FRBM Act: Amendments for MTEF - Implications in line Ministries

Most of us have the amendments to FRBM via Finance Bill 2012. policy actions relating to Act are  more than together some accounting numbers statistical graphs,  as byproducts some other budget documents.  

 
 
Some of these amendments 2012  have replaced Medium Fiscal Policy Strategy (MTFP) with Medium Term Expenditure (MTEF) statement to be to Parliament every year with Budget. 
 
 
The disclosures  to be in the statement,  would the role and functions Economic Advisers in various stand redefined, more particularly the context of the &; 2005 Office order indicating the Responsibilities of Economic are  anchored to FRBM .  The structure, scope and of MTEF to be at MoF, most probably Dept of Expenditure,  is to be more than accounting exercise and  likely go beyond the scope the IFA’s work.  Thus would be a need standard manual for reference Economic Advisers, IFAs and and common ground between .&;
 
 
For  instance  the  MTEF to disclose  (i)  prescribed indicators with specification of assumptions and risks; (ii) commitment of major policy involving new service*, new of service*  and new and programmes (iii) explicit  liabilities in the form annuity payments, breakup of for creation of capital .&;
 
 
Some of these disclosure require new ways of expenditure upto implementation level, pro-active inputs/ support from .  The IT driven inputs only increase the pressure making use of the for policy  conclusions and interventions in line with disclosures.  
 
 
Similarly the C& AG going to be asked audit fiscal performance. In event the historically available sets required in C&AG to be supplemented by own in-house  Economic advisers. ,  there  would  have to some institutional changes. 
 
 
 
(*New Service has been under the provisons of Constitution of India and vide a OM issued  the Budget Division in 2007  in consultation with C&AG. was a follow up PAC recommendations.)