MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a)& (b): The Committee, under the chairmanship of Dr. Vijay L. Kelkar, was mandated to give
a report out lining a roadmap for fiscal consolidation in medium term framework in pursuit of
the FRBM Act and related targets. The report submitted in September 2012 did not, however,
contain any recommendation on drought situation in the country.
(c) The Committee recommended a number of reform measures in taxation, disinvestment and
expenditure, such as transition to the Goods and Service Tax (GST) and quick review of Direct
Taxes Code (DTC), administrative measures to improve tax collection, new models for
disinvestment, rationalisation of schemes and strict control and monitoring expenditure, etc.
(d) The above recommendations were accepted and the Government adopted the following plan
of fiscal consolidation during the period of 12th Plan i.e. 2012-13 to 2016-17, mainly, towards
achieving return of economy to path of high investment, higher growth, lower inflation and long
term sustainability.
Year Fiscal Deficit as percentage of GDP
2012-13 5.3
2013-14 4.8
2014-15 4.2
2015-16 3.6
2016-17 3.0