14 February, 2020
2 Min Read
Syllabus subtopic: Appointment to various Constitutional Posts, Powers, Functions and Responsibilities of various Constitutional Bodies.
Prelims and Mains focus: about the new panel to be set up and their mandate; about FFC; CAG; FRBM act
News: The Fifteenth Finance Commission (FFC) will soon set up a panel to address issues related to fiscal policy for both the Centre and the States, and present a road map for the same.
About the new fiscal panel/committee
Panel on Defence & Internal security
Does India require a new legal framework for fiscal consolidation?
According to the FFC, there wasn’t a need for a new legal framework as the FRBM already gives a robust legal framework, except for the fact the States need to align their own FRBM with the new FRBM enacted by the Union Government with the amendments to the earlier one in 2018. Also, there is a need to ensure there is strict compliance on the issues of off-Budget borrowing, contingent liabilities, etc
Source: The Hindu
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