Independent agency to manage debt: Pranab
February 28th, 2011 - 2:04 pm ICT by IANS
New Delhi, Feb 28 (IANS) An independent debt management agency will be set up to help enforce fiscal responsibilities among states and the central government, Finance Minister Pranab Mukherjee said Monday. “The government is in the process of setting up an independent debt management office in the finance ministry. A middle office is already operational and in a next step, I propose to introduce the Public Debt Management Agency of India Bill in the next financial year,” said Mukherjee while presenting the budget for 2011-12 in the Lok Sabha.
He said statutory targets set under the Fiscal Responsibility and Budget Management (FRBM) Act of 2003 had a positive impact in reducing fiscal and revenue deficits.
“In the course of a year, the central government will introduce an amendment to the FRBM Act, laying down the fiscal roadmap for the next five years,” Mukherjee said.
He said the 13th Finance Commission has worked out a fiscal consolidation roadmap for states, requiring them to eliminate revenue deficit and achieve a fiscal deficit of three percent of their respective gross domestic products (GDPs) latest by 2014-15.
“It has also recommended a combined state debt target of 24.3 percent of GDP to be reached during this period,” he added.
- Push key reforms: Industry's budget wish list - Feb 03, 2012
- Fiscal deficit management need of the hour: Pranab - Jan 14, 2012
- Government says fiscal deficit target may be breached - Dec 09, 2011
- Finance panel report to be placed in parliament: Pranab (Lead) - Dec 30, 2009
- India hopeful of 4.6 percent fiscal deficit target - Sep 06, 2011
- India unlikely to meet fiscal deficit target: FICCI - Aug 31, 2011
- 13th Finance Commission submits report to president - Dec 30, 2009
- India to set up new agency to trace black money: Pranab - May 24, 2011
- Pranab confident of reducing fiscal deficit to 4.6 percent - Mar 02, 2011
- Highlights of Union Budget 2011-12 (Part-II) - Feb 28, 2011
- Pakistani daily wants tough fiscal, tax reforms - Apr 13, 2012
- Growth should be given priority in budget: CII - Jan 22, 2012
- Divestment can raise Rs.80,000 crore: Assocham - Jun 28, 2009
- Revenue surplus interim budget for Tamil Nadu - Feb 05, 2011
- IMF unveils wish-list for economic crisis-hit Pakistan - Mar 12, 2011
Tags: budget management, central government, debt management office, finance minister, finance ministry, fiscal consolidation, fiscal deficit, fiscal responsibilities, fiscal responsibility, government finance, gross domestic products, independent agency, Lok Sabha, management agency, next five years, pranab mukherjee, public debt management, revenue deficit, state debt, target