A committee to review fiscal consolidation, led by Finance Commission chairman NK Singh, will hold its first meeting on Thursday to workout the fiscal consolidation roadmap for the government from 2021-22 to 2025-26.
The meeting takes place at a time when the government is facing an extraordinary fiscal constraint due to the Covid-19 pandemic. The meeting is likely to be attended by Ajay Jha and Anoop Singh, members of the 15th Finance Commission (XVFC).“The mandate of the XVFC is to work out the fiscal consolidation roadmap for the general government for the period 2021-22 to 2025-26,” the government said in a statement.
“This task has been complicated by the extraordinary situation caused by the spread of the pandemic and the concomitant fiscal compulsions on the central and state governments,” it said.
Others expected to attend the meeting are Krishnamurthy Subramanian, chief economic adviser, Soma Roy Burman, controller general of accounts, Rajat Kumar Mishra, joint secretary in the finance ministry, S Krishnan, additional chief secretary of Tamil Nadu, Anirudh Tiwari, principal secretary of Punjab and eminent analysts Sajjid Z Chinoy and Dr Prachi Mishra.
The Finance Commission is expected to make recommendations on the fiscal consolidation roadmap of the Centre and States, taking into account their responsibility to adhere to appropriate levels of debt and deficit levels, while fostering higher inclusive growth.
Source : Economic Times