We proposed a paradigm shift in fiscal management: N.K. Singh
Nagoya, Japan: Nand Kishore Singh has served in various capacities including as a member of Parliament in the Rajya Sabha and more recently as chairman of the Fiscal Responsibility and Budget Management Committee, which submitted its report to the government ahead of the presentation of this year’s budget. He dwelled on the importance of the panel’s recommendations, the paradigm shift in fiscal management it ordained and the increasing importance of states as stakeholders. Earlier the administration of the FRBM Act was entirely in the domain of the government and did not have the analytical inputs of a robust independent organisation, like many countries have, of a fiscal council—which does fiscal analysis round the year and keeps the government informed in case it needs to undertake corrective action. One of the centrepiece is not escape clauses that most countries have but a Fiscal Council to do continuing analytical work on fiscal behaviour, acting in an advisory role to the ministry of finance and also of being available to the government to determine of the conditions were really appropriate for invocation of some of the trigger clauses.
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