government has constituted a five-member committee for a comprehensive review of the Fiscal Responsibility and Budget Management (FRBM) Act. The committee will be headed by the former revenue secretary N K Singh. The constitution FRBM panel was announced by Finance Minister Arun Jaitley while presenting the budget for fiscal 2016-17.
This FRBM committee will review the working of the 12-year old FRBM Act in the context of the uncertainty and volatility of global economy and suggest changes that are in tune with the broad objective of fiscal consolidation. The committee will also examine whether a broad fiscal deficit range should be adopted in place of specific target. The FRBM panel will submit its report by October 31.
This FRBM Act deals with fiscal matters such as spending and deficit, along with management of macro-economic factors and public funds.
So let’s discuss some questions related o this post :
1. The Union Government has constituted a five-member panel to review which act ?
2. Expand the term FRBM and also name the person who will lead the five member panel to review ‘FRBM act’ ?
Courtesy : Business Standard