New fiscal dharma and a rules-based society
The apparent reluctance of India's governments to adhere to fiscal dharma captures the importance of N.K. Singh committee's recommendations
Last week the report of the panel to rework the Fiscal Responsibility and Budget Management (FRBM) Act was made public by the government. Reacting on the report seeking a radical makeover of the fiscal rules governing the country, the panel’s chairman N.K. Singh, former MP and revenue and expenditure secretary, told Mint this augurs a paradigm shift: “The report needs to be seen as the broad architecture to move the country towards a new fiscal era."